>Happy Fourth of July! Last night, in Central Oregon, we were treated to thunder, lightning, and rain, which should cool things down and make for a pleasant and temperate long weekend. I hope you have time planned with family and friends, filled with enjoyable activities. I am available and working, so please don't hesitate to reach out if you need anything.
I wrote on Wednesday about a decline or flattening in our housing inventory in the broader market, and that is also showing in the high-end. Whether housing supply increases after the holiday lull will be very telling for the remainder of the selling season. My educated guess is that supply levels will begin to taper after a robust early season of new listings. The perception of fewer available homes should work in favor of sellers coming to market in the latter half of the year with unique, desirable properties.
Homes for sale in Deschutes County between $1 million and $2 million decreased by eight to 428 listings. A subdued thirteen pending sales for the week is likely attributed to the holiday. However, it was a very active week, with 20 closed sales and a median days-on-list of 35. The average price per square foot for the closed sales was $522.
Deschutes County listings between $2 million and $3 million are flat this week at 109. Four pending sales are the most since May, with one closed transaction at $2,237,000, listed for $2.4 million. The sold price per square foot was $518.
Homes listed in Deschutes County for over $3 million decreased by one to 48 due to a single pending sale at $3,495,000 in North Rim on Awbrey Butte. There were no closed sales.
In Crook County, listings over $1 million are at 71, down three from last week. With no new listings, the decrease is attributed to one pending sale, just north of downtown Prineville, at $2,100,000, and two pending sales in West Powell Butte Estates, at $1,575,000 and $1,950,000.
In the farm listings in Central Oregon, there were no sales or pending sales in Deschutes County, with inventory flat at fourteen. Crook County had one pending sale at $1,335,000, which brought the total active inventory down to eleven.
By the second week of July, the market will pick up steam with the next holiday break in the action at Labor Day. This year started at a pace above that of 2024, and has since slowed, particularly in homes listed under $1 million. The high-end market has outperformed the broader market, and the busiest time of year for the luxury market is just beginning. I have analyzed some of the most incredible large-acreage properties in our region this year, and I would be happy to utilize my expertise to help you achieve your goals, wherever in Central Oregon you may be interested.
