My Weekly Central Oregon Real Estate Blog

With the Federal Reserve wrapping up the latest meeting today, the chances of any rate cuts are zero. Last year, the Fed made an aggressive 50-basis-point decrease in September, followed by 25-basis-point reductions in November and December, while telegraphing two more cuts in 2025. With today's news likely to maintain the status quo, any future decrease is unlikely to occur before the end of July at the earliest. However, any decrease in 2025 appears to be more of a long shot. The average 30-year fixed-rate conventional mortgage this morning is 6.88%, in line with rates tracked over the past several weeks.

This morning in Deschutes County, there are 1,533 single-family houses listed for sale, an increase of 41 from last week. The average list price is $1,144,381, with 794 listings reducing the asking price by an average of $5.25%. Eighty-two pending sales are one shy of the highest pending sale volume of the year, which occurred on March 5. The median number of days listed for pending sales this week was 19, one of the lowest weekly numbers reported this year. Sixty-two closed transactions at a median days listed of 18 and an average sale price of $820,144, with just 16 of those transactions negotiating below the list price by an average of -3.14%.

Interestingly, the year-to-date sales in Deschutes County for 2025 are identical to those as of this day in 2024, at 1,433. The median sale price for Deschutes County so far this year is $697,315, up .33% from last year's number.

Crook County inventory increased by one to 231 listings, averaging $1,077,407. There were twelve pending sales, with a median listing days of 62 and an average price of $533,410. Four closed transactions, with an average closing price of $945,000, occurred during the week, with just one price reduction.

Crook County's year-to-date sales for 2024 were 186, with a median sale price of $463,495. This year, sales have decreased to 159, with a median sale price of $435,000, representing a 6.15% decrease.

Jefferson County inventory decreased by four to 118 single-family homes, with an average price of $620,407. Seven sales are pending, averaging $452,621, with four of those transactions resulting in a list price reduction of an average of 8.89%. Six closed transactions averaged $429,300, with three price reductions averaging a decrease of 13.28% for the week.

Jefferson County's year-to-date sales for 2024 were 95, with a median sale price of $437,573, compared to 114 sales this year at a median of $398,500, representing an 8.93% decline in the median sale price.

There is a lot of nuance to the data that is specific to each county and individual price points. In all counties, the increase in inventory below the median sale price has created competition among sellers and put pressure on prices. For Crook and Jefferson Counties, prices, in general, are down slightly from the peak of 2022. For Deschutes County, the trend remains flat, with very slight increases in many market segments since 2022. As is always the case, these market trends do not apply equally to every property. Regardless of the individual situation, pricing correctly for today's market is crucial, as overpriced homes tend to linger. In many cases, the reduction necessary to generate interest after initially overpricing is greater than correct pricing from the start. 

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Inventory growth across all price points slowed this week, and that trend is also evident in the luxury market. As expected, the $1M to $2M range experienced the most inventory growth, with only a handful of listings added over $2M in Deschutes County. Crook County's inventory of over $1M increased by three from last week. As I have mentioned in past reports, the time around the Fourth of July can be relatively slow, with activity ramping up through the end of September. Not only is the slowing of inventory seasonal, but it also marks the beginning of the busiest time of year, as buyers start to focus on what is currently on the market and what suits their needs. Of course, the seasonal slowdown in new listings isn't simply shutting off the faucet; new listings will continue to trickle in through the remainder of the year, and attractive properties listed in July and August can still potentially sell by year-end.

Inventory of Deschutes County single-family homes between $1M and $2M increased 17 this week to 434. Two hundred-fourteen of the active listings reduced the asking price by an average of 6.19%. Eighteen pending sales occurred this week, with eleven of those transactions reducing the list price by an average of 6.08% before going under contract. Nine transactions closed at a median of twelve days listed. The gap in year-to-date (YTD) sales over 2024 is narrowing but still ahead of last year's pace, with 284 sales so far this year compared to 258 by this date in 2024.

