Every Wednesday morning, I post a market report for Central Oregon with information about homes, market trends, and real estate news, and on Friday, I post about the luxury market. Register today, or contact Reed for immediate assistance.
This morning, the number of single-family listings in Deschutes County is 1,452, a decrease of thirty from last week, and averaging $1,157,881. Pending sales are down slightly from the high volume of the previous few weeks, at seventy-eight, averaging $844,644. Sixty-eight closed transactions averaged $920,079. The average price reduction for the closed transactions was 7.6%, the most significant average price reduction since February.
Crook County's inventory of single-family homes decreased by five to 239, with an average $965,744. Seven pending sales are a slight decrease from recent weeks, averaging $850,986. Four transactions closed this week, averaging $1,115,981, with two price reductions. The actual price reduction numbers were a list price of $429,000 and a closed price of $425,000, but the original list price was $445,000. The second price reduction was initially listed for $2,100,000 and closed at $2,000,000.
Inventory in Jefferson County decreased by one home, now at 143, with an average price of $607,684. Four pending sales, averaging $499,450, are down slightly from recent weeks. Two transactions were closed this week, with one selling above the asking price and one below. The first property was initially listed for $407,500, dropped the price to $399,900, and closed at $406,000. The second initially listed at $329,000 and closed at $304,000.
Whether the narrative from the Federal Reserve's last meeting, suggesting a potential rate decrease in September, holds is anyone's guess. But the 30-year fixed-rate national average for a conventional mortgage this morning sits at 6.52%, the lowest since late 2024. While buying conditions are favorable, I anticipate a slowdown over the holiday weekend before activity picks up for the final busy period leading up to Thanksgiving.
Whether you are searching in Bend or any of the nearby areas, I want to help you find the perfect property. Even if you are in the beginning stages of your search, I always like to be a resource, no pressure ever.
Several factors have combined to create a remarkably stable end to this year's real estate market in Central Oregon, not least of which are moderate mortgage interest rates and increased inventory. The selection of homes today exceeds any point over the past several years, and the increased competition has either forced sellers to be more realistic with pricing or given buyers more suitable options to choose from. The stock market is performing admirably well, considering the doom and gloom reporting in much of the mainstream media.
This morning, when researching stock market trends, I looked at a source I rarely visit, CNN. At the top of the CNN page listing "hot stocks" was a speedometer-type graph showing the number 60, suggesting the market is performing better than neutral. Next to the graph was the text "Greed is driving the US market." Isn't the only reason to invest in stocks for a return on investment? I always find it funny what many media sources will come up with when reality doesn't fit the narrative they subscribe to. In any case, market conditions and lifestyle preferences for a life in Central Oregon are keeping sales steady, along with continued migration to our region, resulting in a growing population.
Single-family listings in Deschutes County between $1 million and $1,999,999 contracted by eleven this week, now at 403 listings. Seventeen pending sales at an average of $1397,371, and fourteen closed transactions averaging $1,408,321 occurred this week. Notable in this price tranche is the majority of the activity in the bottom third of the category. As you move up the scale in price, many properties over $2M are more appealing, and buyers are willing to pay more rather than compromise over a relatively small difference in price.
Between $2 million and $2,999,999 in Deschutes County, inventory is flat this week at 101 listings. Two pending sales at $2,125,000 and $2,650,000 occurred, with one closed transaction at $2,600,000. There are many fantastic homes available in this price tranche, and I expect some great deals will happen over the next several weeks.
Inventory over $3 million in Deschutes County also remained flat this week at 49 listings. There was one pending sale in the Ranch at the Canyons in Terrebonne for $4,395,000. If you are seeking stunning Smith Rock views, the Ranch at the Canyons is unbeatable, and many of these properties are exceptional. There were three closed transactions this week: one in Tumalo for $3,328,902, and two in Tetherow at $3,200,000 and $4,075,000.
