It was quite a July for the Sisters residential real estate market — the bustling community saw the highest number of sales in a single month in at least five years (31 Closed sales). That’s quite an improvement over June — which saw a very respectable 22 sales — and a slight improvement over last July, which had 27 sales. (September 2013 takes second place for the highest number of Closed sales in the past five years, with 28.) By contrast, July 2010 saw just 11 Closed sales.
July 2014’s sales were almost evenly divided among Single Family Residential (SFR) and Residential With Acreage (RW) listings, with 17 SFR and 14 RW sales. Included in the RW sales were two million-dollar properties: one in the Aspen Lakes golf community and one on Old Barn Court. The highest-priced SFR sale was $817,500, for a property in Black Butte Ranch; 12 of the 17 SFR sales were below $350,000.
There were 20 Pending sales by the end of July, also fairly evenly distributed between SFR and RW listings (11 and nine, respectively). The key difference between the sales still under contract at the end of the month and those that closed is the price point: All of the Pending sales were below $650,000.
When it came to inventory, Sisters saw a notable increase in the number of Active RW listings (up from 88 in June to 95 in July), but a slight decrease in the number of Active SFR listings (down from 99 in June to 94 in July). Similarly, there was an increase in the median price of Active RW listings (up from $719,950 in June to $749,000 in July, and a decrease in the median price of Active SFR listings (down from $489,000 in June to $454,500 in July).
The most popular price point for Active listings? For SFR listings, it was the $350,000-$399,999 bracket. For RW listings, on the other hand, it was $1,000,000-$1,249,999. Yikes!
Here are some highlights of the Sisters real estate market in July, based on data provided by MLSCO on Aug. 7, 2014:
LISTING ACTIVITY
Active Residential Listings in Sisters: 189 (94 Single Family Residences; 95
Residential with Acreage)
Contingent Residential Sales in Sisters: 0 (0 SFR, 0 RW)
Pending Residential Sales in Sisters: 20 (11 SFR; 9 RW)
Residential Sales in Sisters: 31 (17 SFR; 14 RW)
Average Days on Market: 209 days for Active SFR listings
146 days for Active RW listings
121 days for the SFR listings sold in July
134 days for the RW listings sold in July
Median Sales Price: $454,500 for Active SFR listings
$749,000 for Active RW listings
$297,500 for the SFR listings sold in July
$380,000 for the RW listings sold in July
INVENTORY
Single Family Residence: 9.1-month supply (124 sales in the previous 12 months)
Residential with Acreage: 12.1-month supply (86 sales in the previous 12 months)
SALES PRICE:
Least-Expensive Single Family Residence Active Listing: $149,950
Least-Expensive Residential with Acreage Active Listing: $189,900
Most-Expensive Single Family Residence Active Listing: $1,950,000
Most-Expensive Residential with Acreage Active Listing: $2,900,000
Price Point with the Most Active Listings:
SFR $350,000-$399,999 (17 listings)
RW: $1,000,000-$1,249,999 (12 listings)
If you’re interested in studying the market in more depth, below are several charts that capture various aspects of the July 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.