The luxury market in Central Oregon experienced a modest decline in inventory, while seasonally strong activity continued. Mortgage interest rates remain stable, with no anticipated changes in the near future. The weather forecast shows mild, dry conditions for the next several days, which will help extend the recent activity deeper into the year. Steady, stable conditions, with a generous number of healthy price negotiations, summarize the activity this fall.
The most activity occurs in the tranche between $1 million and $1,999,999, with steady activity again this week. Single-family home inventory dropped by 18 to 263 listings, with a median days listed of 106 and an average decrease of -7.6% for the 150 homes that have come off the original list price. Fifteen pending sales occurred, with 10 of those reducing the price by an average of 9.91% before securing a contract. Thirteen sales closed this week, averaging $1,322,346, with eight reducing the list price by 7.24% before securing a buyer. The sold-to-list ratio was 96.94%. The sold-to-list ratio shows the price at which the property closed relative to the list price. In contrast, the median price reduction shows the percentage by which a seller reduced the price before securing a contract.
The inventory of Deschutes County single-family homes between $2 million and $2,999,999 decreased by 2, to 66. Two pending sales occurred this week, both in Juniper Preserve (Pronghorn), for $2,197,000 and $2,650,000. The first of the pending sales reduced the list price by 25.5% before securing a contract, and the second by 11.07%. If world-class golf is on your radar, Pronghorn is worth a look. One transaction closed this week in Discovery West in Bend at $2,270,000 after 264 days on the market with a sold-to-original list price ratio of 95.38%.
Deschutes County residential listings over $3 million decreased by two this week, to 42. Three pending sales occurred, averaging $3,623,333 before securing a buyer. Two of those listings reduced their asking prices by an average of 10.15%. This price tranche had the first closing since October 3, a home in North Rim that closed at $3,360,000, initially listed for $3,995,000. The sold-to-original list price of the closed transaction was 84.11%. This week's sale is only the fourth over $3 million since late August. However, year-to-date sales are identical to 2024 at 34, with the average sale price at $3,837,997, down $80,619 from 2024.
The inventory of homes listed over $1 million in Crook County decreased by five this week to 52. Thirty-one of those listings have reduced their prices by an average of 5.05%. Three sales are pending, averaging $1,601,333, and one decreased the asking price by 3.26%. There were no closed transactions this week.
Deschutes County farm listings are stable at 16 with no pending or closed transactions. Crook County farm listings decreased by one, now at nine, with one pending sale at $2,225,000 and no closed transactions. However, the pending sale is also listed as residential and shows in the Crook County numbers above for properties over $1 million.
In 2023, sales volume decreased dramatically from the outsized levels that started in 2020. 2024 increased from 2023, and the YTD activity this year is up from 2024. Year-to-date sales over $1 million in Deschutes County in 2024 were 719, averaging $1,580,763, compared to 790 sales this year, averaging $1,586,229. The sales volume is the more critical metric here, as the diversity of homes over $1 million makes any price comparisons challenging. However, prices in the luxury market have not increased appreciably since 2024.
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