In October, the residential real estate market in Sisters nudged closer toward a balanced market (which favors buyers and sellers equally) than it has in a good long while. The dramatic reduction in Active listings — which were down from 172 in September to 136 in October — combined with another strong month of sales (15 closed sales and 10 pending sales) made for a notable reduction in overall inventory for both Single Family Residential (SFR) and Residential with Acreage (RW) listings.
In fact, for the first time in the past three years, both SFR and RW listings were down to less than a 12-month supply of inventory, with a 9.5-month supply of SFR listings and an 11.6-month supply of RW listings. To give you a sense of how far the market has come in the past several years, there was a 20-month supply of SFR listings and a 37-month supply of RW listings in October 2009.
Consequently, for the time being (i.e., until the banks release another wave of foreclosure properties), Sisters has almost exhausted its “bargain” listings. In October, only nine of the 63 Active RW listings were below $300,000 and only 16 of the 73 SFR listings were below $300,000. Similarly, the very high-end SFR properties are scarcer too –- there were only five Active million-dollar SFR listings in October. On the other hand, there were still 12 million-dollar RW listings in October (and half of those were above $2 million).
Sales activity of RW listings was also more active on the higher end, with three of the six closed sales in October above $300,000 and all four pending sales above $350,000. By contrast, only three of the nine closed SFR sales and two of the six pending SFR sales in October were above $300,000.
Here are a few October highlights of the Sisters real estate market:
LISTING ACTIVITY
Active Residential Listings in Sisters: 136 (73 Single Family Residences; 63 Residential with Acreage)
Contingent Residential Sales in Sisters: 7 (3 SFR, 4 RW)
Pending Residential Sales in Sisters: 10 (6 SFR; 4 RW)
Residential Sales in Sisters: 15 (9 SFR; 6 RW)
Average Days on Market:
222 days for Active SFR listings
239 days for Active RW listings
224 days for the SFR listings sold in October
178 days for the RW listings sold in October
Median Sales Price:
$449,000 for Active SFR listings
$524,900 for Active RW listings
$197,000 for the SFR listings sold in October
$300,000 for the RW listings sold in October
INVENTORY
Single Family Residence: 9.5-month supply (92 sales in the previous 12 months)
Residential with Acreage: 11.6-month supply (65 sales in the previous 12 months)
SALES PRICE:
Least-Expensive Single Family Residence Active Listing: $112,000
Least-Expensive Residential with Acreage Active Listing: $180,000
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 & $750,000-$799,999 (each with 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, Redmond and Bend.