The holiday hangover in sales activity continues this week, with modest transaction volume. With Christmas less than three weeks from today, the end-of-year vacation season is upon us. Bend and Sunriver are experiencing the calm before the storm as out-of-town visitors descend on Central Oregon in the coming days. We are likely to see fewer visitors than usual, with skiing off the table so far this year. The national average for a 30-year Jumbo mortgage moved up slightly to 6.4% from a low of 6.25% on November 25. Activity this fall, right up to the Thanksgiving holiday, was brisk, but the remaining days of 2025 are setting up to be slow, which is typical for the season.
The inventory of homes listed between $1 million and $1,999,999 in Deschutes County decreased by 25 this week to 222. There are 10 pending sales, one more than last week, with 8 of those transactions reducing the list price by an average of 11.25% before securing a contract. Nine transactions closed this week, with five reducing the list price an average of 10.24% before securing a contract. The sold-to-original-list price ratio was 91.1%, and the average sold price per square foot was $467. The negotiations taking place this fall in this price tranche are notable, as sellers have shown a willingness to work with buyers beyond recent years.
Homes listed in Deschutes County between $2 million and $2,999,999 decreased by four to 59. There were no pending sales, and one closed transaction in Pronghorn (Juniper Ridge) at $2,350,000, 78.86% of the original list price. The sold home in Proghorn was on the market for 462 days, and initially listed for $2,980,000.
Inventory in Deschutes County over $3 million dropped by two this week to 38 listings. The reduction in supply was due to one pending and one closed transaction. The pending sale was a home in Caldera Springs, built in 2016, listed at $3,198,000, reduced by 7.3% before securing a buyer, and was on the market for 277 days. The closed transaction was for Cartwright Court in Tetherow, listed for $3,975,000 and selling for $3,900,000 after only 29 days on the market.
Crook County homes listed over $1 million decreased by four to 45. The attrition in Crook County single-family homes this week is due to listings withdrawn or expired from the MLS. There were no pending or closed transactions this week.
Deschutes County farm listings are unchanged at 14, with no pending or closed transactions. Crook County farm listings are stable at 11 with no pending or closed transactions.
Taking a broad view of the luxury market this year shows overall steady pricing and increased volume. 2024 year-to-date in Deschutes County, closed transactions over $1 million were 709, averaging $1,593,328, compared to 795, averaging $1,610,978 this year. Year-to-date 2023 shows 607 sales, with closed transactions averaging $1,563,759 each. Year-to-date 2022 saw robust sales of 830, averaging $1,543,810 per sale. Comparing the crucial last four years in Central Oregon real estate shows far better numbers than many realize. The frenetic build-up of activity between 2020 and 2022 is unmatched in Central Oregon, so a slight drop in transaction volume isn't surprising. But through the period of increased mortgage interest rates, sale prices have remained remarkably stable.
Sign Up for the Central Oregon Market Report
Sign Up for the Central Oregon Luxury Market Report