There are 101 homes listed between $2 million and $3 million in Deschutes County, up four from last week. Thirty-seven of those listings have reduced the original asking price by an average of 5.96%. Two pending sales occurred this week, with one listed for only five days and the other for eleven days before securing a contract. One property closed at $2,875,000 after just three days on the market. Buyers are extremely knowledgeable about the available inventory. At this time of year, when great listings hit the market, it is not uncommon to see single-digit listing days before securing a contract. Year-to-date 2025, in this price tranche, there have been 42 sales, compared to 39 on the same date last year.

The inventory over $3 million in Deschutes County remains flat this week at 50. Two pending sales occurred, with one listed for seventeen days and another for 341 days. One pending property, listed for just under $4M, is located in North Rim on Awbrey Butte, and the other, for $4.5M, is on Collins Road in Tumalo. There was one closed transaction this week at $3,795,000 listed for only five days. As of year-to-date 2025, there have been 19 sales, compared to 11 on this date last year.

There are 74 listings over $1M in Crook County this week, up three from last week. One pending sale at $1,400,000 in the desirable Grandview Community near the entrance to Juniper Canyon occurred for 4.48% over the original list price. One property in Brasada Ranch closed at $1,550,000, listed for just nine days. Year-to-date sales in Crook County, exceeding $1 million, have declined this year, down to 16 compared to 19 last year. With most of the higher-end sales in Crook County occurring at Brasada Ranch and near Powell Butte, there is limited inventory available, and the decline in sales is not surprising.

This week, I began tracking Farm properties over $1 million in Deschutes and Crook Counties. There are twelve of these listings in each county with no pending or closed sales. In Deschutes County, the selection ranges from 17 acres to 7,284 acres. In Crook County, the range of active listings is 40 to 4,457 acres. There are some excellent properties in this category, but many are listed as both single-family homes and farm properties, which makes the data murky. Some of these properties are straightforward in terms of management and maintenance, while others require significant outside assistance. If you are looking for an acreage property, be sure not to miss the farm inventory, which can sometimes be less prominent in MLS searches. 

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A common misconception in the Central Oregon Housing Market is that activity around July Fourth is the busiest time of year. In reality, the summer doldrums are a genuine phenomenon, and the late spring to early summer and mid-July through Labor Day typically see more vigorous activity. This week, the pending activity is consistent, but the pace of new listings decreased. New listings hit the market throughout the year, typically peaking sometime in August before the seasonal decline. As reported over the past several weeks, inventory levels are up across all three Central Oregon counties. It will be telling for the late summer to early fall market to note when we reach peak inventory this year. The variation in our market week to week can be an indicator of future trends, but today, the market remains steady and consistent.

Inventory in Deschutes County this morning increased by twenty-six to 1,492 single-family listings. Seventy-nine pending sales, at an average of $940,517, and just 26 days listed before securing a buyer show continued strong demand. The forty-seven sales recorded this week averaged $878,334 and just 24 days listed before securing a contract. Next week, we will surpass 1,500 listings for the first time in several years in Deschutes County, which has created some competition in the market that is helping buyers with price and selection. Still, well-priced, desirable homes are moving quickly.

Crook County inventory increased by five to 230 single-family listings. Activity for pending sales was strong, with fourteen listings averaging $512,643 and a median days-on-market of 58. There were eight closed transactions with a median of just seventeen days, averaging nearly the same as the pending sales at $512,750. Notably, the more expensive sales in Brasada Ranch and Powell Butte have been absent in the past couple of weeks.

Smaller Jefferson County has more subdued week-to-week changes in the data, and as such, the inventory increased just two, with 122 single-family listings available. Three pending sales at a median day listed of 61, averaging $343,300, with a notable median price reduction of 16.67% this week. The significant price drop is due to price decreases made before securing a buyer. For example, one home initially started at $539,990 and subsequently dropped to $450,000, while another initially started at $300,000 and subsequently dropped to $225,000. There were four pending sales, with an average price of $373,100 and a median listing time of just 23 days. The median price reduction for closed transactions was only 1.18%, demonstrating that accurate pricing is crucial in today's market.

