After several months of very active sales activity, the real estate market in Sisters slowed down significantly in February -– from 18 closed sales in January to eight closed sales in February. However, to add a long-term perspective: That’s in line with sales activity for February 2010 (which had seven sales) and double that of February 2009 (four sales).
Not much changed in terms of inventory; there are only three fewer Active listings and almost identical annual sales as there were in January, which meant a negligible change in the current supply (8.2 months for SFR listings and 12.4 months for homes on acreage).
Surprisingly (given the state of the market), the median list price of Single Family Residences rose significantly, from $359,450 in January to $418,500 in February. That’s even higher than the median price for SFR listings two years ago — $411,000 — and we’ve been in a declining market ever since then, so go figure! It’s also in stark contrast to the median price for SFR listings that sold in February ($155,298).
On the other hand, the median price of Residential with Acreage listings decreased almost as significantly as SFR listings rose: from $549,900 to $499,900. Now, the most popular price point in Residential on Acreage listings by far is the $350,000 to $399,999 range. By contrast, in February 2009, the most popular price point was $1,000,000-$1,249,999. Sounds like the Residential with Acreage sellers are a lot more motivated to sell than the folks in Single Family Residences.
Here are a few February highlights of the Sisters real estate market:
LISTING ACTIVITY
Active Residential Listings in Sisters: 125 (66 Single Family Residences; 59
Residential with Acreage)
Contingent Residential Sales in Sisters: 3 (1 SFR, 2 RW)
Pending Residential Sales in Sisters: 8 (6 SFR; 2 RW)
Residential Sales in Sisters: 8 (6 SFR; 2 RW)
Average Days on Market: 271 days for Active SFR listings
275 days for Active RW listings
265 days for the SFR listings sold in February
103 days for the RW listings sold in February
Median Sales Price: $418,500 for Active SFR listings
$499,900 for Active RW listings
$155,298 for the SFR listings sold in February
$290,500 for the RW listings sold in February
INVENTORY
Single Family Residence: 8.2-month supply (97 sales in the previous 12 months)
Residential with Acreage: 12.4-month supply (57 sales in the previous 12 months)
SALES PRICE:
Least-Expensive Single Family Residence Active Listing: $90,000
Least-Expensive Residential with Acreage Active Listing: $239,950
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: $450,000-$499,999 (6 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.
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, Redmond and Bend.