The residential real estate sales roller coaster continued in Sisters during February. A very active December (13 Closed Single Family Residential and Residential With Acreage sales) was followed by a much slower January (seven Closed SFR and RW sales), which was followed by a very active February: There were 16 Closed SFR and RW sales. Now, with just three Pending sales at the end of February, it looks like the roller-coaster ride will continue through March.
All the sales activity among SFR listings was among the lower-priced properties, with all nine Closed sales below $300,000. On the other hand, included in the seven Closed RW sales were three properties above $500,000 (the most expensive sale of the month was $855,000).
Perhaps the most significant shift in February occurred with the median price of Active listings. Both categories saw a change -– but they went in different directions. While the median sales price for Active SFR listings decreased (from $509,500 in January to $464,000 in February), the median sales price of Active RW listings increased (from $695,000 in January to $723,750 in February).
The number of Active listings was up slightly (from 110 in January to 122 in February), but not enough to help much in terms of overall inventory. There’s still just a little more than a six-month supply of both SFR and RW listings — with much less than that among the lower-priced properties.
Here are some February highlights of the Sisters real estate market, based on data provided by MLSCO on March 9, 2014:
LISTING ACTIVITY
Active Residential Listings in Sisters: 122 70 Single Family Residences; 52
Residential with Acreage)
Contingent Residential Sales in Sisters: 0 (0 SFR, 0 RW)
Pending Residential Sales in Sisters: 3 (1 SFR; 2 RW)
Residential Sales in Sisters: 16 (9 SFR; 7 RW)
Average Days on Market: 190 days for Active SFR listings
193 days for Active RW listings
130 days for the SFR listings sold in February
283 days for the RW listings sold in February
Median Sales Price: $464,000 for Active SFR listings
$723,750 for Active RW listings
$210,348 for the SFR listings sold in February
$305,000 for the RW listings sold in February
INVENTORY
Single Family Residence: 6.7-month supply (125 sales in the previous 12 months)
Residential with Acreage: 6.3-month supply (99 sales in the previous 12 months)
SALES PRICE:
Least-Expensive Single Family Residence Active Listing: $175,000
Least-Expensive Residential with Acreage Active Listing: $225,000
Most-Expensive Single Family Residence Active Listing: $1,950,000
Most-Expensive Residential with Acreage Active Listing: $3,250,000
Price Point with the Most Active Listings:
SFR $350,000-$399,999 (10 listings)
RW: No clear favorite
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.