Crook County active listings over $1 million decreased by three this week, now at sixty-nine. There were three pending sales, with one listed at $1,194,000 on McKay Creek Road, another in Brasada Ranch at $1,798,000, and the last in West Powell Butte Estates for $2,190,000. Interestingly, the sales in West Powell Butte Estates this year are precedent-setting for the neighborhood. Going back to August 1, 2010, the previous most-expensive sale in West Powell Butte Estates was $1,655,000 in 2022. Earlier this year, a property closed in the subdivision at $1,950,000, and if the final negotiated price for the pending sale remains above $2M, it will be the first ever. There was one sale in Crook County this week, another property near McKay Creek Road at $2,100,000.
Deschutes County farm listings are up by one to eighteen, with no pending or closed transactions. Crook County farm listings are also up by one, now at twelve listings, with no pending or closed transactions.
For anyone looking to close before winter and the holiday season, this is peak season. Add in the expanded inventory and seller's willingness to negotiate, and it isn't difficult to find motivation to look at what is available today.
Your Bend Real Estate Agent is here to help
Reed Melton serves Bend and surrounding areas
Whether you are searching in Bend or any of the close by areas, I want to help you find the perfect property. Even if you are in the beginning stages of your search, I always like to be a resource, no pressure ever.
With the national average for a 30-year fixed-rate conventional mortgage holding steady at 6.6%, activity remains consistent, resulting in some of the biggest weeks for transaction volume this year. Buyers are taking note of the wave of price reductions and are making moves to secure properties. This window of opportunity will remain through fall, and selection remains exceptional.
Supply of single-family homes in Deschutes County dropped below 1,500 this week, now at 1,482, a decrease of twenty from last week. It was another big week for pending transactions at 90, with the average list price for these properties at $809,292. Substantial closed transaction numbers follow significant pending activity, and this week's activity reflects that with 74 recorded transactions. The average sale price of the closed sales was $1,009,935.
Crook County inventory decreased by three this week, but remains high at 244 single-family homes listed. Eleven pending sales are on the upper end for weekly activity, with the average list price of these properties at $783,310. Five closed sales this week averaged $433,460.
Proof that the outlying communities follow unique trends lies in Jefferson County's inventory increasing this week by five to 144 single-family listings. Typically, at this time of year, inventory is in a slow, steady decline, but market conditions are keeping levels elevated. The increase in listings isn't due to a lack of activity, as there were eight pending sales this week at an average of $455,456. Two closed transactions occurred at $320,000 and $322,500. The steady activity in Jefferson County this summer has likely encouraged sellers to enter the market and take advantage of the constant pool of buyers.
It is anyone's guess where mortgage interest rates are heading, but the trend indicates a softening from highs over seven percent. However long current rates last, we are in a sweet spot that is encouraging sellers to be reasonable, with rates down enough to give buyers some breathing room. If rates in the spring end up below six percent, buyers will engage the market in droves, inventory will be unlikely to achieve the peaks seen this year, and prices will firm up. Also, because of the inventory levels seen this summer, there will likely be more lingering options through the winter for buyers still looking. There is no question that sellers keeping listings active through the winter will be ready to negotiate, creating opportunities that may look vastly different depending on how spring shapes up.
Whether you are searching in Bend or any of the nearby areas, I want to help you find the perfect property. Even if you are in the beginning stages of your search, I always like to be a resource, no pressure ever.
It is hard to believe Labor Day is only two weeks away! Activity is steady heading towards fall, and mortgage interest rates are softening, with the national average for a 30-year Jumbo loan at 6.68% today. Sellers interested in moving property before the end of the year are reducing the asking price, negotiating with potential buyers, and in many cases doing both. This dynamic is not specific to this year, but is a seasonal trend. However, the mix of increased inventory and relatively lower interest rates is helping the housing market. It may seem like a long time ago, but before rates went up in the second half of 2022, inventory levels were at all-time lows, and prices were high, giving sellers the ability to hold firm in negotiations. I have brought up the favorable conditions for buyers several times in my weekly reports, and given my immersion in the data, I can say with confidence that conditions are favoring buyers slightly. Granted, many buyers in the luxury market are paying cash, but that doesn't change the increased selection and willingness of many sellers to negotiate.
