There is little doubt that the last blast of wintry weather has impacted activity in the luxury market, as most of these properties have extensive exterior spaces that are difficult to asses in snow and rain. Still, buyers are moving quickly, particularly below $3M. The national average for a 30-year fixed-rate Jumbo loan has been flat over the last several days at 7% and down considerably from the most recent peak of 7.45% on February 12, 2025.
Unsurprisingly, the most activity in the luxury market has been between $1M and $2M. There are 248 active listings in this price range, up 24 from last week. The median price reduction of the 94 homes that dropped the listing price was -4.3%. There have been eleven pending sales in the previous seven days, with a median days list of only ten and zero price changes. While pending sales are down five from last week, the short days listed and the lack of price reductions show strong buyer demand. Nine homes closed the previous week with only one price reduction from the list price.
Six new listings between $2M and $2,999,999 show steady growth in this tranche. Only twenty-three active listings have reduced the asking price, considerably less than the overall market. Two pending sales at $2.8M and $2,995,000 with no price reductions prove buyers are stepping up, and sellers are getting their price. Three homes closed at $2M, $2,295,000, $2,950,000, and one sale over asking 1.49%. The three closings were listed only one day, two days, and the last before it hit the MLS with zero days listed. Sellers in the luxury market are experiencing robust buyer demand with correctly priced properties.
The net number of listings above $3M remains at thirty-one, with another pending sale of $3,195,000 this week. In this price range, the active listing median days on the market is 121. This week's pending sale was listed for 208 days. No closed sales were recorded in Deschutes County in the previous seven days: Year-to-date, five sales above $3M outpace the four recorded in 2024. In 2023, only eighteen sales recorded above $3M, with thirty-seven in 2024. While it is too early to make predictions, all the data indicate robust activity in the high-end luxury market as 2025 unfolds.
Homes listed over $1M in Crook County dropped one this week to forty-six. One pending sale in West Powell Butte Estates, listed for $1,240,000 and only twelve days on the market before finding a buyer. The single closed transaction was in Brasada Ranch at $1,500,000 with a negotiated sale price -2.27% below the list price.
For those of you reading my market report on Wednesday, which covers all of the activity in Central Oregon across all price points, it is obvious our luxury market is outperforming. The most exclusive listings in Central Oregon take more marketing time to find the right buyer, with properties between $1M and $3M selling quickly. An increase in inventory will also increase sales as the weather improves and buyer activity scales up for summer. With April just around the corner, now is a great time to start marketing your home for maximum exposure to potential buyers. However, sales in the luxury market typically increase in the late third quarter and early fourth quarter. Buyers usually spend the early summer evaluating inventory and checking new listings before deciding on the right property for them.
Stale, inaccurate information floats around regarding market activity, and I regularly speak with buyers and sellers who don't have an accurate picture of the Central Oregon housing market. Stay tuned to this report for precise reporting specific to your needs, and please reach out anytime for a detailed analysis of your property. Trophy locations and homes in the most sought-after locations in Central Oregon require knowledge of our market, thorough analysis, and a realistic understanding of buyer activity today, and I have the tools and experience to provide the analysis and marketing necessary for any home in Central Oregon.
