When it comes to the Residential real estate market, Sisters is on a roll. In June, the sales were almost twice that of May (21 Closed sales compared to 13). In July, that number increased even further –- up from 21 sales in June to 25 sales in July. That’s the highest number of sales in more than five years. What’s more, by the end of July, there were an additional 27 Pending sales (including a Black Butte Ranch home listed at $2,395,000).
However, the bulk of the sales activity for both Single Family Residential (SFR) and Residential With Acreage (RW) sales was among mid-priced properties -– with nine of the 19 Closed SFR sales between $250,000 and $400,000 and three of the six Closed RW sales between $300,000 and $450,000.
As for Active listings, although the median price of SFR listings has risen only slightly since this time last year ($419,450 compared to $412,000), the median price for Active RW listings has soared -– from $675,000 to $795,000. That doesn’t appear to be having a negative effect on RW buyers, however: Eight of the 12 Pending RW sales are for properties listed above $500,000.
Meanwhile, low inventory continues to be an issue for would-be buyers. With virtually no change in the number of Active listings since June (149 Active listings compared to 148), the summer shoppers have few new options, especially at the low end of the price scale (there were only three Residential options listed below $200,000). By comparison, last year at this time there were 175 Active listings.
Here are a few July highlights of the Sisters real estate market:
Active Residential Listings in Sisters: 149 (80 Single Family Residences; 69
Residential with Acreage)
Contingent Residential Sales in Sisters: 3 (0 SFR, 3 RW)
Pending Residential Sales in Sisters: 27 (15 SFR; 12 RW)
Residential Sales in Sisters: 25 (19 SFR; 6 RW)
Average Days on Market: 156 days for Active SFR listings
167 days for Active RW listings
135 days for the SFR listings sold in July
119 days for the RW listings sold in July
Median Sales Price:
$419,450 for Active SFR listings
$795,000 for Active RW listings
$327,000 for the SFR listings sold in July
$437,450 for the RW listings sold in July
Single Family Residence: 8.7-month supply (110 sales in the previous 12 months)
Residential with Acreage: 9.9-month supply (83 sales in the previous 12 months)
Least-Expensive Single Family Residence Active Listing: $139,900
Least-Expensive Residential with Acreage Active Listing: $189,000
Most-Expensive Single Family Residence Active Listing: $2,100,000
Most-Expensive Residential with Acreage Active Listing: $3,750,000
Price Point with the Most Active Listings:
SFR $350,000-$399,999 (14 listings)
RW: $750,000-$799,999 (8 listings)
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.