It was a relatively slow week for much of the higher-end market in Central Oregon, which is not surprising since most of these properties are selling in the summer. Still, modest inventory growth is increasing supply, with some desirable properties finding a buyer just days after listing. Year-to-date sales for all price points covered in this report have outpaced 2023 and 2024, with the $2M to $3M range in Deschutes County bettering 2022 as well.
There are 224 single-family homes listed in Deschutes County between $1M and $2M, an increase of eight since last week. Sixteen pending sales are three more than last week, with nine closed transactions. The pending median days listed were only eight, with the days listed for closed transactions only seven. There is no question that buyers in this price range recognize good properties priced correctly and are wasting no time securing a contract. Year-to-date, in 2022, were 126 sales in this price range, with 65 in 2023, 80 in 2024, and 93 this year. Remember that in the first half of 2022, mortgage interest rates were still low, and many buyers were jumping on properties before the expected rate increases hit.
One more home is in inventory in Deschutes County in the $2M to $3M price range, for a total of sixty-eight. Four pending sales at a median of fifteen days listed again show buyers are wasting no time on properties that fit their needs. One home in SE Bend sold for $2,000,000. Year-to-date, in 2022, there were nine sales in this price range, with eleven in 2023, eleven in 2024, and sixteen this year.
In the exclusive over $3M range, there is one fewer home listed in Deschutes County at thirty-one. There was one pending sale at a list price of $3,999,000 and no closed transactions this week. Year-to-date, in 2022, there were six sales in this price range, three in 2023, four in 2024, and five this year. Expect more listings in this price range as the weather improves over the coming weeks.
Neighboring Crook County has forty-seven homes listed for over $1M, an increase of three from last week. No sales were pending in the previous week, with one closed transaction for $1,619,000 in Brasada Ranch. Year-to-date, in 2022, there were eight sales in this price range, seven in 2023, two in 2024, and four this year.
The year-to-date activity at this time of year indicates better performance than any year since 2022, but buyers and sellers should take this data with a grain of salt. First, inventory levels for the last few years were so suppressed that many buyers were not able to find suitable properties, especially at this time of year. Second, weather in Central Oregon can be unpredictable in the late winter and early spring and has an outsized influence on real estate activity. Still, all indications show market improvements since the peak market in 2022. While smaller Crook County's higher-priced homes are mostly restricted to Brasada Ranch and Powell Butte, which cap potential activity, sales in Deschutes County over $1M steadily increase as affluent buyers relocate to Central Oregon. Regardless of market conditions, knowing the unique appeal of high-end properties and marketing them correctly to potential buyers are essential for the Central Oregon luxury market.