This morning in Deschutes County, there are 414 single-family homes listed between $1 million and $1,999,999, a decrease of five from last week. Eighteen pending sales and seventeen closed transactions are keeping the trend of steady activity alive. Eleven of the pending sales saw price reductions before securing a buyer, and nine of the closed transactions negotiated a price below the list price.
Between $2 million and $2,999,999, there are 101 listings, down by three from last week. There was one pending sale on the north side of Bend at $2,357,777, and three closed transactions. The closed properties were at $2,050,000 in Pronghorn/Juniper Reserve, $2,370,000 in Broken Top, and $2,800,000 in Sunriver at the North Course Estates.
Listings over $3 million in Deschutes County total 49, an increase of one from last week. There were no pending sales this week, and two closed transactions; one at $3,500,000 in Tetherow, and the other at $4,480,000 on Collins Road in Tumalo.
In Crook County, there are 72 listings over $1 million, down by three from last week. There were two pending sales, one at $1,450,000 in Brasada Ranch and the other at $1,855,000 in Powell Butte at the Mountain View Estates. The two closed transactions were at $1,245,000 in Powell Butte and at $1,665,000 in Brasada Ranch.
Deschutes County farm listings over $1 million are up by one to seventeen, with one pending sale at $1,500,000 on Alfalfa Market Road. There were no closed farm transactions in Deschutes County this week.
There weren't any closed or pending sales in the Crook County farm market over $1 million this week, and listings are unchanged at eleven.
Summers can be short in the High Desert, and fall is just around the corner. Of course, real estate transactions occur year-round, and the off-season can be a great time to engage the market. However, especially after the end of the year, selection will be limited. If you find a property that works for you in the shoulder seasons, you will be able to negotiate a favorable price. But in the luxury market, selection typically trumps price, and this is the peak of opportunity for inventory in Central Oregon.
Your Bend Real Estate Agent is here to help
Reed Melton serves Bend and surrounding areas
Whether you are searching in Bend or any of the close by areas, I want to help you find the perfect property. Even if you are in the beginning stages of your search, I always like to be a resource, no pressure ever.
With mortgage rates for a 30-year fixed-rate conventional mortgage holding at 6.58%, and inventory in Deschutes County at highs not seen in several years, activity is picking up steam. The pending sales in Deschutes County this week reached a high not seen since August 24, 2022. Increased competition is forcing sellers to sharpen their pencils and negotiate to secure a sale. With Labor Day only a couple of weeks away, this is proving to be the best buying condition in many years. If mortgage rates continue to decline through the winter and into spring 2026, I anticipate fewer listings and increased buyer activity, which inevitably pushes prices up. If you are considering a purchase in Central Oregon, please engage the market and evaluate your options today!
Deschutes County inventory decreased by twenty this week, now at 1,502, with the average list price at $1,144,092, and the median at $832,236. Ninety-eight pending sales are enormous, and a level not seen since August 2022. The average pending sale price was $832,336, with the average price reduction before securing a buyer at 7.05%. Fifty-eight transactions closed at an average of $1,043,513, and an average price reduction of 5.89%.
Crook County activity is steady, but more subdued than Deschutes County, with 247 listings this morning, only one less than last week. The average list price in the county is $985,447, and the median is $679,000. There were eleven pending sales at an average of $750,750 and an average price reduction of 5.32% before finding a buyer. Five transactions closed this week at an average of $1,106,380, with two Brasada Ranch sales dragging up the average price. The remaining three sales ranged from $426,900 to $590,000.
Jefferson County inventory increased by six to 139 listings at an average price of $601,943, and a median of $499,900. Four pending sales at an average of $350,975, and three closed transactions at an average of $466,666, round out the week.
