Several factors have combined to create a remarkably stable end to this year's real estate market in Central Oregon, not least of which are moderate mortgage interest rates and increased inventory. The selection of homes today exceeds any point over the past several years, and the increased competition has either forced sellers to be more realistic with pricing or given buyers more suitable options to choose from. The stock market is performing admirably well, considering the doom and gloom reporting in much of the mainstream media.
This morning, when researching stock market trends, I looked at a source I rarely visit, CNN. At the top of the CNN page listing "hot stocks" was a speedometer-type graph showing the number 60, suggesting the market is performing better than neutral. Next to the graph was the text "Greed is driving the US market." Isn't the only reason to invest in stocks for a return on investment? I always find it funny what many media sources will come up with when reality doesn't fit the narrative they subscribe to. In any case, market conditions and lifestyle preferences for a life in Central Oregon are keeping sales steady, along with continued migration to our region, resulting in a growing population.
Single-family listings in Deschutes County between $1 million and $1,999,999 contracted by eleven this week, now at 403 listings. Seventeen pending sales at an average of $1397,371, and fourteen closed transactions averaging $1,408,321 occurred this week. Notable in this price tranche is the majority of the activity in the bottom third of the category. As you move up the scale in price, many properties over $2M are more appealing, and buyers are willing to pay more rather than compromise over a relatively small difference in price.
Between $2 million and $2,999,999 in Deschutes County, inventory is flat this week at 101 listings. Two pending sales at $2,125,000 and $2,650,000 occurred, with one closed transaction at $2,600,000. There are many fantastic homes available in this price tranche, and I expect some great deals will happen over the next several weeks.
Inventory over $3 million in Deschutes County also remained flat this week at 49 listings. There was one pending sale in the Ranch at the Canyons in Terrebonne for $4,395,000. If you are seeking stunning Smith Rock views, the Ranch at the Canyons is unbeatable, and many of these properties are exceptional. There were three closed transactions this week: one in Tumalo for $3,328,902, and two in Tetherow at $3,200,000 and $4,075,000.
Crook County active listings over $1 million decreased by three this week, now at sixty-nine. There were three pending sales, with one listed at $1,194,000 on McKay Creek Road, another in Brasada Ranch at $1,798,000, and the last in West Powell Butte Estates for $2,190,000. Interestingly, the sales in West Powell Butte Estates this year are precedent-setting for the neighborhood. Going back to August 1, 2010, the previous most-expensive sale in West Powell Butte Estates was $1,655,000 in 2022. Earlier this year, a property closed in the subdivision at $1,950,000, and if the final negotiated price for the pending sale remains above $2M, it will be the first ever. There was one sale in Crook County this week, another property near McKay Creek Road at $2,100,000.
Deschutes County farm listings are up by one to eighteen, with no pending or closed transactions. Crook County farm listings are also up by one, now at twelve listings, with no pending or closed transactions.
For anyone looking to close before winter and the holiday season, this is peak season. Add in the expanded inventory and seller's willingness to negotiate, and it isn't difficult to find motivation to look at what is available today.
