The data this week in the luxury market is somewhat subdued, likely attributable to the Labor Day holiday weekend and the Flat Creek Fire in Sisters. However, with one of the most extended unimpeded stretches of time of the year for real estate sales ahead of us, and mortgage rates softening, I do not anticipate the modest lull in activity to last long. Whether Jerome Powell drops the overnight rate in the next Fed meeting is largely irrelevant; rates today are the lowest in years (6.4% national average for a 30-year jumbo loan), and the trends in place today will remain before the market slows coming into the winter holiday season.
There are 375 single-family homes listed in Deschutes County between $1 million and $1,999,999, a decrease of nine since last week. Fourteen properties are pending, with the average pending sale price at $1,377,499. Sixteen transactions closed at an average of $1,281,965. This average sale price is the lowest average closed sale price of the year, reflecting the intense competition in this price point.
Listings in Deschutes County between $2 million and $2,999,999 actually increased by two this week to 99. One pending sale occurred in Caldera Springs near Sunriver Resort with a list price of $2,250,000. Three transactions closed, with one in Caldera Springs ($2,550,000), another in Broken Top ($2,490,000), and the last in Tetherow at $2,800,000.
There are 48 listings over $3 million in Deschutes County, down one from last week, with no pending or closed transaction activity.
Crook County listings over $1 million also decreased by one this week, now at 64 active listings. There was a single pending sale in Powell Butte for $1,195,000, and one closed transaction in Brasada Ranch at $1,798,000.
Farm properties aren't necessarily luxury real estate, although many of these locations are unique, legacy properties. Those of you reading my reports regularly know the activity in this segment is sparse, but keeping an eye on these properties is essential for tracking the high-end market in Central Oregon. Depending on your needs, searching farm listings could uncover the perfect fit that might be elusive in residential listings.
In Deschutes County, the active listings for farm properties over $1 million are stable at seventeen, with no pending sales or closed transactions. Crook County inventory increased by one to 14 active listings, with no pending or closed transactions.
In the Central Oregon luxury market, price is less of a concern than selection, and today we have more luxury properties listed than at any time in years. The competition is forcing sellers to be realistic with asking prices, and many are negotiating to make sales happen before the year's end. Fall is always a great time to engage our market, and this year is no exception.
