The market above $1 million is showing continued activity this fall, with supply remaining relatively robust. While selection might not be as deep as during peak season, there are still many excellent properties available. Stability in our market is apparent, but the prevalence of deeper discounts is increasing, as shrewd buyers are making low offers on properties that are, in some cases, now in a second fall season since listing. Fewer new properties are hitting the market, but several stand-out new listings are finding buyers in short order. Sellers at this time of year need to balance price with desirability, but relatively favorable interest rates are keeping a steady supply of buyers ready to act.
This morning, the listings in Deschutes County between $1 million and $1,999,999 decreased by 20 from last week, to 281. Thirteen pending sales are one more than last week, with nine of those transactions decreasing the list price an average of 10.58% before securing a buyer. Seventeen transactions closed, with ten of those sales reducing the list price an average of 8.2%. The average sold-to-list ratio of 97.61% shows buyers are negotiating below the list price, with the average sold-to-original list price at 93.03%. The data shows the market slightly favors buyers, and that trend will continue for the next several months.
Deschutes County listings between $2 million and $2,999,999 dropped by a larger margin than the past several weeks, now at 68, a decrease of twelve since last week. Activity this week was steady, with four pending sales, and only one of those decreased the list price by a modest 6.67%. One sale occurred in Broken Top, listed at $3 million and closed at $2,925,000.
The market above $3 million has slowed considerably over the past few weeks, as is typical for this time of year. There are forty-four single-family listings in the price tranche, down by one from last week. There were no pending or closed transactions. After pacing ahead of 2024 for most of the year, the market above $3 million has lost a step compared to last year. Year-to-date 2024, 34 sales averaged $3,918,616 compared to 33 this year, averaging $3,852,481. Much of this comes down to the diverse mix of luxury properties sold in any given year, and the differences are minimal. With several weeks left in the year, one or two sales could easily swing the difference, but the takeaway here is stability in the luxury market.
Listings above $1 million in Crook County decreased by 3 to 57, with 31 of those reducing their asking prices by an average of 4.81%. One sale is pending this week, a modest home on 27 acres east of downtown Prineville at $1,125,000. There were no closed transactions this week.
Deschutes County farm listings increased by one to sixteen, with no pending sales. One sale occurred at $1,350,000 after listing a total of 1,156 days on the market. This property was initially listed for $2,300,000, and dropped to $1,750,000 before accepting the offer at $1,350,000, 58.7% of the initial list price. The property included a commercial-grade greenhouse and a modest residential structure, partially renovated with some unfinished work. Obviously, the initial list price was unrealistic, but the location boasts Cascade Mountain views in Tumalo, on Innes Market Road.
Crook County farm listings over $1 million are flat at ten with no pending sales. One sale occurred on 91 acres north of town on Grimes Road for $1,335,000. The property was listed just 21 days before securing a contract.
Late in the year, it is common to see buyers making low offers on properties that have been on the market for an extended period. In many cases, these listings have issues that make them challenging, but at the right price, every property has value. Even exceptional properties are subject to a price below asking as the year winds down. However, even quick sales at full price have less pressure since fewer buyers are engaging the market. Whether you are considering a purchase today or thinking about listing, the fall can be a great time to start learning the market.
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