While the July real estate market in Sisters, Oregon, saw another month with minimal changes, two comparisons did stand out: the amount of inventory in Sisters and the median sales price compared to a year ago at this time.
In July 2009, Sisters was holding an unwieldy 31-month supply of Single Family Residences and an even more daunting supply of Residential with Acreage listings (47 months!). By July 2010, however, the inventory had been cut in half, to a 15.4-month supply of Single Family Residences and 23.7-month supply of homes on acreage. That’s good news for sellers (and there are still plenty of options for eager buyers).
Surprisingly, although the median sales price of Active Single Family Residences did decrease a bit from last month (from $479,500 in June to $475,000 in July), the median sales price has actually increased from last July’s $450,000, which is a bit perplexing since the market has not established any long-term stability.
The median sales price for Active Residential with Acreage listings, on the other hand, increased from last month, from $649,000 to $684,900 (perhaps because of the dozen listings that dropped off during that time period) and has decreased significantly since last July (from $785,000 to $684,900).
Here are a few July highlights of the Sisters real estate market:
Active Residential Listings in Sisters: 210 (125 Single Family Residences;
85 Residential with Acreage)
Contingent Residential Sales in Sisters: 3 (3 SFR, 0 RW)
Pending Residential Sales in Sisters: 13 (4 SFR; 9 RW)
Residential Sales in Sisters: 11 (7 SFR; 4 RW)
Average Days on Market: 207 days for Active SFR listings
252 days for Active RW listings
368 days for the SFR listings sold in July
269 days for the RW listings sold in July
Median Sales Price: $475,000 for Active SFR listings
$684,900 for Active RW listings
$230,000 for the SFR listings sold in July
$300,000 for the RW listings sold in July
Single Family Residence: 15.4-month supply (97 sales in the previous 12 months)
Residential with Acreage: 23.7-month supply (43 sales in the previous 12 months)
Least-Expensive Single Family Residence Active Listing: $119,000
Least-Expensive Residential with Acreage Active Listing: $110,900
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: $450,000-$499,999, (16 listings)
RW: $350,000-$399,999 (11 listings)
If you’re interested in studying the market in more depth, below are a number of 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 here.
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.