After the strong start in March, residential sales in Sisters slowed quite a bit in April (down from 16 closed sales in March to seven closed sales in April). That’s also significantly slower than sales activity last year at this time (April 2010 had 15 sales).
However, that slowdown may be temporary: There were 13 pending sales by the end of April. As expected, the number of Single Family Residential listings increased (from 68 in March to 81 in April). Surprisingly, though, the number of Residential with Acreage listings actually decreased (from 67 in March to 59 in April).
By comparison, in April 2010, there were 85 RW listings and 103 SFR listings –- a much higher overall inventory. In fact, in April 2010, there was a 15-month supply of SFR listings and a 26-month supply of RW listings, compared to April 2011’s 10.8-month supply of SFR listings and 12-month supply of RW listings. That’s an impressive improvement toward reaching a balanced market (with about a six-month supply of inventory), especially in terms of Residential with Acreage listings, which have been cut in half since last year at this time.
Perhaps the most notable shift in April, however, was the increase in median list price for Active RW listings: up $100,000 in just one month — from $499,000 in March to $599,000 in April. That echoes another shift this month: Four of the five RW listings that sold were above $400,000, as are three of the six pending RW sales.
Here are a few April highlights of the Sisters real estate market.
LISTING ACTIVITY
Active Residential Listings in Sisters: 140 (81 Single Family Residences; 59 Residential with Acreage)
Contingent Residential Sales in Sisters: 5 (3 SFR, 2 RW)
Pending Residential Sales in Sisters: 13 (7 SFR; 6 RW)
Residential Sales in Sisters: 7 (2 SFR; 5 RW)
Average Days on Market: 211 days for Active SFR listings
287 days for Active RW listings
325 days for the SFR listings sold in April
113 days for the RW listings sold in April
Median Sales Price: $449,000 for Active SFR listings
$599,000 for Active RW listings
$157,450 for the SFR listings sold in April
$500,000 for the RW listings sold in April
INVENTORY
Single Family Residence: 10.8-month supply (90 sales in the previous 12 months)
Residential with Acreage: 12-month supply (59 sales in the previous 12 months)
SALES PRICE:
Least-Expensive Single Family Residence Active Listing: $89,900
Least-Expensive Residential with Acreage Active Listing: $179,000
Most-Expensive Single Family Residence Active Listing: $1,375,000
Most-Expensive Residential with Acreage Active Listing: $4,500,000
Price Point with the Most Active Listings:
SFR: $450,000-$499,999 (12 listings)
RW: $350,000-$399,999 (8 listings)
If you’re interested in studying the market in more depth, below are several charts that capture various aspects of the Sisters real estate market in detail.
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, Redmond and Bend.