Some atypical trends are emerging in segments of the Central Oregon Luxury market this week, mainly an increase in inventory between $1 million and $1,999,999. While this may be a short-term anomaly, and activity is down, I'll keep an eye on it. Mortgage rates are up a couple of basis points today, with the national average for a 30-year Jumbo loan at 6.88%. However, supply is still down across the board relative to 2025, and a small increase at this time of year isn't unheard of. Activity in other segments of the luxury market is steady, showing that activity isn't always the same across all price points.
Today, Deschutes County homes listed between $1 million and $1,999,999 are up five from last week to 370. In comparison, 403 listings were available this week in 2025. Pending sales are down by 3 to 13, with 7 of those listings reducing the asking price by an average of 13.51%. Eight closed transactions this week are down by 6 from last week, with three of those listings reducing the asking price an average of 8.38% before securing a buyer. The sold-to-original-list-price ratio this week was 94.55%. Based purely on the data, it looks like a good week for buyers.
Deschutes County homes listed between $2 million and $2,999,999 followed a typical seasonal trend, with 77 active listings, down 7 from last week. This week in 2025, there were 101 active listings. Four pending sales this week are up 3 from last week, and 2 of those listings reduced the asking price by an average of 12.85% before securing a contract. Four transactions closed this week, double last week's number, with 2 of those listings reducing the asking price by an average of 3.1% before securing a buyer. The sold-to-original-list-price ratio was 96.54%.
Single-family homes listed for over $3 million in Deschutes County are at 40, the same as last week. On this week in 2025, there were 49 active listings. No sales are pending this week, compared with 1 last week. Three transactions closed this week, up from 1 last week: One at $3,350,000 on Gerking Market Road originally listed at $3,495,000, another in Caldera Springs on Cottontail for the full price of $3,550,000, and a home near Miller’s Landing on Shasta Place, Bend, closed for the full asking price at $4,500,000. While sales in this price tranche are picking up, year-to-date sales are at 25, five fewer than at this point in 2025.
Crook County homes listed over $1 million are down by 2 to 70, nearly the same as last year’s total of 69. Two sales are pending: one in Brasada Ranch on Ranchview Road, listed at $1,200,000, with no price reductions before securing a contract. The other is on McDaniel Road in Powell Butte, listed at $3,000,000, and originally listed at $5,000,000. No transactions closed this week.
Deschutes County farm listings over $1 million are down by 1 from last week, due to a pending transaction, the first activity in weeks in this segment of the market. The pending sale on Nelson Road, Bend, is an elaborate equestrian facility on 16.87 acres, and is listed at $1,550,000, down from the original list price of $2,999,000. No transactions closed this week.
Crook County farm listings over $1 million are stable at 17 this week. No sales are pending, but one property closed at $1,800,000 in Powell Butte on Huston Lake Road, originally listed for $2,950,000. Sellers in the Central Oregon Farm market are definitely making price adjustments to entice buyers.
Several notably large price decreases have occurred in the luxury and Farm markets recently, showing sellers are doing what they must to move property. These reduced prices align with flat sale prices in today's market. Any pricing evaluation needs to be done on a case-by-case basis, but broadly speaking, sellers who were shooting for the moon have accepted current market conditions. For example, a quick look at Tetherow homes sold over $1 million shows 18 sales year-to-date in 2025, with an average sale price of $2,985,833, compared to 17 sales this year averaging $2,598,169. Pulling back to the entire city of Bend over $1 million shows 431 sales year-to-date in 2025, averaging $1,673,300, compared to 452 sales so far in 2026, averaging $1,654,735.
Sometimes a broader market analysis is necessary and gives a quick view of current conditions. But real estate is local, and you need more specific criteria when evaluating specific properties or neighborhoods. As always, I am happy to create a thorough analysis specific to your needs. Please reach out anytime!
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