In May. the Sisters real estate market showed no surprises, considering the arrival of the spring selling season and the departure of the federal homebuyer tax credit. To wit, we saw the number of Active listings increase (from 188 in April to 196 in May), and the number of sales decrease (from 15 to seven).
What is surprising is that the median price for Active Single Family Residence listings increased from $469,900 in April to $479,900 in May. Even more surprising is that that number is quite a bit higher than the median price for Active SFR listings in May 2009 ($454,500).
That increase seems to indicate that many Sisters sellers haven’t adjusted their list price to reflect the declining market. For comparison’s sake, consider that the median price for the six SFR listings that sold in May was $180,000 while the median price for the seven SFR listings that sold in April was $241,000.
Meanwhile, the median price of Active Residential with Acreage listings in May 2010 was $659,000 – down from $669,000 in April and $65,400 less than the median price of Active Residential with Acreage listings in May 2009 ($724,400).
Here are a few May highlights of the Sisters real estate market:
LISTING ACTIVITY
Active Residential Listings in Sisters: 196 (111 Single Family Residences; 85
Residential with Acreage)
Contingent Residential Sales in Sisters: 1 (1 RW)
Pending Residential Sales in Sisters: 9 (5 SFR; 2 RW)
Residential Sales in Sisters: 7 (6 SFR; 1 RW)
Average Days on Market: 205 days for Active SFR listings
269 days for Active RW listings
171 days for the SFR listings sold in May
113 days for the RW listings sold in May
Median Sales Price: $479,900 for Active SFR listings
$659,900 for Active RW listings
$180,000 for the SFR listings sold in May
$155,000 for the RW listings sold in May
INVENTORY
Single Family Residence: 15-month supply (88 sales in the previous 12 months)
Residential with Acreage: 26-month supply (39 sales in the previous 12 months)
SALES PRICE:
Least-Expensive Single Family Residence Active Listing: $99,000
Least-Expensive Residential with Acreage Active Listing: $134,900
Most-Expensive Single Family Residence Active Listing: $1,495,000
Most-Expensive Residential with Acreage Active Listing: $2,975,000
Price Point with the Most Active Listings:
SFR: $450,000-$499,999, (14 listings)
RW: $850,000-$899,999 (9 listings)
$350,000-$399,999 (8 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 s a Central Oregon-based real estate professional who specializes in listing and selling homes, especially in Sisters, Tumalo, Redmond and Bend.