In December, winter arrived with a vengeance, but that certainly didn’t slow down the Sisters real estate market activity. In fact, Pending sales almost doubled — from seven in November to 13 in December. And December’s nine Closed sales almost matched November’s 11 sales.
Actually, this month there’s good news to report on several fronts. Sisters has now cut its inventory almost in half since July (from 210 Residential listings in July to 123 in December). That reduction, combined with the annual increase in sales over 2009, has brought the overall supply down to a much healthier level: 8.9 months for Single Family Residences and 12.9 months for homes on acreage. (A balanced market has about a six-month supply of inventory). By contrast, in December 2009, Sisters had 14 months of Single Family inventory and a 30-month supply of homes on acreage.
Another change worth note: We did see a sizable decrease in the median price of both categories of Active listings in December. The median price for Active Single Family Residences went from $425,000 to $390,000, while the median price for residential with acreage went from $645,000 to $560,000.
Here are a few December highlights of the Sisters real estate market:
Active Residential Listings in Sisters: 123 (65 Single Family Residences; 58
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: 9 (4 SFR; 5 RW)
Average Days on Market: 278 days for Active SFR listings
296 days for Active RW listings
131 days for the SFR listings sold in December
161 days for the RW listings sold in December
Median Sales Price: $390,000 for Active SFR listings
$560,000 for Active RW listings
$174,755 for the SFR listings sold in December
$247,013 for the RW listings sold in December
Single Family Residence: 8.9-month supply (88 sales in the previous 12 months)
Residential with Acreage: 12.9-month supply (54 sales in the previous 12 months)
Least-Expensive Single Family Residence Active Listing: $74,500
Least-Expensive Residential with Acreage Active Listing: $189,975
Most-Expensive Single Family Residence Active Listing: $1,395,000
Most-Expensive Residential with Acreage Active Listing: $4,500,000
Price Point with the Most Active Listings: SFR: $180,000-$199,999 & $200,000-$249,999 (each with six listings)
RW: $350,000-$399,999 (10 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.