With the arrival of November, the residential real estate market in Sisters began its seasonal slow-down. Although the number of Active listings held steady at 136 (for the third month in a row), Closed sales were down a bit (from 17 in October to 12 in November) and Pending sales were down notably (from 13 in October to six in November). The median sales price of the Closed and Pending sales also decreased -– in fact, most of the sales were below $400,000 and there was no sales activity above $560,000.
After last month’s spike in the median price for Active Residential with Acreage (RW) listings (up from $687,000 in September to $699,000 in October), we did see a bit of a decrease, to $667,500. That’s still significantly higher than the median price for Active RW listings a year ago at this time, when the median sales price was $499,900. On the other hand, the median price for Active Single Family Residential (SFR) listings decreased notably from this time last year (down from $425,000 in November 2011 to $399,000 in November 2012).
Meanwhile, the overall inventory of SFR listings also decreased (down from a 10.9-month supply in October to a 9.7-month supply in November), while the number remained the same for RW listings (an 8.7-month supply). For the majority of buyers, however, those numbers are a bit deceiving because so much of the inventory is higher-priced listings. In fact, over half of the SFR listings are above $400,000, and half of the RW listings are above $500,000 –- which means the pickin’s are pretty slim at the lower end of the price scale: By the end of November, there were just nine Active SFR listings below $200,000 and just seven Active RW listings below $300,000.
Here are a few November highlights of the Sisters real estate market:
Active Residential Listings in Sisters: 136 (76 Single Family Residences; 60
Residential with Acreage)
Contingent Residential Sales in Sisters: 2 (1 SFR, 1 RW)
Pending Residential Sales in Sisters: 6 (3 SFR; 3 RW)
Residential Sales in Sisters: 12 (7 SFR; 5 RW)
Average Days on Market: 242 days for Active SFR listings
267 days for Active RW listings
271 days for the SFR listings sold in November
299 days for the RW listings sold in November
Median Sales Price:
$399,000 for Active SFR listings
$667,450 for Active RW listings
$256,000 for the SFR listings sold in November
$340,000 for the RW listings sold in November
Single Family Residence: 9.7-month supply (94 sales in the previous 12 months)
Residential with Acreage: 8.7-month supply (60 sales in the previous 12 months)
Least-Expensive Single Family Residence Active Listing: $117,500
Least-Expensive Residential with Acreage Active Listing: $171,500
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: $350,000-$399,999 (10 listings)
RW: $750,000-$799,999 (6 listings)
If you’re interested in studying the market in more depth, below are several charts that capture various aspects of the November 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.