Unfortunately, we are back in the middle of fire season, with another large fire burning just north of Sisters. By all accounts, the firefighters are making progress, but this has become an unwelcome annual event. In the financial news, bond yields are rising, and the national average for a 30-year fixed-rate conventional mortgage is 6.81%, with the Jumbo rate at 6.9%. Both of these developments are likely to create some headwinds, but to date, the market has largely shrugged off the higher-than-expected mortgage rates this year.
Interestingly, the supply of Deschutes County homes between $1 million and $1,999,999 increased by 7 this week to 373. This is not unheard of at this time of year, but it appears to be due to only 10 pending sales this week, down by 8 from last week. Four of the pending sales reduced the asking price by an average of 10.92% before securing a contract. Weekly variations mean very little, and current mortgage rates may be playing a role. I will be watching this closely to see if this becomes a trend. Twenty-one transactions closed this week, up by one from last week. Nine of those listings reduced the asking price by an average of 5.64% before securing a contract. The sold-to-original-list-price ratio this week was 95%.
Deschutes County supply between $2 million and $2,999,999 decreased by 2 this week to 89. Five sales are pending, down by one from last week, with only one of those listings reducing the asking price by 6.78% before securing a contract. Three transactions closed this week, with two of those listings reducing the asking price an average of 4.27% before securing a buyer. One of the sales closed at 2.92% under the asking price, another closed at full price, and the last at 2.92% above the asking price, with zero days listed.
Listings over $3 million in Deschutes County are up by 1 to 43 this week. One sale is pending this week at $3,150,000 on Bachelor View Road, Bend, originally listed at $3,700,000. There were no closed transactions this week.
Crook County listings over $1 million are up by three this week to 73, with no pending or closed transactions.
Deschutes County Farm listings are stable this week at 14, with no pending or closed transactions. Crook County Farm listings are down by one to 19, due to a pending transaction for $2,250,000 in Powell Butte. The original list price was $2,950,000. There are undoubtedly some very interesting, legacy properties in the Central Oregon Farm listings, but many of these properties come with a lot of work to maintain. There are also some very large acreage properties available, and an example is the Wolf Creek listing at $54 million and 35,132 acres!
Despite some challenges in the overall market, Central Oregon housing continues marching along. In the national market, there is talk of increased inventory, which is not the case in Central Oregon. Our supply has been down all year compared to 2025, which was a welcome increase from lows established over the past several years. Still, there is a certain amount of momentum at this time of year, and many buyers have worked all season to learn the market with plans to purchase by winter. There is still a lot of activity ahead of us, and many compelling properties are listed. Whatever your needs, I am always available to help you sort through the options.
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Reed Melton serves Bend and surrounding areas
Whether you are searching in Bend or any of the close by areas, I want to help you find the perfect property. Even if you are in the beginning stages of your search, I always like to be a resource, no pressure ever.