Inventory growth above $1M in Central Oregon was modest this week. Still, with considerably better weather on the horizon, I expect more listings to trickle into the market over the next few months. Most high-end sales in Central Oregon occur from spring through fall, and far more buyers engage at this time of year. That engagement creates educated buyers who know the inventory well, especially in the relatively small market of over $2M. One dynamic to consider for sellers, if you are listing a desirable property, is waiting, which can get the attention of buyers scouring the MLS for the right fit. When unique, sought-after properties hit the market in late summer, buyers who have held off often jump on excellent properties in trophy locations.
Nine more homes are actively listed in Deschutes County this morning than last week, for a total of 334. It has been a busy week in this price tranche, with 20 pending sales and 18 closed transactions. The average pending sale price was $1,387,650, and the average closed price was $1,408,855, with only ten days listed for the closed properties. Several homes are at the upper end of this price range, but most of the activity skews towards the $1.5M range and below. The upper range can be a dead zone in this segment, but every property is unique, and the mix of available homes changes daily.
There were five more listings between $2M and $3M than last week, for a total of 93. One pending sale in Broken Top listed at $2,885,000 was recorded this week, with three closed transactions averaging $2,468,333. The closed transactions were in Caldera Springs, Discovery West, and Tumalo. This mix shows a lot of diversity in this price range, with great options spread throughout Deschutes County.
Two more listings are in the MLS above $3M than last week at 35. No pending sales occurred, with one closing in Tetherow at $3,150,000, listed for $3.4M.
There are 59 listings in Crook County above $1M, one more than last week. No sales were pending in the MLS, but two were recorded at $1,720,000 and $2,070,000 in Powell Butte and Brasada Ranch, respectively.
In next week's email, I will break down sales through early May from January 1, 2018, to 2025. Following the weekly numbers closely can provide an excellent sense of market trends today. However, without context, today's trends don't have much perspective. Seeing the trends over the past several years provides a crucial, bigger-picture perspective vital to making a good decision in our market. While I may not have a crystal ball for the future, the population growth, demographics of new residents, and move to hard assets from the equity markets are all bullish indicators for Central Oregon high-end real estate.
