In October, the Sisters real estate market saw very little change –- from the previous month or the previous October. And that’s a good thing, in many ways. Although some areas of the country saw a downturn in October, for the second month in a row, Sisters matched June’s sales peak of 16 Closed sales. Like September, the number of Active listings decreased (from 192 to 174 listings). In October 2009, there were 180 Active listings.
After experiencing a seasonal increase, the median sales price of Active Single Family Residences decreased in October (from $469,500 in September to $450,000). However, like September, that number is still significantly higher than the median list price at the same time last year ($399,000) –- which is not a good sign since home values have clearly not increased since last year. Even more perplexing, the median sales price of Active Residential with Acreage listings actually increased once again (from $677,450 in September to $695,000 in October).
Last month, I encouraged sellers to make price adjustments to bring the median price for Active listings down, which I will continue to encourage. When there’s such a large disparity between the median price of Active listings and the median price of sold listings (the year-to-date median price of residential listings sold in Sisters between Jan. 1 and Oct. 31, 2010 was $225,000), many sellers are simply going to watch their days on market accumulate throughout the winter.
Here are a few October highlights of the Sisters real estate market:
Active Residential Listings in Sisters: 174 (93 Single Family Residences;
81 Residential with Acreage)
Contingent Residential Sales in Sisters: 1 (0 SFR, 1 RW)
Pending Residential Sales in Sisters: 10 (5 SFR; 5 RW)
Residential Sales in Sisters: 16 (8 SFR; 8 RW)
Average Days on Market: 237 days for Active SFR listings
258 days for Active RW listings
112 days for the SFR listings sold in October
231 days for the RW listings sold in October
Median Sales Price: $450,000 for Active SFR listings
$695,000 for Active RW listings
$310,950 for the SFR listings sold in October
$357,500 for the RW listings sold in October
Single Family Residence: 12.1-month supply (92 sales in the previous 12 months)
Residential with Acreage: 19.8-month supply (49 sales in the previous 12 months)
Least-Expensive Single Family Residence Active Listing: $79,000
Least-Expensive Residential with Acreage Active Listing: $135,900
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: $450,000-$499,999, (11 listings)
RW: $450,000-$499,999 (13 listings)
If you’re interested in studying the market in more depth, below are a number of charts that capture various aspects of the Sisters real estate market in detail.
About the Author:
Lisa Broadwater, GRI, CDPE s a Central Oregon-based real estate professional who specializes in listing and selling homes, especially in Sisters, Tumalo, Redmond and Bend.