Happy Fourth of July! With the long weekend beginning today, the official kick-off to summer begins. I have been talking about the transition from growing inventory to the decline in supply towards fall for a few weeks now, and that is beginning to show in the data. All price tranches over $1 million in Deschutes County are down or unchanged from last week. However, Crook County inventory in residences and farms listed over $1 million increased. It is common for supply numbers to bounce around before shrinking, which they will do in the next couple of weeks.
Supply in Deschutes County between $1 million and $1,999,999 decreased for the third consecutive week to 351. Production was down this week as most buyers are in vacation mode for the holiday. Eleven pending sales this week are down from 24 last week, with 5 of those listings reducing the asking price by an average of 5.84% before securing a buyer. Twenty-one closed transactions are down 3 from last week, with a sold-to-original-sales-price ratio of 95.34%.
Deschutes County single-family listings between $2 million and $2,999,999 are unchanged from last week at 88. One pending sale occurred this week at $2,995,000 on Deer Ridge Road in Sisters, originally listed at $3.2M after 99 days on the market. Three transactions closed this week: the first at $2,055,000 in Caldera Springs, the second at $2,750,000 0n Swalley Road in Tumalo, and the last at $2,795,000 on Theater Drive on the Deschutes River in Bend. The sold-to-original-list-price ratio was 95.19%.
The inventory over $3 million in Deschutes County is down by 2 from last week to 38. Two sales are pending, the first at $4,250,000 on Cartwright Court in Tetherow, and the second, an incredibly unique location right on the Deschutes River at $9,995,000. One transaction closed at $5,125,000 on MacAlpine Loopp in the Highlands at Broken Top after 1,133 days on the market, and for 38.73% of the original list price. This was unquestionably a big week for the top tier of the Central Oregon Luxury Market!
In Crook County, homes listed over $1 million increased for the seventh consecutive week to 70, up by 5 from last week. No pending sales occurred, but four transactions closed this week, averaging $1,688,750, with an average sold-to-original-list-price ratio of 99.37%.
Deschutes County farm listings over $1 million decreased by 1 this week to 14, with no pending or closed transactions. Crook County farm listings over $1 million increased by 1 to 20 this week, with no pending or closed transactions.
While Deschutes County luxury inventory is in decline, Crook County listings are increasing. This shows that the two neighboring counties have their own trends, but it won’t be long before Crook County's supply begins its downward slide towards fall. It typically takes a week after the Fourth of July holiday before production increases back to pre-holiday levels. Based on recent data, I anticipate a busy summer and fall, possibly making up the gap between 2026 and 2025 before the year ends.
Happy 250th Fourth of July!
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