After the unprecedented sales activity in July (the highest number of sales in a single month in at least five years), the Sisters residential real estate market quieted down a bit, but to a still-respectable number in August — down from 31 to 13 sales. All 13 Closed sales were below $600,000, however, and almost all of those sales were for Single Family Residential (SFR) properties: 10 SFR sales compared to three Residential with Acreage (RW) sales. Sales in August 2013 were much stronger (24 Closed sales); however, in both August 2012 and August 2011, there were 14 sales.
And it appears as if more buyers were circling Sisters toward the end of the month: There were 21 Pending sales by Aug. 30, with sales activity fairly evenly distributed between SFR and RW listings (10 and 11, respectively). The Pending SFR sales were all below $450,000, while almost half of the Pending RW sales were for properties listed above $500,000.
As for inventory, the number of Active listings is again on the rise in Sisters — up from 189 in July to 200 in August. That’s quite an improvement over last year at this time, when there were just 153 Active listings. One thing that is still in scarce supply: Properties below $200,000 (there were only two Active listings in that price range at the end of August).
The most popular price point for Active SFR listings was once again the $350,000-$399,999 bracket. For RW listings, on the other hand, the $650,000-$699,999 bracket just edged out the $1,000,000-$1,249,999 range (11 listings compared to 10). That might help explain why the days on market (DOM) for Active listings increased in August, up from 146 in July to 164 in August. (The number of higher-end properties increased this month, but their sales didn’t).
Here are some highlights of the Sisters real estate market in August, based on data provided by MLSCO on Sept. 8, 2014:
Active Residential Listings in Sisters: 200 (100 Single Family Residences; 100
Residential with Acreage)
Contingent Residential Sales in Sisters: 0 (0 SFR, 0 RW)
Pending Residential Sales in Sisters: 21 (10 SFR; 11 RW)
Residential Sales in Sisters: 13 (10 SFR; 3 RW)
Average Days on Market: 217 days for Active SFR listings
164 days for Active RW listings
72 days for the SFR listings sold in August
211 days for the RW listings sold in August
Median Sales Price: $436,500 for Active SFR listings
$695,000 for Active RW listings
$210,000 for the SFR listings sold in August
$460,000 for the RW listings sold in August
Single Family Residence: 9.9-month supply (121 sales in the previous 12 months)
Residential with Acreage: 13.9-month supply (86 sales in the previous 12 months)
Least-Expensive Single Family Residence Active Listing: $179,950
Least-Expensive Residential with Acreage Active Listing: $219,000
Most-Expensive Single Family Residence Active Listing: $1,950,000
Most-Expensive Residential with Acreage Active Listing: $2,900,000
Price Point with the Most Active Listings: SFR $350,000-$399,999 (17 listings)
RW: $650,000-$699,999 (11 listings) and $1,000,000-$1,249,999 (10 listings)
If you’re interested in studying the market in more depth, below are several charts that capture various aspects of the August 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.