Right now, the Sisters residential real estate market is all about inventory. In May, although there was a bit of an overall increase, the lack of available properties for many potential buyers became even more of an issue. With just five Active Single Family Residential (SFR) listings below $200,000 and eight Active Residential with Acreage (RW) listings below $300,000, there aren’t many homes for those buyers to choose from -– and the competition within those price points has become pretty fierce: We’re beginning to see properties going under contract within days of being listed, and multiple-offer scenarios are being more commonplace. Consequently, the average days on market for Active SFR and RW listings decreased in May -– especially among SFR listings, which had an average of 215 days on market for April and 173 in May.
Among the 10 SFR closed sales was 2012’s second million-dollar sale in Black Butte Ranch –- plus, a third million-dollar listing in BBR went Pending in May. So far this year, the Ranch has had 13 sales, half of which were over $400,000. However, the comparison of list price to sales price within BBR is sub-par, with an average list-to-sales price ratio of 85.88 percent.
Speaking of Pending sales, there was actually more activity among RW listings than SFR listings (eight Pending RW sales compared to seven Pending SFR sales). And high-end RW sellers will be pleased to see that three of those eight Pending sales are above $500,000. On the other hand, all but one of the Pending SFR sales was below $350,000.
Another notable difference: Although the median price of Active SFR listings increased significantly in May (from $389,950 in April to $427,000), the median price of Active RW listings actually decreased (from $712,500 in April to $694,000).
Here are a few May highlights of the Sisters real estate market:
LISTING ACTIVITY
Active Residential Listings in Sisters: 162 (92 Single Family Residences; 70
Residential with Acreage)
Contingent Residential Sales in Sisters: 1(1 SFR, 0 RW)
Pending Residential Sales in Sisters: 15 (6 SFR;9 RW)
Residential Sales in Sisters: 15 (10 SFR; 5 RW)
Average Days on Market: 173 days for Active SFR listings
194 days for Active RW listings
270 days for the SFR listings sold in May
266 days for the RW listings sold in May
MEDIAN SALES PRICE:
$427,000 for Active SFR listings
$694,000 for Active RW listings
$230,000 for the SFR listings sold in May
$239,900 for the RW listings sold in May
INVENTORY
Single Family Residence: 12.5-month supply (88 sales in the previous 12 months)
Residential with Acreage: 10.5-month supply (80 sales in the previous 12 months)
SALES PRICE:
Least-Expensive Single Family Residence Active Listing: $112,000
Least-Expensive Residential with Acreage Active Listing: $145,000
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: $400,000-$449,999 (13 listings) & $250,000-$299,999 (12 listings)
RW: $400,000-$449,999 (7 listings), $850,000-$899,999 & $950,000-$999,999 (each w/6 listings)
If you’re interested in studying the market in more depth, below are several charts that capture various aspects of the May 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.