September was yet another good month for the Residential real estate market in Sisters. In fact, with 28 Closed sales, it was the highest-selling month so far this year. By comparison, last year at this time, there were 16 Closed sales.
Among Single Family Residential (SFR) listings, it was once again the lower-priced and mid-range properties that saw the most sales activity. Sixteen of the 17 Closed SFR sales were below $500,000, and 11 of the 12 Pending SFR sales were below $300,000. What’s more, six of the Closed sales and five of the Pending sales were between $200,000-$250,000, making this once again the most popular price point for Sisters buyers.
Within the Residential with Acreage (RW) segment, however, mid-range properties saw more sales activity: Five of the 11 Closed sales were between $400,000-$600,000. Meanwhile, three of the six Pending sales were above $650,000, including a property listed at $1,375,000.
Which brings me to what is becoming a fairly dramatic contrast between the median price of Active SFR listings and Active RW listings. This wasn’t always the case: Two years ago, in September 2011, the median price for Active SFR listings was $495,000; the median price for Active RW listings was $499,000. In September 2013, on the other hand, the median price for Active SFR listings was $439,500, while the median price for Active RW listings was $795,000. That’s quite a jump!
Considering that only one of the 11 Closed RW sales was above $700,000, that increase in list price might not bode well for RW sellers in Sisters who aggressively price their higher-end homes. They might just be pricing themselves out of a sale.
Here are a few September highlights of the Sisters real estate market:
Active Residential Listings in Sisters: 155 (74 Single Family Residences; 81
Residential with Acreage)
Contingent Residential Sales in Sisters: 0 (0 SFR, 0 RW)
Pending Residential Sales in Sisters: 18 (12 SFR; 6 RW)
Residential Sales in Sisters: 28 (17 SFR; 11 RW)
Average Days on Market: 190 days for Active SFR listings
175 days for Active RW listings
170 days for the SFR listings sold in September
243 days for the RW listings sold in September
Median Sales Price:
$439,500 for Active SFR listings
$749,500 for Active RW listings
$211,500 for the SFR listings sold in September
$425,000 for the RW listings sold in September
Single Family Residence: 6.6-month supply (134 sales in the previous 12 months)
Residential with Acreage: 10-month supply (97 sales in the previous 12 months)
Least-Expensive Single Family Residence Active Listing: $124,000
Least-Expensive Residential with Acreage Active Listing: $164,900
Most-Expensive Single Family Residence Active Listing: $2,100,000
Most-Expensive Residential with Acreage Active Listing: $3,750,000
Price Point with the Most Active Listings: SFR $350,000-$399,999 (9 listings)
RW: $1,000,000-$1,249,999 (8 listings)
If you’re interested in studying the market in more depth, below are several charts that capture various aspects of the September Sisters real estate market in detail.
Thinking of making a move to Sisters? I’d love to help you find the perfect Central Oregon property. You can reach me by phone or text at (541) 480-0987 or by email.
About the Author
Lisa Broadwater, GRI, CDPE, is a Central Oregon-based real estate professional who specializes in listing and selling homes, especially in Sisters, Tumalo, Bend and Redmond.