While the overall market has been relatively stable, the luxury market has seen some interesting activity. Mortgage interest rates are stuck above 6.5% for Conventional loans, and at nearly 7% for Jumbo loans, likely a strong influence damping the market. Inventory growth was modest, with a couple of price tranches shrinking week over week. None of this is a big surprise as we get closer to the midseason tipping point, and the Fourth of July is only a couple of weeks away. Mid-July to Labor Day can be one of the busiest stretches of the year, and now is not the time to become complacent!
Supply in Deschutes County between $1 million and $1,999,999 increased by 9 this week to 371. Twenty-five pending sales are up by 7 from last week, with 9 of those transactions reducing the asking price by an average of 4.59% before securing a contract. Eleven transactions closed, with an average price reduction of 3.3% before securing a buyer. The sold-to-original-list-price ratio was 97.66%.
Deschutes County inventory between $2 million and $2,999,999, increased by 2 to 87. Three homes are pending with 2 price reductions averaging 10%. Three transactions closed this week with no price changes before securing a buyer, and a sold-to-original-list-price ratio of 95.98%. This price tranche has shown steady activity all year, and the slower pace of supply growth could force buyers to take a harder look at existing inventory over the next several weeks.
The Deschutes County inventory of listings over $3 million took a surprising downturn this week, to 36 listings, down 5 from last week. Two pending sales account for some of that decline: $3,175,000 in Caldera Springs and $3,350,000 in Tetherow. Both of these developments have seen steady activity this year, in particular Caldera Springs and the new development, which nearly doubled the resort community's size. One transaction closed this week, another Tetherow listing at $3.6M, with a sale price of $3.55M.
Crook County luxury properties listed over $1 million increased by 4 to 59, with no pending or closed transactions.
Deschutes County farm listings over $1 million decreased by one to 15 due to a pending sale on Bear Creek Road in Bend, listed at $4,750,000. There were no closed transactions this week. Crook County farm listings over $1 million increased by 3 to 18, with no pending or closed transactions.
There is every reason to believe inventory will increase for a few more weeks before tapering off towards winter. But the sharp decline in the price tranche over $3 million in Deschutes County is noteworthy. In Crook County, this is the first week of 2026 without any pending or closed transactions. Neither of these data points is particularly important for a single week, but if this continues, it will have a growing impact on the market as the rest of 2026 unfolds. As the market adjusts, determining correct pricing becomes more difficult. Do not hesitate to reach out for a market analysis for any segment of the market that is important to you!
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