As expected, the April slowdown of residential sales in Sisters proved temporary: In fact, sales almost doubled, from seven closed transactions in April to fifteen in May. That’s noticeably improved over May 2010 (with its seven sales) and May 2009 (with just three sales).
The most noteworthy aspect of this sales cycle was the sizable increase in higher-end Residential with Acreage listings. Eleven of the 14 new RW listings were priced above $700,000 –- and five of those were $1 million or more. Consequently, the median price of Active RW listings also increased significantly, from $599,000 in April to $679,000 in May. Those numbers –- both in increased competition and a higher price point overall –- will prove challenging for Residential With Acreage sellers priced above $500,000. Their pool of buyers was small to start with. In fact, only six of the 26 RW sales completed by the end of May 2011 were above $500,000 and only one was above $600,000. Not one Residential with Acreage listing had sold this year (by the end of May ) for more than $850,000.
By contrast, the number of Single Family Residential listings actually decreased, albeit only slightly (from 81 in April to 80 in May), and the median price for Active SFR listings increased only slightly — from $449,500 in April to $459,900 in May.
Meanwhile, the overall inventory in Sisters continued to see significant improvement, compared to the previous two years at this time. In May 2009, there were 198 Active listings; in May 2010 there were 196, with 154 in May 2011. Because most of the new homes on the market were Residential with Acreage listings yet most of the sales were Single Family Residences, RW listings saw an increase in the overall supply, to 14.1 months (up from 12 months in April). On the other hand, the supply of SFR listings decreased slightly (from a 10.8-month supply in April to a 10.2-month supply in May).
Here are a few May highlights of the Sisters real estate market:
LISTING ACTIVITY
Active Residential Listings in Sisters: 154 (80 Single Family Residences;
74 Residential with Acreage)
Contingent Residential Sales in Sisters: 3 (2 SFR, 1 RW)
Pending Residential Sales in Sisters: 12 (9 SFR; 3 RW)
Residential Sales in Sisters: 15 (10 SFR; 5 RW)
Average Days on Market: 204 days for Active SFR listings
236 days for Active RW listings
245 days for the SFR listings sold in May
166 days for the RW listings sold in May
Median Sales Price:
$449,000 for Active SFR listings
$679,000 for Active RW listings
$182,450 for the SFR listings sold in May
$402,550 for the RW listings sold in May
INVENTORY
Single Family Residence: 10.2-month supply (94 sales in the previous 12 months)
Residential with Acreage: 14-month supply (63 sales in the previous 12 months)
SALES PRICE:
Least-Expensive Single Family Residence Active Listing: $120,000
Least-Expensive Residential with Acreage Active Listing: $179,000
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 (11 listings)
RW: $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.
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.