With over 400 more listings of single-family homes in Deschutes County compared to this time last year, 93 more in Crook County, and 22 more in Jefferson County, there is no question that buyers have more options. While the increased inventory may not be dragging down the median sale price for the year, the increased competition in many price points is helping to keep prices from rapidly accelerating. Mortgage rates near 7% also help, especially for homes listed below the median sale price. With such a wide range of variation across Central Oregon, a thorough understanding of the market is essential for making informed decisions as a buyer or seller. Pricing too high keeps homes lingering, and no buyer wants to overpay. In addition to these reports, I am creating several personalized market analyses for clients each week. Please reach out if you need a customized report for a specific part of Central Oregon. 

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While the year-over-year numbers remain positive, activity in the high-end market over the past couple of weeks has slowed. With new inventory continually adding to the selection of homes, it's no surprise that buyers are taking a step back to evaluate their options before committing to a property. None of the dynamics driving the luxury market have substantially changed, and considering the volatility in our political and financial markets, a pause to evaluate the landscape isn't unexpected. 

I am sending today's report to everyone who usually receives my Wednesday Market Report. The information in the luxury market can be a canary in the coal mine for the overall market, and many of you reading my Wednesday report are looking at properties exceeding $ 1 million. Please sign up for this report to track all aspects of our market. 

In Deschutes County, between $1M and $2M, there are now 417 single-family listings, up sixteen from last week. Twelve pending sales with a median days on the market of 28 and an average list price of $1,430,083 occurred this week. Of course, a narrow price tranche will have the average number near the midpoint, but the median in this range is slightly lower at $1,417,500. There are numerous great properties available for under $1.5M, which are among the best values in Central Oregon. Proof that pending sales are closing shows in the extremely robust 24 closed transactions this week. The large number of sales below the midpoint is evident in the median closed price of $1,232,500. The closed transactions had a median days listed of just 26. 

Inventory in the $2M to $3M range declined this week to 97, down four from last week. There were no pending sales and one closed transaction at $2,730,000 in Tetherow on Hardin Martin Court. The Tetherow sale is listed for $2,975,000 and marketed for 67 days. 

Properties in Deschutes County listed for over $3 million increased to 50 this week, up three from last week. There were no pending or closed transactions for the week. I attribute some of this to the aggressive pricing of many of these properties. There is no doubt that luxury buyers are willing to pay for trophy locations and truly spectacular properties. However, some of the prices I see in this segment today are difficult to justify and lack direct comparables to help establish value. I am conducting market analyses for various properties in this segment on behalf of clients and have reports I can share if this interests you. A lot goes into evaluating the premier properties in our region, and I wonder how much analysis has gone into pricing some of this inventory and how much is wishful thinking. The diversity between these properties is incredible, and finding the right buyer takes time. There is no doubt that several of the homes listed for over $3 million will sell this year, and our year-to-date activity in this segment is robust. 

Crook County's inventory over $1 million remains unchanged at 71. One pending sale on Willard Road with a Bend address occurred at $1,285,000 and listed for 51 days. This pending transaction on Willard Road is an anomaly, as Crook County properties typically have a Powell Butte or Prineville address. Located just past Alfalfa, the Willard property is just over the Crook County boundary. There were no closed transactions in Crook County this week over $1 million.

It is still too early to call the subdued activity in much of the luxury market a trend. While the summer is the busiest time of year for Central Oregon real estate across all price points, we also typically experience a lull around the Fourth of July. One thing 2025 has shown is that buyers are willing to move quickly on good deals and excellent properties, but they are also price-sensitive. With growing inventory across the market, it is essential that positioning relative to similar properties is competitive and attractive. There can be some guesswork in pricing the high-end, but I always back up my analysis with a heavily data-driven approach. Whether you are considering selling, looking for a legacy property, or simply interested in seeing what your property might sell for, I am available to run a detailed analysis at any time. I will also provide large-format maps indicating property boundaries as part of my analysis. Contact me for your personalized report! 

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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.

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As you will see in the data below, the three counties of Central Oregon are behaving quite differently. However, the overall dynamic of higher inventory levels over the last year is consistent to varying degrees throughout the region, with prices remaining relatively stable. Deschutes and Jefferson County are keeping ahead of last year's sales pace, while Crook County has fallen behind. Mortgage rates remain essentially unchanged. I could point to several factors affecting the overall economy to explain why our market is behaving the way it is. Still, the reality is a complex blend of many factors. Central Oregon continues to grow, and the influx of new residents is helping to maintain a relatively stable housing market. As I have pointed out for several months, accurately pricing homes relative to their market position is a key factor. 

