In August, the residential real estate market in Sisters continued to make progress, especially the Residential with Acreage (RW) segment. Last month, we saw the sale of Sisters’ first million-dollar properties, both of which were RW listings. This month, although there were no million-dollar sales, there was quite a bit of activity at the upper end of the price spectrum: Three of the eight closed RW sales were above $500,000, and five of the eight pending RW sales were above $400,000. Meanwhile, for the second time this year, there were more closed RW sales than SFR sales.
Sisters also continues to make progress in reducing its overall inventory and moving toward a more balanced market. In August 2010, there were 122 Active Single Family Residential (SFR) listings and 93 RW listings, with a 15.6-month supply of SFR listings and a hefty 25.6-month supply of RW listings. In August 2011, the number of Active SFR listings had decreased to 95, and the number of Active RW listings was down to 86; meanwhile, there was a 12-month supply of Active SFR listings and a much-improved 12.9-month supply of Active RW listings.
Another noteworthy change in August: The most popular price point among Active SFR listings shifted from $450,000 in July to $250,000. Similarly, the bulk of SFR sales activity (in contingent, pending and closed sales) was in the price points under $300,000 –- only three of those 13 sales was above $300,000.
Here are a few August highlights of the Sisters real estate market:
Active Residential Listings in Sisters: 181 (95 Single Family Residences; 86
Residential with Acreage)
Contingent Residential Sales in Sisters: 1 (1 SFR, 0 RW)
Pending Residential Sales in Sisters: 14 (6 SFR; 8 RW)
Residential Sales in Sisters: 14 (6 SFR; 8 RW)
Average Days on Market: 193 days for Active SFR listings
221 days for Active RW listings
317 days for the SFR listings sold in August
248 days for the RW listings sold in August
Median Sales Price:
$449,000 for Active SFR listings
$616,950 for Active RW listings
$147,500 for the SFR listings sold in August
$372,500 for the RW listings sold in August
Single Family Residence: 12-month supply (95 sales in the previous 12 months)
Residential with Acreage: 12.9-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: $199,000
Most-Expensive Single Family Residence Active Listing: $2,590,000
Most-Expensive Residential with Acreage Active Listing: $4,500,000
Price Point with the Most Active Listings:
SFR: $250,000-$299,999 (11 listings)
RW: $450,000-$499,999 (12 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.