Mortgage rates have stabilized in recent weeks, despite remaining elevated from where many anticipated they would be at this time of year. But stability in housing is good, and I anticipate a busy season from the Fourth of July through Labor Day. Inventory levels are following slightly different trajectories between the different price tranches, but we are quickly approaching peak levels for the year. This is a busy time of year for me, and I sent this report on Thursday. I was on jury duty yesterday, so I moved this report to Saturday, adding 2 extra days to the reporting interval.
Today, in the Deschutes County $1 million to $1,999,999 price tranche, there are 356 single-family listings, down by 2 from last week. Twenty-four sales are pending this week, up by two from last week. But last week's reporting interval was a day shorter, while this week's is a day longer, so the adjusted volume is nearly the same. Twenty-four transactions closed this week, up from 13 the previous week. The sold-to-original-list-price ratio was 95.76%.
Deschutes County single-family listings between $2 million and $2,999,999 are up by 1 from last week to 88. Two sales are pending, down by half from last week. Four transactions closed this week, up by 1 from last week, with the sold-to-original-list-price ratio at 90.62%
After a large drop in inventory for Deschutes County single-family homes priced over $3 million two weeks ago, supply is at 40 today, up 3 from last week, and down by 3 from this year's peak level. One sale is pending this week at $3,200,000 on Sparrow Hawk Circle in Shevlin Commons after only 8 days on the market. One transaction closed this week at $4,205,062 on Cartwright Court in Tetherow at full price and zero days on the market. Attractive properties are selling fast, and prices are solid in this market segment.
In the Crook County market, over $1 million, the supply jumped to 65, up 5 from last week. No pending or closed transactions occurred this week.
Deschutes County farm listings increased by 1 to 15 this week, with no pending or closed transactions. Crook County farm listings over $1 million also increased by 1 this week to 19, with no sales activity.
There are appealing properties throughout Central Oregon's luxury market, and standout listings are going quickly. Supply levels will continue to fluctuate over the next several weeks before stabilizing and eventually declining towards fall and winter. Whatever your needs in Central Oregon are, I am always available to help.
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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.