Deschutes is the largest County in Central Oregon, with a population of just over 200,000. The county's population provides the largest data pool for housing, encompassing Bend, located in the heart of the region, as well as Redmond, Sisters, Terrebonne, and La Pine. Idyllic Camp Sherman and the resorts of Black Butte, Sunriver, Caldera Springs, Crosswater, Tetherow, and Eagle Crest are all in Deschutes County. As you can imagine, there are numerous individual differences between these communities, and the broad county data glosses over many of the trends unique to these smaller regions. Over the next several weeks, I will break down some of the community trends; however, this morning, I will focus on the county trends.

This morning in Deschutes County, there are 1,466 single-family listings, up forty-three from last week. Sixty-seven pending sales represent a decrease from the past few weeks, with the average pending sale at $858,349 and the median number of days listed at forty-three. There were Eighty-five closed transactions at an average of $865,997 and a median of nineteen days listed. For comparison, on this week last year, there were 1,026 listings with 87 pending sales averaging $987,900 and a median days-on-market of 16.

YTD 2024, there were 1,283 sales in Deschutes County, averaging $838,402 and a median of 26 days listed. As of year-to-date 2025, there have been 1,309 sales, averaging $883,953, with a median number of days on the market of 35.With inventory increasing so dramatically from last year, it is expected that the numbers and overall dynamics will change. How much the trends adjust to higher inventory over the next few months will be something to watch closely. 

Crook County inventory this week is up five to 225 single-family listings. Twelve pending sales, averaging $564,583, and with just eleven median days on the market, indicate solid activity for the week. Six closed transactions, averaging $445,000 and with a median listing time of ten days, are indicative of a healthy market. On this week last year there were 130 listings, with nine pending sales averaging $548,999 and a median days on the market of 23. There were seven closed transactions, averaging $669,971, with a median listing duration of 31 days. 

As of YTD 2024, there were 158 sales in Crook County, averaging $583,667 and a median listing time of 40 days. As ofYTD 2025, there have been 144 sales, averaging $582,106, with a median days-on-market of 51. While sales are down slightly, the data does not indicate a market collapse. However, there appears to be a tempering of activity, which could be due to several factors in the economy. Crook County's inventory may be up significantly from last year, but it is still small enough to keep market conditions stable. 

There are 120 single-family listings in Jefferson County this morning, down three from last week. Six pending sales, averaging $459,867 and 71 days listed, are in line with the past several weeks, with eight closed transactions, averaging $438,637, listed 49 days before securing a contract. Last week of the same year, there were 102 single-family listings, with four pending sales averaging $548,999 and 18 days on the market. Seven closed transactions, averaging $669,971 and twelve days listed, round out the numbers from this week last year. 

YTD 2024, there were 84 sales in Jefferson County, averaging $481,925, with a median listing time of 51 days. YTD 2025, there have been 103 sales, averaging $432,577, with a median days-on-market of 63.

Weekly variations in price and days listed are highly subject to the mix of properties going under contract and selling. In the smaller counties of Jefferson and Crook, these variations can be extreme. The YTD numbers provide more insight into how the market is behaving. In economics, there are no straight lines, and that typically holds for housing. The remarkably stable housing market this year is more of an anomaly than an expectation. Given the volatile conditions in global economics, the bond and equity markets, and higher mortgage interest rates, it is reasonable to expect some turbulence as we enter the peak summer season. However, the market is still healthy, and opportunities abound. 

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This week's data in the luxury market is relatively subdued. While the activity is in line with what I expect for this time of year, it would be easy to assume the market is slow. Last week, I presented the year-to-date comparisons, which show that this year is outperforming 2024. While the equity markets may be experiencing volatility, the housing market is remarkably stable. With slightly longer marketing times for many homes, buyers are likely taking advantage of the slower pace to make a more informed decision. As I have mentioned before, the Fourth of July is typically a lull in the action, and many people are out enjoying the summer weather that has finally arrived. Despite the seemingly slow data, activity is consistent. I anticipate the second half of this year to be as consistent and steady as the first, resulting in numbers that exceed those of 2024. 

