For the past four years, September has been one of the busiest months of the year for the Sisters residential real estate market. And, in that regard, September 2012 — with 16 Closed sales and 16 Pending sales — was no different. What might raise an eyebrow or two (in a good way), however, is the broad spectrum of sales included in the mix. Although all six Closed Single Family Residential (SFR) sales were below $400,000, four of the 10 Closed Residential With Acreage (RW) sales were above $400,000 — and included a sale at $1,750,000. Similarly, four of the 12 Pending SFR sales and three of the five Contingent RW sales were above $400,000.
Anecdotally, many of the Sisters-based agents I’ve talked to have also reported a noticeable increase in the number of higher-end buyers that have been actively looking to buy Sisters properties during the past month or so (although no one seems to have a good explanation for the increase). I know I’ve been busier than I’d been in a good long while, and half of the buyers I’m actively working with are looking at properties priced at $450,000 and up.
Meanwhile, the number of active listings in Sisters continues to decrease (from 168 in August to 154 in September). Last year at this time, there were 172 Active listings, compared to 192 in September 2010 and 194 in September 2009. As of Sept. 30, there were only five active SFR listings below $200,000 and seven Active RW listings below $300,000. No telling what the sales numbers could have been this summer if we’d had more listings available, especially in the $300,000 and below range.
Perhaps it’s easiest to see how much the Sisters market has improved by comparing its overall inventory of homes for sale. In September 2012, we had an 11.8-month supply of Active SFR listings and a 10.7-month supply of RW listings. That’s a far cry from September 2009, when there was a 25-month supply of SFR listings and a 37-month supply of RW listings.
Here are a few September highlights of the Sisters real estate market:
Active Residential Listings in Sisters: 154 (86 Single Family Residences; 68
Residential with Acreage)
Contingent Residential Sales in Sisters: 6 (1 SFR, 5 RW)
Pending Residential Sales in Sisters: 16 (12 SFR; 4 RW)
Residential Sales in Sisters: 16 (6 SFR; 10 RW)
Average Days on Market: 193 days for Active SFR listings
221 days for Active RW listings
82 days for the SFR listings sold in September
270 days for the RW listings sold in September
Median Sales Price: $421,450 for Active SFR listings
$687,000 for Active RW listings
$317,500 for the SFR listings sold in September
$427,000 for the RW listings sold in September
Single Family Residence: 11.8-month supply (87 sales in the previous 12 months)
Residential with Acreage: 10.7-month supply (68 sales in the previous 12 months)
Least-Expensive Single Family Residence Active Listing: $155,415
Least-Expensive Residential with Acreage Active Listing: $199,900
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: $350,000-$399,999 (14 listings)
RW: $300,000-$349,999 & $850,000-$899,999 (6 listings each)
If you’re interested in studying the market in more depth, below are several charts that capture various aspects of the September 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.