Executive summary
- Mortgage rates are steady, but improving, with the national average for a 30-year jumbo at 6.35%.
- Early indications reveal inventory growth beginning sooner, with increased competition amongst sellers.
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Market snapshot — Deschutes County
Deschutes $1,000,000–$1,999,999
- Active: 206 listings (+14 wk).
- Price reductions: 89 listings, avg −6.95%.
- Pending: 7 (−5 wk); 2 pendings cut price before contract, avg −5.7%.
- Closed: 3 (-5 wk). All three of the closings had price cuts, avg −14.05%.
- Sold-to-original-list-price ratio: 83.33%.
Deschutes $2,000,000–$2,999,999
- Active: 48 (−4 wk).
- Price reductions: 19 listings, avg −7.72%.
- Pending: 2 (steady) — $2,350,000 (Awbrey Butte; price cut −14.55% before contract) and $2,450,000 (Broken Top Golf community).
- Closed: 1 (+1 wk) — $2,117,500 (Discovery West, Bend).
- Sold-to-original-list-price ratio: 94.11%.
Deschutes $3,000,000+
- Active: 28 (-1 wk).
- Price reductions: 15 listings, avg −10.1%.
- Closed: 1 (steady) — $3,265,000 (Gorge View Street, Bend).
- Sold-to-original-list-price ratio: 88.36%.
Crook County
Crook $1,000,000+
- Active: 37 (-1 wk).
- Price reductions: 18 listings, avg −3.81%.
- Pending: 1 (+1 wk) — $1,215,000 (Brasada Ranch; price cut -9.93%)
- Closed: 2 (+2 wk) — $2,165,000 (Powell Butte, price cut before contract -3.26%), $2,380,000 (Timber Lane, Prineville; no price cut before contract)
- Sold-to-original-list-price ratio: 96.75%.
Farms ($1,000,000+)
Deschutes farms
- Active: 12 (steady for five weeks).
- Price reductions: 3 listings, avg −15.64% (steady).
- Pending/Closed: None this week.
- Since mid‑October, there have been only 1 pending and 1 closed in this segment.
Crook farms
- Active: 11 (+1 wk).
- Last pending: mid‑November. No pending this week.
- Closed: 1 (+1 wk) — $2,165,000 (Cornett Loop, Powel Butte)
What this means
- The increase in inventory in the busy $1 million to $1,999,999 price tranche could be an early indication of rising inventory ahead of the peak season.
- Each segment of the luxury residential market showed activity this week.
- Inventory of $2 million and up in the residential market is still fluctuating.
Bottom line
It is typical for supply levels to fluctuate during this time of year. However, we are not seeing inventory completely dry up, and levels indicate sellers are listing to test current demand. While a brief storm is moving through this weekend, this is one of the driest winters in many years, which is undoubtedly helping to keep the housing market moving along. With spring right around the corner, now is the time to begin planning if engaging the housing market is a goal for the summer.
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