In August, the Sisters residential real estate market saw plenty of activity, especially in the $400,000 and under market. No surprise there -– that’s where the bulk of the buyers have been all year. Of the 27 Pending and Closed sales, only seven were for properties listed above $400,000. On the plus side, however, two of the Pending sales were for properties listed above $1.5 million.
Meanwhile, a lack of inventory continues to be a concern. Although both categories — Active Single Family Residential (SFR) and Residential with Acreage (RW) –- appear to have about a year’s supply, that number can be a bit deceiving since so many of the current listings are higher-priced properties. In fact, almost half of Sisters’ Active Residential listings (81 of 168) are above $500,000.
By comparison, there are only 16 Active SFR listings below $250,000 and only 17 Active RW listings below $400,000 -– with an equal number of RW listings above $1 million. That means that, although the pool of RW buyers seeking lower-priced properties is much larger than that of million-dollar RW buyers, they have the same number of options -– and a lot more competition. As a result, those buyers should be prepared to make a move quickly or risk losing out.
Here are a few August highlights of the Sisters real estate market:
Active Residential Listings in Sisters: 168 (94 Single Family Residences; 74
Residential with Acreage)
Contingent Residential Sales in Sisters: 2 (2 SFR, 0 RW)
Pending Residential Sales in Sisters: 13 (3 SFR; 10 RW)
Residential Sales in Sisters: 14 (11 SFR; 3 RW)
Average Days on Market:
192 days for Active SFR listings
210 days for Active RW listings
114 days for the SFR listings sold in August
115 days for the RW listings sold in August
Median Sales Price:
$425,000 for Active SFR listings
$689,500 for Active RW listings
$235,000 for the SFR listings sold in August
$249,900 for the RW listings sold in August
Single Family Residence: 12.8-month supply (88 sales in the previous 12 months)
Residential with Acreage: 12.1-month supply (73 sales in the previous 12 months)
Least-Expensive Single Family Residence Active Listing: $172,890
Least-Expensive Residential with Acreage Active Listing: $199,000
Most-Expensive Single Family Residence Active Listing: $1,495,000
Most-Expensive Residential with Acreage Active Listing: $4,500,000
Price Point with the Most Active Listings: SFR: $350,000-$399,999 (13 listings), $200,000-$249,999 & $400,000-$449,999 (11 listings)
RW: $300,000-$349,999, $650,000-$699,999 & $850,000-$899,999 (6 listings each)
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.