Today, I have year-end reports for Sunriver and Three Rivers South and the tri-county Central Oregon weekly reports. Most people know that Sunriver Resort stands independently between Bend and La Pine, but fewer know that Three Rivers South is considered a Bend zip code. Interestingly, Sunriver and Three Rivers South share zip code 97707, with one using the city of Sunriver and the other Bend 97707. Caldera Springs and Crosswater, two golf course communities considered Sunriver neighborhoods, have Bend 97707 addresses. Since this is all confusing enough, I am leaving the year-end report of Crosswater and Caldera Springs out of the equation today. The Price points in Caldera Springs and Crosswater are considerably higher than most of Three Rivers South, and those communities deserve a separate report to account for the differences. I have local knowledge of Sunriver, Three Rivers South, and Sunriver, so please let me know if you need help learning about this diverse part of Deschutes County.
First, Deschutes County single-family home inventory declined to 588 listings this morning, down eleven from last week. However, this week last year, there were 552 listings, indicating that the sale-to-listing ratio may be improving slightly. Inventory will be an essential metric to follow in the coming weeks and is a solid leading indicator for pricing as we head into summer. The median active list price is $736,450, and eighty-nine days on the market. Last week shows fifty-four sales at a median of $689,500 and thirty-two days, with thirty-five sales at a median of $655500 and eighteen days. While inventory might be up slightly from last year's point, the days on the market for the pending and sold homes indicate strong buyer demand relative to what is listed.
Second, in Crook County, 105 single-family homes are listed at a median of 599k and ninety-eight days on the market, representing a decline of three from last week. Crook County's active listings have remained steady for some time, indicating a bottom for the supply-constrained market. During 2023, Crook County saw peak inventory at 157 and the bottom at 107, so unlike Deschutes County, Crook is still experiencing historically low availability. Seven homes are pending at a median of 400k and seventy-seven days listed, with five sales at 519k and 139 days listed.
Third, Jefferson County also shows stability in the active listings at seventy-nine this morning, up one from last week. One home is pending at $531,439 and listed for 192 days, with two sales averaging 511,615 and thirty-six days on the market. In 2023, the low point for inventory in Jefferson County was sixty-four, with the high point at ninety.
Starting with the Sunriver Weekly report, fifty-six properties are active at a median of 577k and eighty-nine days on the market. Two sales are pending at a median of 825k (675k and 975k), averaging two days on the market. Two properties in Sunriver sold at a median price of 880k (585k and $1,175,000) and nine days on the market. The remarkably short days on the market for this week's pending and sold properties in Sunriver indicate strong buyer demand when good properties hit the market.
In 2023, 158 properties sold in Sunriver at a median of $765,50. Sales were down 26.2% from 2022's 214 sales, while the median sale price declined 5.5%. However, the average sale price of $760,542 was a modest .19% increase. Remember that these are only homes "inside the fence" of Sunriver Resort, not including Caldera Springs or Crosswater.
Lastly, Three Rivers South shows thirty-four active listings this morning at a median of 675k and sixty-two days on the market. Two homes are pending at an average of 930k (310k and $1,550,000) and forty-three days on the market—one manufactured home with a lot sold for 230k after fifty-five days listed.
In 2023, there were 131 sales of single-family homes in Three Rivers South (TRS) at a median of 630k and an average of $704,272. Sales were down 13.8% from 2022's 152, and the median sale price reflects a modest .48% increase. However, the average sale price shows a decrease of 8.2% from 2022.
Unlike Sunriver, Caldera Springs, or Crosswater, TRS has manufactured homes available. Twenty manufactured homes sold in TRS in 2023, down from twenty-five in 2022. The median sale price of 365k was a 14.9% decrease from 2022, with the average sale price of $378,645, an 11.9% decrease. Mortgage interest rates are significantly impacting this market segment, with the price increases of the last few years appearing to have peaked. While some of the manufactured homes available in TRS are pretty nice, many require repair, making financing challenging. With buildable lots in TRS in short supply and the area in high demand, some of these properties are sold primarily for the lot. Not every manufactured home will succumb to demolition, but I suspect many manufactured home buyers in TRS have plans for future renovations and upgrades.
For the casual observer, the Sunriver and Three Rivers South reports can be challenging to decipher with so many vaguely geographically delineated areas. But, on www.EnjoyBendLife.com, you will find separate searches, descriptions, and market reports for each neighborhood. Please do not hesitate to ask questions about this incredible part of Central Oregon!