At the end of 2009, Sisters had begun to make some decent headway in reducing its inventory (from 176 Active listings in November to 147 in December and a 2009 high of 219 in July). That helped bring the overall supply down from 18 months to 14 months for Single Family Residences and from 34 months to 30 months for Residential with Acreage listings.
That means that at the current rate, it would take 14 months to sell the existing Single Family Residences on the market, and 30 months to sell the existing RW listings. Not exactly ideal, especially when it comes to homes on acreage (a balanced market should have about six months of inventory), but it's at least a step in the right direction for sellers.
One plus for buyers is that the median sales price for Active Single Family Residence listings in Sisters is down once again - in December it was $349,450, compared to $389,000 in November (and the 2009 high of $492,500 in June). The median sales price for Active Residential With Acreage listings, on the other hand, increased in December (from $699,000 in November to $724,000, with the 2009 high of $797,000 in August). Go figure...
Here are a few December highlights of the Sisters real estate market:
LISTING ACTIVITY
Active Residential Listings in Sisters: 147 (82 Single Family Residences; 65
Residential with Acreage)
Contingent Residential Sales in Sisters: 0
Pending Residential Sales in Sisters: 5 (3 SFR; 2 RW)
Residential Sales in Sisters: 9 (7 SFR; 2 RW)
Average Days on Market: 238 days for Active SFR listings
286 days for Active RW listings
202 days for the SFR listings sold in December
584 days for the RW listings sold in December
Median Sales Price: $349,450 for Active SFR listings
$724,000 for Active RW listings
$365,000 for the SFR listings sold in December
$280,000 for the RW listings sold in December
INVENTORY
Single Family Residence: 14-month supply (70 sales in the previous 12 months)
Residential with Acreage: 30-month supply (27 sales in the previous 12 months)
SALES PRICE:
Least-Expensive Single Family Residence Active Listing: $142,990
Least-Expensive Residential with Acreage Active Listing: $175,000
Most-Expensive Single Family Residence Active Listing: $1,325,000
Most-Expensive Residential with Acreage Active Listing: $4,900,000
Price Point with the Most Active Listings: SFR: $300,000-$349,999, (12 listings)
RW: $750,000-$799,999 (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.
If you'd like to learn more about the Sisters real estate market, don't hesitate to email me at lisabroadwater@remax.net or call me toll-free at 866-963-2760.
About the Author:
Lisa Broadwater is a Central Oregon-based real estate professional who specializes in listing and selling homes, especially in Sisters, Tumalo, Redmond and Bend. If you'd like to learn more about Central Oregon, please visit www.CentralOregonHome4You.com.
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