Deschutes County single-family homes listed between $1M and $2M increased by eleven this week to 401 listings. The median days listed for the active inventory is 50. There were twelve pending sales this week, with a median days-on-market of 58. Five of those pending transactions reduced the asking price before securing a buyer. Eleven closed transactions occurred at a median of fifty-six days, with four sold below the asking price. This week shows a more significant reduction in price compared to previous weeks, with the average for pending sales and closed transactions at just over -10%. As the season progresses, buyers start picking away at homes listed for more extended periods, and any property with a longer marketing time is subject to price negotiations. 

There are 101 homes listed between $2M to $3M, an increase of one from last week. The median days listed for this price tranche is 84, an expected metric since more expensive homes typically take longer to find the right buyer. Four pending sales, marketed for a median of 38 days, with two price reductions of an average of -5.04% occurring this week. One transaction closed in Bend's Westgate community at $2,822,000, listed for $2,995,000, and was on the market for 68 days. 

Inventory in Deschutes County over $3 million increased by six this week, now at 47 listings. The median number of days listed for the active inventory is 71, with an average list price of $4,684,255. Two pending sales, one at $3,795,000 in Tetherow and another at $5,500,000 on Bachelor View Road overlooking the Deschutes River, occurred this week. The marketing times for these two spectacular homes were five days and eleven days, respectively. There were no closed transactions this week. 

Crook County inventory priced over $1 million is stable at 71, the same as last week. Two pending sales, at $1,599,990 and $1,950,000, occurred, with both properties located in West Powell Butte Estates. While Powell Butte and Brasada Ranch dominate the high-end activity in Crook County, West Powell Butte Estates is experiencing a year with two pending sales year-to-date and two closed transactions, compared to zero sales at this point in 2024. There were no closed transactions in Crook County this week. 

Just because the luxury market activity slows somewhat during the middle of summer doesn't mean buyers or sellers should take a break. Positioning for a fall sale by listing now is a smart move. And anytime buyers have the time to view homes without as much competition or pressure to write an offer immediately, it is positive. The stability of mortgage rates, increased availability, and a somewhat slower pace of sales are all extremely positive trends for buyers. However, sellers are also in a strong position, given the increased activity over the last two years. This year, the luxury market in Central Oregon is looking more normal than at any time in the previous several years. 

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As we progress deeper into summer, the steady activity of this year continues, along with the established trends: increased inventory, sales, and stable prices. Mortgage rates have also remained stable, just three basis points under 7% this morning for a 30-year fixed-rate conventional mortgage. Closed sale volume continues to outpace 2024 while remaining well below the frantic pace of 2020 through 2022. Nothing on the horizon indicates a change in these trends. Conditions for sellers are as strong as they have been in the last three years, with the caveat that pricing realistically for today's market has become more critical. With building inventory, there is a growing number of homes that are lingering, as not every segment of the market is experiencing consistent sales.  

Deschutes County inventory has reached levels not seen since before the pandemic, now at 1,423 single-family listings.Eighty-one pending sales, at an average list price of $917,917, exceed the number seen in the last several weeks and are indicative of the increased activity typically observed at this time of year. There have been forty-seven sales at an average price of $810,831 this week. For comparison, on this week last year, there were 1,018 listings, 79 pending sales, and 41 closed transactions with an average closing price of $744,012.

Crook County inventory experienced moderate growth this week, up to 220 single-family listings, an increase of four since last week. Eight pending sales are more in line with a typical week in the county, and half the robust pending sales reported the previous week. There were also half the reported sales this week at four, with an average closing price of $492,870. Notably, there were no closed transactions in Powell Butte or Brasada Ranch this week. On this week last year, there were 124 single-family listings in Crook County, with six pending sales and six closed transactions at an average sale price of $727,150. On weeks without sales in the Powell Butte area, the average sale price decreases considerably, so don't read too much into the higher average sale price last year. 

