As predicted, the Sisters real estate market in September did match June’s sales peak of 16 Closed sales — and it’s on track to record yet another strong month in October (with 12 Pending sales). Consequently, the number of Active listings in both categories (Single Family Residences and Residential with Acreage) decreased.
Meanwhile, after increasing significantly throughout 2010, the median sales price of Active Single Family Residences held steady this month at $469,500 (which is, however, significantly higher than last September’s median list price of $419,000). And after decreasing a bit in August (from $684,900 in July to $675,000), the median sales price of Active Residential with Acreage listings increased slightly in September to $677,450.
Let’s hope that as the slower winter market approaches, more sellers continue to make price adjustments to bring the median price for Active listings down further. Given that the median price for SFR listings that sold in September was $195,000 and the median price for RW listings that sold in September was $225,000, the price required to move many of these Active listings may be significantly lower than sellers realize.
Yes, sales are strong in Sisters, but the bulk of the sales activity is still focused primarily in the lower price points. For example, seven of the 13 Single Family Residence listings that sold in September sold for less than $200,000; only one sold above $500,000 (at $530,000). All three of the Residential with Acreage listings that sold in September sold for less than $350,000. That’s an especially relevant number since 71 of the 80 Active Residential with Acreage listings are priced above $350,000.
Here are a few September highlights of the Sisters market:
LISTING ACTIVITY
Active Residential Listings in Sisters: 192 (112 Single Family Residences; 80
Residential with Acreage)
Contingent Residential Sales in Sisters: 5 (3 SFR, 2 RW)
Pending Residential Sales in Sisters: 12 (8 SFR; 4 RW)
Residential Sales in Sisters: 16 (13 SFR; 3 RW)
Average Days on Market: 232 days for Active SFR listings
281 days for Active RW listings
146 days for the SFR listings sold in September
97 days for the RW listings sold in September
Median Sales Price: $469,500 for Active SFR listings
$677,450 for Active RW listings
$195,000 for the SFR listings sold in September
$225,000 for the RW listings sold in September
INVENTORY
Single Family Residence: 13.7-month supply (98 sales in the previous 12 months)
Residential with Acreage: 21.8-month supply (42 sales in the previous 12 months)
SALES PRICE:
Least-Expensive Single Family Residence Active Listing: $79,000
Least-Expensive Residential with Acreage Active Listing: $197,500
Most-Expensive Single Family Residence Active Listing: $1,495,000
Most-Expensive Residential with Acreage Active Listing: $3,950,000
Price Point with the Most Active Listings:
SFR: $450,000-$499,999, (15 listings)
RW: $350,000-$399,999 (10 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.
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, Redmond and Bend.
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.