During the period from 2020 through 2022, prices shot up with extreme buyer demand. In Deschutes County during this time, properties were securing buyers in a matter of days, with multiple-offer scenarios prevalent. Budget-minded buyers looking for homes in Central Oregon began considering the outlying areas, like Prineville and Madras, to combat rising prices in Deschutes County. To be certain, many buyers never considered Deschutes County and preferred the outlying areas. However, with current conditions helping buyers considerably, Deschutes County activity is notably outpacing that of Crook and Jefferson Counties, as buyers are finding deals and can negotiate reasonable prices closer to Bend.
There are many great reasons to consider the less populated areas of Central Oregon, but I suggest you consider your long-term plans and price carefully. I do not anticipate a housing market collapse, as demand for Central Oregon housing and population growth are consistent and projected to continue. However, with prices mostly flat since 2022, and with increased inventory, many buyers in the recent past are at the break-even point today, or worse. With a long-term focus, everything eventually works out, but for anyone needing to sell in a shorter time window, break-even might be the best case scenario.
Whether you are searching in Bend or any of the nearby areas, I want to help you find the perfect property. Even if you are in the beginning stages of your search, I always like to be a resource, no pressure ever.
Mortgage rates have been slightly declining since the 30-year fixed-rate Jumbo mortgage peaked at 7.26% in January of this year. The national average rate this morning for Jumbo loans is 6.70%, and judging by the graph of rates, rates will likely continue to soften through the end of summer. To be sure, the change from the beginning of the year is small, but as rates decrease, activity increases.
This morning in Deschutes County, there are 419 single-family homes priced between $1 million and $2 million, a decrease of four from last week. Fifteen pending sales with an average price decrease of -10.26% occurred this week. Fourteen transactions closed this week, with the average reduction at -7.07%.
Homes listed between $2 million and $3 million decreased from 105 to 104 listings. There were two pending sales and two closed transactions, with the average decrease in pending sales at 2.01%, and no price changes to the closed transactions.
Inventory in Deschutes County over $3 million increased from 46 to 48, with one pending sale at $4,800,000 and one closed transaction at $5,200,000. There were no price changes in either of the pending or closed transactions.
Crook County inventory over $1 million also increased, from 74 to 75 active listings. There were two pending sales this week at an average of $1,749,500, and one sale in Brasada Ranch at $2,325,000 that sold for -7.96% less than the asking price.
The year-to-date comparison to 2024 reveals some interesting trends about our market:
In Crook County in 2024, there were 29 YTD sales over $1 million, at an average of $1,506,983. In 2025, there were 23 sales, with an average of $1,606,421. This comparison is really an analysis of Powell Butte and Brasada Ranch, as the overwhelming majority of the higher-priced sales occur in these areas.
In Deschutes County YTD 2024, between $1 million and $2,999,999, there were 439 sales, averaging $1,467,469. So far in 2025, there have been 463 sales averaging $1,511,208, showing increased activity and reasonable price increases.
However, the sales over $3 million in Deschutes County tell a different story. Year-to-date 2024, 21 sales averaged $4,159,125, compared to 24 sales in 2025, with an average of $3,651,166.
The decrease in the average sale price for the high-end market in Deschutes County is interesting. There is no denying that more homes are selling, with the number closer to $3 million than last year. Considering the relatively small number of sales in the high-end and increased activity in the second half of the year, the gap could narrow as the remainder of summer unfolds. Last year, there were 37 sales over $3 million, and with the pace of sales this year, that leaves ~15 more sales this year still to come. Unless some of the more exclusive properties close this year, 2025 stands to close out with a significant reduction in the average sale price of high-end properties. I caution against an assumption that prices are collapsing for high-end sales. In 2025 YTD, there were three sales over $5 million compared to two this year. All of these numbers could change dramatically with a single sale.
Analysing the market over $3 million can be challenging, as the diversity of location, amenities, views, and exclusivity all play an outsized role in the price a property commands. This segment of the market requires a property-by-property analysis and time to market to the broadest audience to find the right buyer.Pricing correctly in today's market is crucial!