Jefferson County inventory increased by five to 123 single-family listings this week. Five pending sales and a whopping nine closed transactions, at an average sale price of $405,044, indicate buyers in the county are stepping up. Last week of the same year, there were 93 listings in the county, with nine pending sales and three closed transactions at an average sale price of $651,000. The increase in inventory in Jefferson County has improved the selection below $500,000, creating more affordable options for buyers. 

The longer mortgage rates stay elevated, the more inventory builds. So far, the increase in homes for sale hasn't dropped the median sale price, and in many segments of the market, prices are increasing. The steady pace of sales and firm prices is consistent with a steadily growing community. Deschutes County is a popular option for new residents and locals alike, and nothing seems to be slowing down growth in Central Oregon. I expect these trends to continue through the remainder of the year, with an increase in sales volume and a median sale price higher than in 2024. 

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Every real estate segment has its nuance, whether you sort by price, neighborhood, or city. My regular market report is excellent for establishing overall trends, while this report gives insight into the high-end dynamic, which is often far different from the broader market. Across all price points for single-family homes in Deschutes County, inventory levels have already surpassed last year's peak, which didn't occur until June 7. As you will see in the price detail data below, this isn't necessarily the case for the exclusive homes in Central Oregon.

Inventory of single-family homes in Deschutes County between $1M and $2M increased to 390, up eighteen from last week. While supply is increasing, pending volume decreased slightly, with thirteen pending sales this week. However, the median days listed for those pending sales was just nine. Single-digit marketing days are a strong indicator of buyer demand. Eleven transactions closed at median days listed of 45. Year-to-date, in 2024, there were 214 sales in this price tranche compared to 235 this year.

This week, homes listed between $2M and $3M decreased by three to 100. Five pending transactions occurred with only fourteen median days listed and only one price decrease before securing a contract. There are two sales, both new construction, with one in Caldera Springs for $2M and the other in Discovery West in NW Bend at $2,299,900, and both are closing at the full list price. Year-to-date, in 2024, there were 34 sales in this segment, with 38 this year.

Inventory at $3M and up remained flat this week at 41 listings. One sale is pending at $3,595,000 after 334 days listed. Before securing the contract, the price of this listing decreased by 13.37%. There were no closed transactions this week. Year-to-date, in 2024, there were ten closed transactions compared to seventeen this year. 

Crook County inventory above $1M increased by four to 71 listings. One pending sale occurred at $1,599,000 in Brasada Ranch. There were two closed transactions at $1,250,000 on Paulina Highway SE of Prineville and the other for $1,329,000 in Powell Butte. Year-to-date, in 2024, there were 13 sales in Crook County over $1M, with 15 this year.

While it can be easy to look at the modest weekly activity in the higher-end markets and assume that sales are slow, the year-to-date numbers tell a different story, particularly above $3M. The highly active $1M to $2M segment is also experiencing consistently strong activity. With May nearly in the books, another month of consistent activity is ahead of the market before the July 4 lull. Once activity picks up after the holiday, I anticipate strong sales through the fall. All of this activity is in the face of stable, higher mortgage rates, which, in the high end, has brought in significantly more cash buyers. The market is seemingly undeterred by the overall economy and possibly fueled by it. Whatever the reason, it will serve both buyers and sellers to recognize the consistent activity this year. 

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Reading the news these days feels like an exercise in confirmation bias, with bombastic headlines in all directions. Finding information approximating the middle ground or presenting an unbiased view is increasingly complex. This bias is especially evident in economic news, where recession, stagflation, and inflation take on different meanings and present with a different spin depending on the author's point of view. Since none of us can accurately predict the future, many opinions show the writer's particular bias more than they convey the likelihood of a specific outcome. Neither can the data I present here predict the future. However, the trend this year to date is one of stability. Mortgage rates are steady, with the 30-year fixed-rate conventional national average this morning at 6.99%. Sales activity remains consistent week after week as we begin the busiest time of year. Lastly, the trend of people relocating to Central Oregon continues, keeping a fresh pool of buyers engaged.  

This morning, Deschutes County experienced another increase in the number of available single-family homes for sale, now at 1,373. The peak last year was 1,322 on June 7. The average listed home price is $1,134,306. Seventy-five pending weekly sales, at an average list price of $898,528, and just 16 median days listed indicate a strong market. The sixty-two sales averaged $921,663 and only 19 days listed. There is no question that activity is down from the peak experienced in 2021 and 2022, but steady is more important than volume today. The low days listed are the most critical data points, a trend for several weeks. 

