April was an active month for the Sisters residential real estate market, with 14 Closed sales and 13 Pending sales. That’s double the Closed sales for this time last year. April also saw the year’s first multimillion-dollar sale in Sisters: a home in Black Butte Ranch that sold for $2.2 million. Meanwhile, the median price for Active SFR listings decreased markedly -– it’s down from $439,500 in March to $389,950 in April.
That number is also significantly lower than April 2011, when the median was $449,000, and April 2010, when it was $469,000. Not surprisingly, the bulk of the SFR properties under contract in April were below $300,000, and the inventory of lower-priced homes has been all but depleted: By the end of April, only five of the 89 Active listings were below $200,000.
Consequently, we’re seeing more and more homes in the lower price points receiving multiple offers, with some out-of-area buyers leaving the area empty-handed. The Residential With Acreage segment has also been very active. In fact, there were more RW Closed sales than SFR sales in April. One difference between the two, however, is the price. While the median list price for Active SFR listings decreased, the median price for Active RW listings increased significantly –- up from $624,950 in March to $712,500 in April. That’s the highest it’s been since January 2010. Considering that the median price for Active RW listings in April 2011 was $599,000, that’s a bit disconcerting. Only 12 of the 63 Active RW listings were below $400,000; however, the median price for RW listings that sold this month was $199,389. That might indicate that many RW sellers have priced their homes right out of the running for Central Oregon’s summer buyers. Here are a few April highlights of the Sisters real estate market:
Active Residential Listings in Sisters: 152 (89 Single Family Residences; 63 Residential with Acreage)
Contingent Residential Sales in Sisters: 0 (0 SFR, 0 RW)
Pending Residential Sales in Sisters: 13 (9 SFR;4 RW)
Residential Sales in Sisters: 14 (6 SFR; 8 RW)
Average Days on Market: 215 days for Active SFR listings
209 days for Active RW listings
216 days for the SFR listings sold in April
151 days for the RW listings sold in April
Median Sales Price: $389,950 for Active SFR listings
$712,500 for Active RW listings
$270,000 for the SFR listings sold in April
$199,389 for the RW listings sold in April
Single Family Residence: 12.3-month supply (87 sales in the previous 12 months)
Residential with Acreage: 9.5-month supply (80 sales in the previous 12 months)
Least-Expensive Single Family Residence Active Listing: $112,000
Least-Expensive Residential with Acreage Active Listing: $165,000
Most-Expensive Single Family Residence Active Listing: $1,350,000
Most-Expensive Residential with Acreage Active Listing: $4,500,000
Price Point with the Most Active Listings: SFR: $200,000-$249,999 (13 listings) & $250,000-$299,999 (12 listings) RW: $850,000-$899,999 (6 listings); $350,000-$399,999, $400,000-$449,999, 650,000-$699,999 & $950,000-$999,999 (each w/5 listings) If you’re interested in studying the market in more depth, below are several charts that capture various aspects of the April 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, Bend and Redmond.