With Thanksgiving less than a week away, and the weather pleasantly mild, sales activity in the Central Oregon luxury market remains steady. However, many of the sales are occurring in properties that have experienced significant price reductions from their original list price. In this week's data, I will show the average sale price change over YTD 2024 to highlight exactly where prices are today. Price decreases all on their own do not mean the market is retreating.
Pending sales in Deschutes County between $1 million and $1,999,999 remain steady at fourteen this week. Half of those properties reduced their list prices by an average of 11.77% before securing a buyer. Inventory decreased by twelve to 251 active single-family listings. Twelve transactions closed this week, with nine of those sales decreasing the list price before securing a buyer by an average of 10.09%. The sold-to-original list price ratio this week was 88.43%, or an average reduction negotiated by buyers of 11.57%. Year-to-date 2024, 584 sales averaged $1,359,046 compared to 639 sales averaging $1,364,984. In a narrow price tranche, the average sale carries less weight, but a 9.4% increase in sales volume is significant.
There is one fewer active listing in Deschutes County properties listed between $2 million and $2,999,999, now at 65. One pending sale occurred, listed at $2,650,000, with an 11.22% price decrease before securing a buyer. Two closed transactions took place at $2,400,000 and $2,850,000, both in Caldera Springs. The first sale closed at 90.6% of the original list price, with the second at 95.16%. Year-to-date 2024, there were 72 sales in this price tranche, averaging $2,360,568, compared to 93 sales averaging $2,402,229, an increase in sales volume of 29.16%.
Deschutes County active listings over $3 million decreased by one to 41, averaging $5,213,651. There were no pending sales this week. Two transactions closed this week, the first in the Highlands at Broken Top for $3,200,000 at 80.1% of the original list price. There are only a handful of homes in this neighborhood that sell in this price range, and the original list price was aggressively optimistic. The second sale (speaking of aggressively optimistic) closed at $3,385,500, initially listed for $6,300,000, or 53.74% of the original list price. The second sale went to auction, a tactic I have seen with overpriced properties, which resulted in a sale where the property should have been at the start. Year-to-date 2024, there were 35 sales over $3 million, averaging $3,918,655, compared to 36 this year, averaging $3,807,705.
Crook County inventory over $1 million decreased by two, now at 50 active listings. There were no pending or closed transactions this week. Year-to-date 2024, 41 sales averaged $1,532,342 compared to 39 this year, averaging $1,569,966.
Deschutes County farm listings decreased by one to 15, with no pending or closed transactions this week. Year-to-date 2024, two sales averaged $1,525,000, compared to four averaging $1,812,500 so far this year.
Crook County farm listings increased one this week to 10, with a new 18,754-acre property listed for $20,000,000 east of Prineville on the Paulina Highway. There were no pending or closed transactions this week. Year-to-date 2024, five closed transactions averaged $2,730,000 compared with two sales this year averaging $1,296,250.
Overall, sales volume is up considerably this year, or at least on pace with 2024. Prices are mostly flat, maintaining the highs set when our market peaked in late 2022. For some sellers, it might make sense to begin marketing property sooner rather than later, but by all measures, the most significant opportunities right now are for buyers.
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