You wouldn’t think that as we eased into winter and the number of Active listings began to dwindle and buyer activity slowed that the Residential real estate market in Sisters would see its best month in recent history for high-end sales. But that is exactly what happened in November.
Not only did two million-dollar Residential With Acreage (RW) properties sell in November and a third went under contract (when was the last time that happened?), but six of the eight Closed RW sales were above $500,000 and three of the six Pending RW sales were for properties listed above $800,000. Not sure how to explain that; it certainly wasn’t the case a year ago at this time (when there were no sales above $560,000). Looks like, at least for now, the high-end horse property buyers have their eyes on Sisters.
When it comes to the number of Active listings, very little has changed since last year at this time. In fact, the two categories are all but identical: In November 2012, there were 136 Active listings (76 Single Family Residential listings and 60 Residential with Acreage listings). In November 2013, there were 135 Active listings (75 Single Family Residential listings and 60 Residential with Acreage listings). Interesting coincidence.
Price, however, is another story. In November 2013, the median sales price for Active SFR listings was $425,000, compared to $399,000 in November 2012. The median sales price for Active RW listings in November 2013 was $692,450, compared to $667,450 in November 2012. Meanwhile, the change in median sales price for listings that sold in November 2013 compared to November 2012 was even more dramatic: for SFR listings it was $320,000, compared to $256,000; for RW listings, it was $630,560, compared to $340,000.
Here are a few November highlights of the Sisters real estate market:
LISTING ACTIVITY
Active Residential Listings in Sisters: 135 (75 Single Family Residences; 60
Residential with Acreage)
Contingent Residential Sales in Sisters: 1 (0 SFR, 1 RW)
Pending Residential Sales in Sisters: 10 (4 SFR; 6 RW)
Residential Sales in Sisters: 13 (5 SFR; 8 RW)
Average Days on Market: 165 days for Active SFR listings
166 days for Active RW listings
181 days for the SFR listings sold in November
157 days for the RW listings sold in November
Median Sales Price:
$425,000 for Active SFR listings
$692,450 for Active RW listings
$320,000 for the SFR listings sold in November
$630,560 for the RW listings sold in November
INVENTORY
Single Family Residence: 6.8-month supply (132 sales in the previous 12 months)
Residential with Acreage: 7.5-month supply (96 sales in the previous 12 months)
SALES PRICE:
Least-Expensive Single Family Residence Active Listing: $124,000
Least-Expensive Residential with Acreage Active Listing: $174,000
Most-Expensive Single Family Residence Active Listing: $2,100,000
Most-Expensive Residential with Acreage Active Listing: $3,250,000
Price Point with the Most Active Listings:
SFR $350,000-$399,999 (9 listings)
RW: $650,000-$699,999 & $1,000,000-$1,249,999 (6 listings each)
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.
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.