This morning, the $1M-$2M range of single-family homes in Deschutes County increased to 268 active listings, up twenty from last week. One hundred-four active listings have reduced the asking price by an average of -5.62%. Fifteen homes are pending sales, with median days listed only twelve. Nineteen properties closed last week, also listed only twelve days before securing a contract. In both the pending and closed transactions, six properties reduced the price. The pending price median reduction was -7.28%, and the closed was -8.08%.
The negotiated price on any property is the difference between what a seller will accept and what a buyer will pay. Knowing the correct list price precisely is impossible, and there will always be some negotiation between buyers and sellers. However, buyers are jumping on attractive properties in the Central Oregon luxury market.
Inventory between $2M and $3M dropped one this week to seventy-three. Two sales are pending, and three transactions have closed. Both pending sales reduced the price before finding a buyer by an average of -4.61%, and one of the closed transactions reduced the price by -7.85%.
The inventory dropped two above $3M, now at twenty-nine single-family listings. One sale in SE Bend, listed at $3,200,000, is pending after only three days. There were no closed transactions this week. I will have a new listing in this price category in Sisters by next week, and I look forward to sharing it.
Inventory above $1M in Crook County increased by two, now at 48 listings. One home in Brasada Ranch is pending for $1,649,747, a reduction of -4.03% from the original list price. No transactions closed this week.
Activity this week was sporadic, with the notable metric being the extremely short marketing time for homes pending or closed above $1M. In 2024, the sales above $2M by quarter were Q1-24, Q2-36, Q3-29, and Q4-26. While we are shy of the end of Q1 2025, there have been twenty-seven closed transactions above $2M, three more than last year. Between $1M and $1,999,999 YTD, there have been 117 closed transactions, eight more than in Q1 2024. By all measures, the luxury market in Central Oregon is consistent and rising.
