The October 2012 residential real estate market in Sisters was almost a carbon copy of last year at this time. Both months had a total of 136 Active listings, which was a sizable reduction in listings from the previous month (172 Active listings in September 2011 and 154 Active listings in September 2012). There were also double-digit Closed sales and double-digit Pending sales, and the days on market for Active listings was quite similar. All in all, a very busy month.
There is one key difference in the year-to-year comparison: price. The median sales price for Active Single Family Residential (SFR) listings in October 2012 was $399,500, compared to $449,000 for October 2011. Interestingly, although the median price of Active SFR listings decreased notably from October 2011 to October 2012, the median price of Active Residential With Acreage (RW) listings increased even more dramatically, from $524,900 in October 2012 to $699,000 in October 2012.
Similarly, RW listings saw another month with a lot of activity on the higher end of the price spectrum. In fact, four of the eight Closed RW sales were above $400,000, and four of the six Pending RW sales were above $400,000. Included in the Closed sales was another million-dollar sale in Black Butte Ranch (the third one for 2012).
As we head into winter, the already-low inventory –- which typically dips down to its lowest levels in the winter months — may prove to be an issue, unless sellers who typically opt to hold off until spring realize they have an ideal opportunity to attract winter buyers because of the lack of competition (especially in the lower price points).
Here are a few October highlights of the Sisters real estate market:
Active Residential Listings in Sisters: 136 (79 Single Family Residences; 57
Residential with Acreage)
Contingent Residential Sales in Sisters: 1 (0 SFR, 1 RW)
Pending Residential Sales in Sisters: 13 (7 SFR; 6 RW)
Residential Sales in Sisters: 17 (9 SFR; 8 RW)
Average Days on Market: 220 days for Active SFR listings
264 days for Active RW listings
95 days for the SFR listings sold in October
177 days for the RW listings sold in October
Median Sales Price:
$399,500 for Active SFR listings
$699,000 for Active RW listings
$264,000 for the SFR listings sold in October
$405,000 for the RW listings sold in October
Single Family Residence: 10.9-month supply (87 sales in the previous 12 months)
Residential with Acreage: 8.7-month supply (68 sales in the previous 12 months)
Least-Expensive Single Family Residence Active Listing: $169,900
Least-Expensive Residential with Acreage Active Listing: $199,900
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: $200,000-$249,999 (12 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 October 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 here.
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.