Your Bend Real Estate Agent is here to help
Reed Melton serves Bend and surrounding areas
Whether you are searching in Bend or any of the close by areas, I want to help you find the perfect property. Even if you are in the beginning stages of your search, I always like to be a resource, no pressure ever.
Anyone who has been wishing for lower mortgage interest rates will be happy to learn that the 30-year fixed-rate conventional average this morning is 6.58%, the lowest point since a brief dip last September. The decrease in interest rates coincides with a busy season for home sales, and unsurprisingly, activity is robust. With many sellers anxious to move properties before the winter, this is proving to be the best buying conditions in several years.
Supply continues the seasonal decline in Deschutes County, with 1,522 single-family homes listed, a decrease of twenty-two from last week. It was another strong week of pending sales at 87, with fifty-one of those properties reducing the list price by an average of 7.13% before securing a contract. Seventy closed transactions are the most in more than five weeks, with exactly half of those sales negotiated below the list price by an average of 6.23%. The average price per square foot for the sold homes this week was $399.
Crook County inventory finally decreased this week after steadily increasing each week since February. This morning's inventory shows 248 listings, down by eight from last week. Pending sales were robust at fourteen, with nine of those properties decreasing the list price by an average of 6.08% before finding a buyer. Six transactions closed, with three negotiating a price below the listing price by an average of 5.49%. The average price per square foot of the closed transactions was $335.
Jefferson County's inventory is stable and still increasing slightly, up by two from last week. Pending sales remain steady, with five this week, and only one price change of -2.28% before securing a buyer. Sales match last week at seven, with four negotiating a price below the listing price. The sold-to-original list price ratio this week was 89.83%, and the average price per square foot was $312.
There will be great buying opportunities through the end of the year and into spring 2026, but the available inventory today gives buyers a selection not seen in several years. If mortgage rates continue to decline, more buyers will step up, and the chances of building inventory to today's levels decrease. There are always homes for sale and opportunities, but it is a relief for buyers to have options. Not that many years ago, during the pandemic peak, at any given price point, buyers were lucky to have a handful of options. Tight supply applied upward pressure on prices, and many homes sold for more than they would have otherwise. It is correct that prices are softening, but that is directly related to competition from other homes. The housing market in Central Oregon is still strong, but is favoring buyers more than in several years.
Whether you are searching in Bend or any of the nearby areas, I want to help you find the perfect property. Even if you are in the beginning stages of your search, I always like to be a resource, no pressure ever.
The housing market in Central Oregon remains strong, bolstered by consistent growth, predicted to continue for several years. This year in particular, the luxury market is outperforming the overall market, but the market below $1 million is still doing well. In 2023, YTD home sales of single-family homes totalled 1,491, 1,506 in 2024, and 1,481 this year. The median sale price for sales below $1 million in 2023 was $590k, in 2024 it was $635k, and in 2025 $620k. The slight decrease YTD on the median sale price this year is primarily attributed to increased inventory, creating more competition between sellers not seen in several years.
Over $1 million, sales in 2023 totalled 360, with 441 in 2024, and 466 YTD in 2025. The median sale prices during these periods were $1,356,000 in 2023, $1,375,000, and 1,430,00 so far in 2025. Activity in the high-end of the market is on pace to exceed last year's total, with the median sale price increasing. None of these numbers represents amassive change, but the stability is notable in the face of higher interest rates.
This morning in Deschutes County, listings between $1 million and $1,999,999 total 423, up by two from last week. Nineteen pending sales with ten price changes match last week's volume, with the average price reduction for the ten sales at -10.29%. The average price deductions are increasing as we get closer to fall, with many sellers ready to negotiate to make a sale. Seventeen transactions closed this week, with five reducing the price by an average of -8.55%.
