The summer sales season in Sisters continued in full swing in June, with another double-digit-sales month (17 closed sales). Many of those buyers were apparently shopping for bargains — 12 of the 17 sales were for less than $300,000 (and all but two were for properties listed below $500,000). There was, however, a bit more activity at the high end among the pending listings (there was one listed at $795,000 and one listed at $1,100,000 that went under contract in June).
Another noteworthy aspect of the pending listings was the increase in sales activity among RW (Residential with Acreage) listings: Typically, there are quite a few more sales of SFR (Single Family Residential) listings than RW listings. Last month, for example, there were 10 sales of SFR listings compared to five sales of RW listings. However, this month, there were more RW listings under contract than SFR listings.
Another notable difference was the increase in new SFR listings (an additional 10 listings), compared to the addition of only two new RW listings, for a total of 166 listings. Last month, we saw the reverse scenario, with 14 new RW listings, compared to one new SFR listing. Having said that, the market is much healthier than it was in June 2010, when there were 216 active listings, or June 2009, when there were 212 active listings.
Consequently, with the two-month increase in new listings, the overall inventory in both categories increased slightly, to an 11.4-month supply of SFR listings and a 14.5-month supply of RW listings. That’s a noticeable improvement over this time last year –- especially for RW listings: In June 2010, there was a 29-month supply of RW listings. And it’s worlds improved over June 2009, when there was a 24-month supply of SFR listings and a 43-month supply of RW listings. Ouch!
Here are a few June highlights of the Sisters real estate market:
Active Residential Listings in Sisters: 166 (90 Single Family Residences; 76
Residential with Acreage)
Contingent Residential Sales in Sisters: 5 (2 SFR, 3 RW)
Pending Residential Sales in Sisters: 11 (5 SFR; 6 RW)
Residential Sales in Sisters: 17 (12 SFR; 5 RW)
Average Days on Market: 196 days for Active SFR listings
188 days for Active RW listings
133 days for the SFR listings sold in June
223 days for the RW listings sold in June
Median Sales Price:
$495,000 for Active SFR listings
$677,450for Active RW listings
$229,500 for the SFR listings sold in June
$305,000 for the RW listings sold in June
Single Family Residence: 11.4-month supply (95 sales in the previous 12 months)
Residential with Acreage: 14.5-month supply (63 sales in the previous 12 months)
Least-Expensive Single Family Residence Active Listing: $80,000
Least-Expensive Residential with Acreage Active Listing: $199,000
Most-Expensive Single Family Residence Active Listing: $2,590,000
Most-Expensive Residential with Acreage Active Listing: $4,500,000
Price Point with the Most Active Listings:
SFR: $450,000-$499,999 (9 listings), $350,000-$399,999 (8 listings) and $400,000-$449,999 (8 listings),
RW: $750,000-$799,999 (9 listings) and $350,000-$399,999 (8 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.
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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.