Hmmm. After the strongest sales month in the past four years, the Sisters residential real estate market saw a significant decrease in sales activity during July (from 19 Closed sales in June to 10 Closed sales in July). Not sure why that’s the case -– by all accounts, the level of buyer activity in town is as high as it’s been in a good long while.
Another shift worth note is the type of property that sold: primarily Residential with Acreage (RW) listings, which had seven sales, compared to three Single Family Residential sales. And speaking of Residential with Acreage listings, Sisters saw its first million-dollar RW sale for 2012, which was actually just shy of $2 million. What’s more, the home sold within five weeks of being listed. Perhaps the buyer remembered the property from its previous listing in 2007 –- when it was priced at a million dollars higher.
If Pending sales are any indication, the Sisters Residential real estate market should see a bit of a rebound in August, sales-wise: There were 14 sales pending by the end of July, including five homes listed above $500,000. The average days on market for those Pending sales was a respectable 92 days.
Here are a few July highlights of the Sisters real estate market:
LISTING ACTIVITY
Active Residential Listings in Sisters: 175 (96 Single Family Residences; 79
Residential with Acreage)
Contingent Residential Sales in Sisters: 0 (0 SFR, 0 RW)
Pending Residential Sales in Sisters: 14 (11 SFR; 3 RW)
Residential Sales in Sisters: 10 (3 SFR; 7 RW)
Average Days on Market: 176 days for Active SFR listings
204 days for Active RW listings
73 days for the SFR listings sold in July
223 days for the RW listings sold in July
Median Sales Price: $412,450 for Active SFR listings
$675,000 for Active RW listings
$225,000 for the SFR listings sold in July
$324,000 for the RW listings sold in July
INVENTORY
Single Family Residence: 14.2-month supply (81 sales in the previous 12 months)
Residential with Acreage: 12-month supply (79 sales in the previous 12 months)
SALES PRICE:
Least-Expensive Single Family Residence Active Listing: $153,655
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: $250,000-$299,999 (13 listings), $350,000-$399,999 & $400,000-$449,999 (12 listings)
RW: $400,000-$449,999, $650,000-$699,999 & $1,750,000-$1,999,999 (6 listings each
If you’re interested in studying the market in more depth, below are several charts that capture various aspects of the July 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.