Inventory of single-family homes in Deschutes County between $2 million and $2,999,999 remains at 105 this week. There were two pending sales, one at $2,450,000 and the other at $2,445,000, with no price reduction before securing a contract. Four homes sold with one price reduction at -10.59%.
There are forty-six homes listed above $3 million, a decrease of three from last week. Two pending sales occurred at $3,595,000 and $4,099,000, with the average reduction before securing a contract at -7.98%. There were two closed transactions at $3,300,000 and $5,350,000 with no price reductions.
There wasn't any activity in the Deschutes or Crook County farm listings over $1 million.
Crook County listings over $1 million increased by one to 74, with one pending sale at $2,485,000 in Brasada Ranch. The Brasada Ranch pending sale reduced the asking price by 7.96% before securing a buyer. One transaction closed this week at $1,100,000, with the price reduced by 6.27%.
The trends of increased price reductions and steady activity will continue through Labor Day and beyond, before our seasonal slowdown heading into the holiday season. No matter whether you are buying or selling, the steady activity is making for the best conditions seen in several years, with the market slightly favoring buyers. Setting prices high is not an effective strategy for sellers, even with strong market conditions in the luxury market. That doesn't mean sellers need to price at deep discounts, and in most cases, sale prices are exceeding those of recent years. However, buyers today are sensitive to value, and are not jumping on over-priced listings. A great example of this was a recent auction sale on Dodds Road near Alfalfa. The Dodds Road property was initially listed nearly a year ago at $10.9 million, was reduced to $9.9 million, and just sold at auction for $5.38 million. I believed from the start that the property was grossly overpriced, and the auction results prove that. Pricing correctly in today's market is crucial!
Your Bend Real Estate Agent is here to help
Reed Melton serves Bend and surrounding areas
Whether you are searching in Bend or any of the close by areas, I want to help you find the perfect property. Even if you are in the beginning stages of your search, I always like to be a resource, no pressure ever.
While I do not expect the Fed to lower the overnight rate in today's meeting, mortgage rates have been trending down over the last few weeks, with the national average for a 30-year fixed-rate mortgage at 6.77% this morning. I doubt the slight downtick in rates is much of a factor in another robust week of activity in Central Oregon, and attribute it mainly to the seasonal push towards fall. With inventory higher than at any time over the last several years, buyers have selection, and sellers have competition. Activity is steady throughout Central Oregon, but the dynamics are not equal across all price points or between the three counties of our region. Deschutes County is experiencing a shrinking pool of homes for sale, while Crook and Jefferson counties are still seeing growth. And the activity in the Luxury Markets is picking up, as you can read about in my Friday Luxury Market Report.
Deschutes County inventory declined for the second consecutive week, a strong indication that we are past the peak for listings in 2025. This morning, there are 1,544 homes for sale in the county, nineteen fewer than last week. Eighty-seven pending sales match the biggest week of 2025, and the most since October 2, 2024. Sixty-seven homes closed this week at an average of $915,803, with the average price reduction 5.54%.
Crook County inventory increased this week to 256 single-family listings, up nine from last week. The different regions of Central Oregon all have their nuance, and the differences between inventory trends between Crook County and the rest of the region illustrate that clearly. Six pending sales match last week at an average of $481,467, and seven closed transactions averaging $688,296 round out this week's data. The average price reduction for the closed transactions was 7.98%.
Jefferson County also had an increase in inventory this week, up by eleven to 131 single-family listings. This increase is a healthy inventory level for the county, and a sharp contrast with the sixty-six listings available this week in 2022. Five pending sales averaging $439,540 and seven closed transactions averaging $474,747 are substantial numbers consistent with recent weeks. The average price reduction for the closed sales this week was 11%, proof that buyers are in a reasonably strong position heading into fall.
