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Eagle Crest Real Estate Market Trends
Eagle Crest is a Long Established Destination Golf Resort Community
Begun in 1985, Eagle Crest is recognized by Oregon's Department of Land Conservation and Development as one of eight destination resorts in the state. There are three golf courses, spa facilities, two sports and fitness centers, three outdoor pools and one indoor pool, 13 miles of paved paths, hiking trails, and a conference center all within 1700 acres. A variety of housing is available at Eagle Crest with everything from large, luxury homes to condominiums with fractional ownership. There is even a 55 plus development within the subdivision.
Eagle Crest Home Prices Have Stabilized
Eagle Crest home prices for single family residences increased dramatically during Covid and into 2022. However, during the past twelve months the median sales price for an Eagle Crest home has dropped just .7% from $835,000 to $829,000 over the previous year.
Eagle Crest Real Estate Has Fewer New Listings
Since 2021, Eagle Crest has experienced a decrease in new listings with 2022 down 25.6% from 2021 and 2023 down 11.5% since 2022. Fewer would-be sellers are listing their homes, potentially due to currently having good mortgage interest rates. The financing of a replacement home would be significantly higher as current mortgage interest rates are approaching 8%.
Eagle Crest Home Sales Closings are Down
High interest rates have added obstacles to home purchases. With mortgage interest rates pushing 8% and with home prices remaining high, there are fewer and fewer home buyers who can afford Eagle Crest homes. Eagle Crest home sales are down 56% since 2021. This has created an increase in months of supply (now at 3.9 months) and days on market (up 82% since 2021). Prices or interest rates or both need to come down in order to make Eagle Crest homes more affordable to potential home buyers.
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