In November, the Sisters residential real estate market continued to tighten. Thanks to another reduction in listings combined with double-digit sales, the inventory is now below a 10-month supply for both Single Family Residential (SFR) listings and Residential with Acreage (RW) listings –- specifically, a 9.8-month and 8.6-month supply, respectively.
That’s good news for sellers, who have much less competition than they did this summer. But it may present a challenge for buyers –- especially those looking for a bargain (there are only eight Active SFR listings below $200,000 and three RW listings below $200,000).
Like last month, sales activity of RW listings was more active on the higher end of the price scale -– but even more so. This time, five of the six closed sales were above $300,000 and included a million-dollar sale (actually, $1.5 million). SFR sales, however, were focused on the lower end of the price scale, with three of the six closed sales under $250,000 and none over $450,000.
Here are a few November highlights of the Sisters real estate market:
LISTING ACTIVITY
Active Residential Listings in Sisters: 130 (73 Single Family Residences; 57
Residential with Acreage)
Contingent Residential Sales in Sisters: 1 (1 SFR, 0 RW)
Pending Residential Sales in Sisters: 8 (6 SFR; 2 RW)
Residential Sales in Sisters: 12 (6 SFR; 6 RW)
Average Days on Market: 232 days for Active SFR listings
255 days for Active RW listings
215 days for the SFR listings sold in November
139 days for the RW listings sold in November
Median Sales Price:
$425,000 for Active SFR listings
$499,900 for Active RW listings
$231,500 for the SFR listings sold in November
$650,000 for the RW listings sold in November
INVENTORY
Single Family Residence: 9.8-month supply (89 sales in the previous 12 months)
Residential with Acreage: 8.6-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: $170,000
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: $350,000-$399,999 (11 listings)
RW: $450,000-$499,999 (8 listings)& $350,000-$399,999 (7 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, Bend and Redmond.