The data in this report is an excellent way to track overall trends, but it glosses over individual neighborhoods, different price points, and doesn't account for unique properties. Reading my Friday Luxury Market Report helps to shed some light on the various segments of our housing market, with data for Deschutes County between $1 million $2 million, $2 million $3 million, and over $3 million. In this Friday's report, I will contrast sales activity and price trends above and below the 1 million dollar mark to better illustrate how the market is trending. Ultimately, a buyer's situation and needs are more important than price trends. Still, sellers' willingness to negotiate, competition, and moderately lower mortgage rates are combining to create real relief for stretched buyers.
Whether you are searching in Bend or any of the close by areas, I want to help you find the perfect property. Even if you are in the beginning stages of your search, I always like to be a resource, no pressure ever.
This week in Deschutes County, the broader market saw a marked decrease in the inventory of single-family homes, a trend also evident in the luxury market. In Deschutes County in 2024, the shift towards decreasing supply occurred in the second week of August, following a peak of 1,322 homes listed for sale. This year's peak appears to have been last week at 1,582, nearly a month earlier than last year. As fewer sellers choose to list properties, and buyers grab what is available, the dynamic shifts heading into the fall season. List prices decrease, and negotiations below the asking price are common at this time of year. In most cases, the overall price trends are stable, with unrealistic sellers adjusting back to the market price being the bigger factor.
In Deschutes County this morning, there are 421 single-family homes listed between $1 million and $1,999,999, a decrease of thirteen from last week. There were nineteen pending sales at an average list price of $1,378,363, with thirteen of those homes reducing the list price before securing a contract. The average price decrease of those thirteen homes was -11.59%. Fourteen transactions closed with a median days listed of 28, and an average sale price of $1,311,642. Nine of the closed transactions negotiated below the list price.
Between $2 million and $2,999,999, there are 105 listings, down one from last week. Four pending sales, averaging $2,552,500, occurred this week, with only one of those properties reducing the sale price before securing a buyer. There was one sale on Theater Drive, along the Deschutes River in Bend, for $2.5 million, initially listed for $2,995,000. The sellers of the Theater Drive sale made a quick correction to the price, as the home had only been on the market for 33 days. This property last sold in 2019 for $2,035,000, a 22.85% gross increase.
Listings over $3 million in Deschutes County decreased by four, now showing 49 homes for sale. Three pending sales this week are the most since I started tracking this data in early March. The first of the three, initially listed for $3,495,000, was subsequently listed for $3,295,000 when it went under contract. The second, in Broken Top, listed for $4,195,000 and dropped to $3,390,000 before securing a buyer. The last in Tetherow was on the market for only eight days at $4,075,000.
Crook County inventory over $1 million increased by one to 73 listings, with the only activity coming from a single pending sale at $1,195,000 in Powell Butte. There were no closed transactions this week. While the Powell Butte and Brasada Ranch sales are steady, these areas account for the overwhelming majority of sales exceeding $1 million in Crook County. There is no question that these are beautiful, desirable locations, but I would caution anyone to strongly consider the overall market in Crook County luxury before making a decision. There are some fantastic values in these locations, but a long-term focus is required to achieve reasonable appreciation.
Deschutes County Farm listings over $1 million decreased by one to sixteen, with no pending or closed transactions. Crook County Farm listings remain at eleven with no pending or closed transactions.
A shift is taking place in our market, some of which is related to typical seasonal activity. However, many sellers today seem to understand that pie-in-the-sky pricing isn't working, and they are making adjustments to get back to prices that today's market will bear. After years of rising prices, I certainly do not blame sellers for trying to secure the highest price possible. Adjusting expectations in a changing market takes time for anyone to accept. This shift doesn't alter the demand for excellent properties, but there is a limit to what a buyer is willing to pay. While very desirable properties are selling quickly, there are still some fantastic opportunities for negotiation available in the market today. I anticipate steady activity through October, as this is really "peak selling season" in Central Oregon.
Your Bend Real Estate Agent is here to help
Reed Melton serves Bend and surrounding areas
Whether you are searching in Bend or any of the close by areas, I want to help you find the perfect property. Even if you are in the beginning stages of your search, I always like to be a resource, no pressure ever.
