In today's report, I will break down the Caldera Springs and Crosswater subdivisions in the Three Rivers South/Sunriver area. But first, the three county report for Central Oregon.
This morning in Deschutes County, there are 578 single-family homes listed, ten less than last week. On this week last year, there were 553 listings, so we are slightly ahead as the new year unfolds. Forty-three homes are pending at a median of 639k, with 40 sold at $551,890. This week last year, there were forty-seven pending and thirty-four sold homes, close to this year's numbers. The median numbers were 625k for pending sales this week in 2023 and 560k for sold properties, a negligible change for the small number of sales to date. However, only looking at single-family sales year-to-date, in 2024, there have been 139 sales compared to 118 last year. I attribute the increased activity to the lower mortgage interest rates last month that seemed to bring some buyers off the sidelines. Unfortunately, the low rates didn't last long, with rates this morning at 6.92%. As talk of recession heats up again and the odds of a rate pivot from the Fed decrease, it seems that conditions are tightening, not loosening. Several factors, not least of which is the turmoil in the Red Sea, are colluding to put upward pressure on inflation, making the rate pivot Wall Street expected in March increasingly unlikely. With so much volatility driving the markets, anything can happen quickly. While our inventory to start 2024 is still historically low, the slight increase over 2023 is something to watch as we get deeper into the new year.
This morning, Crook County has 103 active single-family listings, with nine pending sales at a median of $439,660 and four closed transactions at a median of $402,142. One of the pending sales was a property in Powell Butte listed at $2.9M, and backing that out from the pending sales drops Crook County's pending average to $440,382 from $713,673. The limited inventory in Crook County covers a wide range of property types and price points that are not shown when looking at median or average numbers. This week last year in Crook County, there were 129 active listings, five pending and two sales. While the difference in pending and sold activity is slight, the increase in activity combined with a more than 20% decrease in inventory is sure to put upward pressure on prices. Throughout Central Oregon, inventory is the key to the market.
Jefferson County inventory declined three to seventy-six this week, up two from this week last year. Four homes are pending at an average of $392,225, with zero sales. This week last year, there were three sales in Jefferson County at a median of 365k and no sales. With so little data, there isn't much insight into the price, but the low level of homes listed and consistency compared to last year indicate similar conditions in 2024 to last year.
Last week, I excluded the golf course communities of Caldera Springs and Crosswater from my year-end report on Three Rivers South and Sunriver because of the differences in property types and price points. Let's take a look at how those communities stack up.
This morning in Caldera Springs, nine homes are listed at a median of $2,595,000, with no pending or closed transactions. There are also nine vacant lots listed at a median of 479k. In 2022, there were thirty-seven sales in Caldera Springs at a median of $1,900,00, and the most expensive sale at $3.3M. In 2023, there were twenty-five sales at a median of $1,469,000, with the most expensive sale at $3.5M. While a 32.4% reduction in sales seems significant, Caldera Springs is still building out, and available inventory impacts these numbers. Caldera Springs also rolled out a new phase of the subdivision, selling twenty-seven lots in 2023 at a median of 519k and another ninety lots in 2022 at a median of 455k. With so much new construction and a limited number of existing homes listed, local knowledge and in-depth analysis are required to evaluate Caldera Springs properly. Resort zoning for the subdivision allows short-term rentals throughout, with some properties required to be available in the vacation rental pool for forty-eight weeks per year, further complicating the price analysis. Whether you want to build in Caldera Springs, purchase an existing home, or invest in a vacation rental, this fantastic community deserves consideration. With limited availability throughout Sunriver and Three Rivers South, Caldera Springs, without question, has the largest selection of newer high-end properties available. If close access to Mt. Bachelor or the Deschutes River is appealing, this part of Deschutes County is unique and increasingly sought after.
Lastly, in Crosswater this morning, one home is listed for sale at $2,225,000, active on the market for sixteen days. 2022 saw reasonable activity in the community, with three single-family home sales at an average of $2,620,691 and three townhomes sold at an average of $995,225. In 2023, one home in Crosswater sold at $1,775,000. Many avid golfers hold the Crosswater Golf Course in high regard, and the course is only open to owners and guests, making it the most exclusive golfing in southern Deschutes County. Bordered on the West by the Big and Little Deschutes Rivers, Crosswater has some of the most stunning properties in the area. With so few sales and strong buyer demand, I encourage you to act quickly if something in the community becomes available.
My knowledge of Central Oregon is vast, and I am local to the Three Rivers South community. If Caldera Springs, Crosswater, Sunriver, or any of the neighborhoods that make up southern Deschutes County appeal to you, I would be happy to share my knowledge of the area. Please reach out with any questions.