After a screaming September (the highest-selling month so far this year), the Residential real estate market in Sisters cooled significantly in October. The number of sales was still fairly respectable, though — 11 Closed sales (compared to 28 Closed sales in September). Included in the sales activity was a million-dollar property, which went under contract mid-month.
Aside from that listing, almost all the sales activity of both Single Family Residential (SFR) and Residential With Acreage (RW) listings focused on properties listed below $500,000. In fact, there was only one property higher than $500,000 included in all the Pending and Closed sales. It was listed at $689,000.
Last year at this time, there were more sales (17 compared to 12) and slightly fewer Active listings (136 compared to 144). The median price for Active SFR listings has seen a slight rise since then (from $399,500 in October 2012 to $405,0000), with a more noticeable increase among RW listings (from $699,000 to $724,390).
Perhaps the biggest short-term change is the median price among Active RW listings: In September 2013, it was $795,000 –- a number that was reached a handful of times this year. Another big difference: SFR inventory. In October 2012, there was a 10.9-month supply of Active SFR listings; in October 2013, there was just a 6.5-month supply. When it comes to RW listings, however, the supply has increased slightly: In October 2013, there were 9.1 months of Active RW listings, compared to 8.7 months in October 2012.
Here are a few October highlights of the Sisters real estate market:
LISTING ACTIVITY
Active Residential Listings in Sisters: 144 (74 Single Family Residences; 70
Residential with Acreage)
Contingent Residential Sales in Sisters: 1 (0 SFR, 1 RW)
Pending Residential Sales in Sisters: 11 (8 SFR; 3 RW)
Residential Sales in Sisters: 12 (9 SFR; 3 RW)
Average Days on Market: 168 days for Active SFR listings
192 days for Active RW listings
110 days for the SFR listings sold in October
150 days for the RW listings sold in October
Median Sales Price: $405,000 for Active SFR listings
$724,390 for Active RW listings
$250,000 for the SFR listings sold in October
$318,000 for the RW listings sold in October
INVENTORY
Single Family Residence: 6.5-month supply (134 sales in the previous 12 months)
Residential with Acreage: 9.1-month supply (92 sales in the previous 12 months)
SALES PRICE:
Least-Expensive Single Family Residence Active Listing: $124,000
Least-Expensive Residential with Acreage Active Listing: $179,000
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 (12 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 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.
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.