April’s welcome rise in inventory for the Sisters residential real estate inventory continued in May: The supply of Active listings increased from 146 in April to 176 in May. That’s an impressive improvement since last year at this time, when there were just 116 Active Single Family Residential (SFR) and Residential With Acreage (RW) listings in Sisters.
Although the number of Closed sales decreased slightly this month (down from 22 sales in April to 19 in May), the increase in the number of Pending sales offset that drop, with 20 Pending sales in May, compared to 17 Pending sales in April. The bulk of both the Pending and Closed sales were below $500,000 (15 of the 19 Closed sales and 17 of the 20 Pending sales); however, there were two sales above the million-dollar mark (one Pending and one Closed), both in Black Butte Ranch.
Another major improvement since May 2013: The days on market (DOM) for Active RW listings. In May 2013, the average DOM for Active RW listings in Sisters was a hefty 212 days; in May 2014, it was a much more manageable 148 (which was also a notable improvement from April 2014, when the average was 180 DOM). Meanwhile, Active SFR listings also saw a slight improvement over April, with an average 173 DOM in May, compared to 184 DOM previously.
Here are some highlights of the Sisters real estate market in May, based on data provided by MLSCO on June 11, 2014:
Active Residential Listings in Sisters: 176 (98 Single Family Residences; 78
Residential with Acreage)
Contingent Residential Sales in Sisters: 1 (0 SFR, 1 RW)
Pending Residential Sales in Sisters: 20 (11 SFR; 9 RW)
Residential Sales in Sisters: 19 (13 SFR; 6 RW)
Average Days on Market:
173 days for Active SFR listings
148 days for Active RW listings
131 days for the SFR listings sold in May
126 days for the RW listings sold in May
Median Sales Price:
$479,000 for Active SFR listings
$692,450 for Active RW listings
$243,855 for the SFR listings sold in May
$403,900 for the RW listings sold in May
Single Family Residence: 9.1-month supply (128 sales in the previous 12 months)
Residential with Acreage: 8.3-month supply (87 sales in the previous 12 months)
Least-Expensive Single Family Residence Active Listing: $149,950
Least-Expensive Residential with Acreage Active Listing: $169,000
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 (20 listings)
RW: $650,000-$699,999 (8 listings) & $1,000,000-$1,249,999 (7 listings each)
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.