Looks like the spring selling season got an early start in Sisters: Sales for March were double that of February (which was admittedly a slow month, with eight sales). That also compares favorably to March 2010 (which had 12 sales), and it far surpassed that of February 2009 (three sales).
Although there was only a small increase in the number of Active Single Family Residential listings, there was a bit of a spike in Residential with Acreage listings (from 59 to 67). That increase had little effect on the median price of Active RW listings, however (which shifted from $499,500 in February to $499,900 in March).
Meanwhile, the three most affordable Active SFR listings all went under contract in March, which meant that the least expensive Active SFR listing increased from $90,000 in February to $125,000 in March.
While we’re on the subject of the median list price of Active Single Family Residential listings, it’s still too high (granted, it did come down slightly, from $418,500 in February to $414,000 in March). A year ago, the median price of Active SFR listings was $384,900, and this month, the median price for SFR listings that sold is $252,000. Let’s hope we don’t experience the sort of dramatic increase in April that we saw last year (from $384,900 in March to $469,000 in April). That would not be a good move for Sisters sellers.
In March, the overall supply of inventory increased slightly in both categories (with an 8.5-month supply of SFR listings, and a 12.9-month supply of RW listings) but is still significantly improved from this time last year, when there was a 14-month supply of SFR listings and a 29-month supply of RW listings.
Here are a few March highlights of the Sisters real estate market:
LISTING ACTIVITY
Active Residential Listings in Sisters: 135 (68 Single Family Residences; 67
Residential with Acreage)
Contingent Residential Sales in Sisters: 5 (5 SFR, 0 RW)
Pending Residential Sales in Sisters: 7 (3 SFR; 4 RW)
Residential Sales in Sisters: 16 (8 SFR; 8 RW)
Average Days on Market: 247 days for Active SFR listings
258 days for Active RW listings
240 days for the SFR listings sold in March
181 days for the RW listings sold in March
Median Sales Price: $414,000 for Active SFR listings
$499,500 for Active RW listings
$252,000 for the SFR listings sold in March
$370,000 for the RW listings sold in March I
INVENTORY
Single Family Residence: 8.5-month supply (96 sales in the previous 12 months)
Residential with Acreage: 12.9-month supply (62 sales in the previous 12 months)
SALES PRICE:
Least-Expensive Single Family Residence Active Listing: $125,000
Least-Expensive Residential with Acreage Active Listing: $179,000
Most-Expensive Single Family Residence Active Listing: $1,350,000
Most-Expensive Residential with Acreage Active Listing: $4,500,000
Price Point with the Most Active Listings:
SFR: $300,000-$349,999 & 550,000-$599,999 (each w/8 listings)
RW: $350,000-$399,999 (10 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.
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, Redmond and Bend.