Every real estate segment has its nuance, whether you sort by price, neighborhood, or city. My regular market report is excellent for establishing overall trends, while this report gives insight into the high-end dynamic, which is often far different from the broader market. Across all price points for single-family homes in Deschutes County, inventory levels have already surpassed last year's peak, which didn't occur until June 7. As you will see in the price detail data below, this isn't necessarily the case for the exclusive homes in Central Oregon.
Inventory of single-family homes in Deschutes County between $1M and $2M increased to 390, up eighteen from last week. While supply is increasing, pending volume decreased slightly, with thirteen pending sales this week. However, the median days listed for those pending sales was just nine. Single-digit marketing days are a strong indicator of buyer demand. Eleven transactions closed at median days listed of 45. Year-to-date, in 2024, there were 214 sales in this price tranche compared to 235 this year.
This week, homes listed between $2M and $3M decreased by three to 100. Five pending transactions occurred with only fourteen median days listed and only one price decrease before securing a contract. There are two sales, both new construction, with one in Caldera Springs for $2M and the other in Discovery West in NW Bend at $2,299,900, and both are closing at the full list price. Year-to-date, in 2024, there were 34 sales in this segment, with 38 this year.
Inventory at $3M and up remained flat this week at 41 listings. One sale is pending at $3,595,000 after 334 days listed. Before securing the contract, the price of this listing decreased by 13.37%. There were no closed transactions this week. Year-to-date, in 2024, there were ten closed transactions compared to seventeen this year.
Crook County inventory above $1M increased by four to 71 listings. One pending sale occurred at $1,599,000 in Brasada Ranch. There were two closed transactions at $1,250,000 on Paulina Highway SE of Prineville and the other for $1,329,000 in Powell Butte. Year-to-date, in 2024, there were 13 sales in Crook County over $1M, with 15 this year.
While it can be easy to look at the modest weekly activity in the higher-end markets and assume that sales are slow, the year-to-date numbers tell a different story, particularly above $3M. The highly active $1M to $2M segment is also experiencing consistently strong activity. With May nearly in the books, another month of consistent activity is ahead of the market before the July 4 lull. Once activity picks up after the holiday, I anticipate strong sales through the fall. All of this activity is in the face of stable, higher mortgage rates, which, in the high end, has brought in significantly more cash buyers. The market is seemingly undeterred by the overall economy and possibly fueled by it. Whatever the reason, it will serve both buyers and sellers to recognize the consistent activity this year.