Crook County activity picked up considerably this week, with sixteen pending transactions at an average of $566,810 and a median days listed of thirty-four. Inventory declined by two to 216, with eight closed transactions at an average sale price of $774,862. The average price reduction of actively listed homes is -4.88%, -5.35% for pending sales, and -9.07% for this week's closed transactions. The price reductions for pending and closed transactions fluctuate considerably, depending on the property sold, but have ranged from -3% to -5% over the last several weeks.

Jefferson County inventory increased by just one to 118 single-family listings. Seven pending transactions, at an average of $622,557, and four closed transactions, at $510,688, are within the range of the last several weeks. With the median pending days listed at 52 and closed days at 110, buyers are scouring the relatively small number of available homes to find the right fit. Of the closed listings, one was on the market 249 days, another at 217, the third for just three days, and the last an immediate sale at zero days listed. Think about how you could spin the days listed of those four sales to make whatever case you wanted! The bigger takeaway from this metric is that buyers consider every home on the market and take action for the right property.

There aren't any "deals" in Central Oregon housing due to the high level of buyer activity. However, the increase in inventory helps buyers find suitable homes with a far greater selection than in previous years. At this time of year, it is crucial to recognize excellent properties at a reasonable price before another buyer enters the picture. The only way to make that determination is to stay current and keep an eye on the market segment that suits you. Looking online is a great resource, but there is no substitute for seeing homes in person. You never know a property until you walk the lot and tour the home. Please don't hesitate to contact me if you have questions about Central Oregon housing or would like to schedule a property tour. 

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With just over six weeks until the Fourth of July, the summer season is in full swing. Considering that most residential sales take at least thirty days, and for higher-end homes, sometimes forty-five days or longer to close, I am always looking ahead and calculating activity four to six weeks in advance. 

Typically, the Fourth of July sees a lull in activity as buyers take a break to enjoy the holiday, followed by an uptick in activity in mid-July, and then another lull at Labor Day. The final seasonal push occurs between the second week in September and early November. Breaking down the market in this manner shows just how short the peak season can be. This year, with inventory levels increasing to surpass those of recent years, everything is taking longer to materialize. The “feel” of the market can be deceiving, and this year's numbers remain robust, as confirmed by last week's analysis. 

This morning, in Deschutes County, there are 372 single-family homes listed between $1 million and $2 million, an increase of 38 since I last reported this metric on May 2. Eighteen sales are pending, with a median listing time of 21 days. Last week, there were 21 pending sales at a median days listed of 43. Twelve properties closed with a median days listed of just thirteen. Last week, there were sixteen closed transactions with a median number of days listed at thirty-nine. 

Ten more homes have been listed in Deschutes County between $2 million and $3 million since May 2, bringing the total to 103. This week, two pending sales have been on the market for 49 days before securing a contract, compared to one pending sale last week, which was listed for only three days. This week, we have two closed transactions, which is one more than last week’s single closed transaction. 

Six more homes are listed over $3 million than two weeks ago in Deschutes County, with no pending or closed transactions. Last week, there were no pending sales, and one closed transaction in Tumalo listed for 365 days, and closed at $3,762,000.

In Crook County, there are sixty-seven homes listed over $1 million, an increase of eight from May 2. One pending sale, listed at $1,274,000, and one closed transaction, at $1,197,000, occurred during the week, with no pending or closed transactions reported last week.

It would be easy to interpret today's data as a slowdown in activity, which may very well be the case. However, I won’t be able to say that definitively for several weeks. Upon closer examination of the data, the only segments with reduced activity are those in Deschutes County exceeding $3 million and in Crook County exceeding $1 million. Typically, buyers in the higher price points take time deciding at this time of year as new listing inventory grows. As the summer progresses and inventory stabilizes, educated buyers begin to secure properties that are a standout fit for their needs. However, in the more competitive $1 million to $2 million segment, activity is steady. Whatever plays out, you will see the trends unfold here first! 

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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.

Ask a QuestionI need to sell my homeCall Me

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