With the Fourth of July just over two weeks away, we are approaching the point in the year when inventory growth slows, and the seasonal decline begins through winter and into early spring. However, from now until November also marks one of the busiest times of the year for Central Oregon real estate, as the appeal of new listings hitting the market is replaced by buyers evaluating what is available and making their move. In today’s special Thursday Luxury Market Report, the slowing of inventory growth is apparent, with some price segments actually decreasing from last week.
Today, the supply of homes in Deschutes County priced between $1 million and $1,999,999 decreased to 358, down by 13 from last Friday. Twenty-one pending sales are down 4 from last week, with 10 listings decreasing their asking prices by an average of 5.29% before securing a contract. Thirteen closed transactions are up 2 from last week, with only 2 decreasing the asking price before securing a buyer, by an average of 2.71%. The average sold-to-original-list-price ratio was 97.72%.
Supply of Deschutes County homes listed between $2 million and $2,999,999 remains stable at 87. Four sales are pending this week, with 2 reducing the asking price by an average of 4.04% before securing a contract. Three transactions closed, identical to last week, with 2 of those listings reducing the asking price by an average of 13.64% before securing a buyer. The average sold-to-original-list-price ratio was 95.22%.
Deschutes County homes listed for $3 million or more increased by 1 this week to 37. There were no pending or closed transactions this week.
Crook County listings over $1 million increased by 1 this week to 60. One pending sale at $1,795,000 in Brasada Ranch occurred after a 2.97% price reduction before securing a contract. One transaction closed this week in Powell Butte on Fleming Road at $1,558,750, 94.47% of the original list price.
Deschutes County farm listings over 41 million decreased by 1 to 14. The decrease was due to a pending sale on Ten Barr Ranch Road in Bend for $2,450,000 after only 25 days on the market. There were no closed transactions this week.
Crook County farm listings over $1 million are stable at 18 with no pending or closed transactions.
Some of the pressure from higher 10-year Treasury yields, inflation, gas prices, and the conflict in Iran has softened recently, setting the stage for improved activity in the second half of the 2026 luxury housing market. Today, the national average for a 30-year fixed-rate Jumbo mortgage is still elevated at 6.81%. Jumbo rates are slower to respond than conventional loan rates, but any downward movement would be positive as we head into the busy summer and early fall season. With lower inventory than in 2025, luxury buyers will need to work with the remaining inventory if closing in 2026 is a priority. For sellers with attractive properties, this is an opportunity to stand out with less competition. Whatever your needs, I look forward to helping you reach your goals.
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