Except for the listings over $3M, every segment I track in the luxury market experienced a decline in inventory this week. Activity remains steady as we begin the last busy stretch of the season, before naturally tapering off towards Fall. The YTD sales over $3M are still ahead of last year, but only slightly, with twenty-two sales in 2025, and twenty by this point in 2024. While the closed transaction gap may have narrowed, I anticipate a solid finish to the summer selling season.
Listings in Deschutes County between $1 million and $1,999,999 decreased by three to 434. The trend of increased activity I mentioned in my Wednesday report continues, with a robust twenty pending sales. There were thirteen closed transactions this week, with six properties negotiating a lower price by an average of -8.68%.
There are five fewer listings this week between $2 million and $2,999,999, with the level this morning at 106. There were four pending sales, with one in Pronghorn, where the seller had reduced the price by 22.22% before securing a buyer. Pricing in Pronghorn can be tricky, and the original list price was overly aggressive for that market. One transaction closed at $2 million, barely making it into this price tranche.
Two new listings were added to the Deschutes County market over $3 million, bringing the total to fifty-three. There were no pending sales, and one closed transaction in Bend's desirable North Rim Community at $3,740,000.
Inventory above $1 million in Crook County decreased by two, now at seventy-two listings. There were two pending sales in Brasada Ranch at $1,095,000 and $1,749,000, with one pending sale in West Powell Butte Estates at $1,399,000. There were no closed transactions this week.
Farm inventory in Deschutes County decreased by three to 17 listings, and also reduced by three in Crook County to eleven listings. There were no pending or closed transactions in either county this week.
It will be interesting to see how the market in Deschutes County listings over $3 million transpires over the next several weeks. By no means is the activity slow, and we are still slightly ahead of last year's pace. In 2022, there were 37 sales over $3 million, with 18 in 2023, and 37 again in 2024. For reference, in 2021, 32 sales exceeded $3 million, compared to 18 in 2020 and three in 2019. In 2018, one sale closed for over $3 million, while none closed in 2017, and two closed in 2016. There is no question that properties over $3 million in Deschutes County are a developing trend. I will save my commentary about debased currency for another day!
