>As expected, the numbers this week are subdued after the Fourth of July holiday, but still steady. Inventory growth picked up across every segment I track for the Luxury Market Report, but not significantly. Next week marks the beginning of the last block of the summer selling season, and the upcoming activity will be telling as to the temperament of the market as we head towards fall. Typically, inventory peaks in early August, and I will be watching closely to see when listings flatline and begin to fall. Across all price points for homes in Central Oregon, increased supply is heavily impacting the market.
Before I get into the weekly breakdown, these stats will help evaluate inventory and how much of the market each of the price tranches represents. This morning, there are 1,603 single-family listings across all price points in Deschutes County.
This morning in Deschutes County, the inventory of single-family homes listed between $1 million and $2 million is 437, up by nine from last week. Fourteen sales are pending for the week, with twelve closed transactions, which is reasonable considering the reduced business days due to the holiday.
Inventory between $2 million and $3 million is up by two, now at 111 listings. There were two pending sales and two closed transactions for the week.
Inventory over $3 million has increased by three, now totaling 51 active listings. There were no pending sales for the week, with one closed transaction on Collins Road in Tumalo for $4.3M. This property was listed for 341 days at $4.8M.
In Crook County, inventory over $1 million increased by three, now at 74. There were no pending sales, with one closed transaction at $1.4M, listed for $1.36M. This sale illustrates how desirable properties can still sell over asking price in what could inaccurately be viewed as a slow market.
Deschutes County Farm listings increased by six to twenty, with no pending or closed transactions. Crook County Farm listings grew by three to fourteen, with no pending or closed transactions.
The charts above show small changes in the volume and distribution of sales through the price points, with remarkably similar sales volume, despite significantly more inventory. While this data has limited utility, it does illustrate the slight shift in our market and the increase in activity over $3M.
