The Central Oregon Luxury market is adding inventory as activity picks up. This is expected and typical for this time of year, with peak supply not reached until late July to mid-August. There is a lot of runway ahead for both buyers and sellers.
This morning in Deschutes County, the segment of homes listed between $1 million and $1,999,999 increased by 16 to 321. Nineteen sales are pending, up by 2 from last week, with only 2 of those properties reducing their prices before securing a buyer. The median days listed for pending sales was 8, with the average at 24, indicating that buyers are taking action quickly on the right home. Eleven transactions closed this week, the same as last week, with the sold-to-original-list-price ratio at 96.55%.
Deschutes County properties listed between $2 million and $2,999,999 are steady at 72. Three sales are pending this week, and none of those listings has reduced their prices before securing a contract. The median days listed was 3, and the average was 24, indicating that strong buyer demand is not limited to any particular price tranche. Four transactions closed this week, up by 1 from last week, with the sold-to-original-list-price ratio at 95.56%.
Deschutes County listings over $3 million are down by 2, to 41. One sale is pending at $3,495,000 on Gerking Market Road in Tumalo. No transactions closed this week.
Crook County listings over $1 million increased by 3 this week to 54. Two sales are pending, the first on Grandview Road in Powell Butte at $1,199,000, and the second on SW Alfalfa Road at $5,999,000. The Alfalfa Road listing is at the corner of Powell Butte Highway as you head towards Brasada Ranch and is owned by the Roman Catholic Diocese of Baker. This unique property was listed for 1,308 days, and it will be interesting to see what a new owner has in mind for this spectacular location. One transaction closed this week on Reif Road in Powell Butte at $1,150,000, listed at $1,195,000.
Deschutes County Farm listings over $1 million are steady at 13, with no pending or closed transactions. Crook County Farm listings are stable at 16 with no pending or closed transactions.
While mortgage interest rates might not be as low as expected, buyer activity remains steady. Central Oregon continues to grow, with its population increasing. Steady activity might not be exciting, but the market is balanced and healthy, with prices remaining firm, and shorter marketing times are picking up as we head towards summer.
The next Central Oregon Luxury Market Report will be published later in May. I have written this report every Friday for fourteen months, and will pick up where I left off later this month. But rest assured, I will be following the market and adding the weekly data to my spreadsheet in the absence of this report, and I will report on everything when the report resumes.Please reach out if you need any research on a market segment under consideration.
Sign Up for the Central Oregon Market Report
Sign Up for the Central Oregon Luxury Market Report
Your Bend Real Estate Agent is here to help
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.