What can we learn from the July 2008 real estate statistics for Sisters, Oregon? The summer in Sisters is shaping up to be an extremely strong buyer's market and a real challenge for many sellers.
Here's a closer look at what's happening in the Sisters real estate market:
Inventory
Since June, an already hefty inventory continued to rise in Sisters: As of July 31, there were 146 Active Single Family Residence listings and 97 Active Residential With Acreage listings (homes on one acre or more). Taking into consideration the number of sales during the previous 12-month cycle (97 SFR sales and 26 RW sales), that equates to an 18-month supply of Single Family Residences and a 44-month supply of homes on one acre or more. (A balanced market is one that has about a six-month supply of listings.)
Because of the large supply, buyers are definitely in the driver's seat. So now, more than ever, sellers need to price their homes competitively to minimize the time they are on the market (with just 7 SFR sales and 4 RW sales in July), the inventory is still moving slowly).
Days on Market
July's Active SFR listings have been on the market for an average of 146 days (up slightly from June's 142), while the Active RW listings have been on the market 177 days (also up slightly from June's 172). Pending SFR listings have been on the market for an average of 213 days, with Pending RW listings on the market for an average of 60 days. There were no Contingent SFR sales, and the single Contingent RW sale has been on the market 457 days. The 7 SFR listings that sold in July were on the market for an average of 221 days (up 8 percent from June's average of 204 days), while the 4 RW listings sold were on the market an average of 371 days.
Average Sales Amount
The Average Sales Price for Sisters Active SFR listings in July was $577,034, with the bulk of the 146 listings falling in the $200,000-$599,999 range (99 listings, or 68 percent). Within that range, the $350,000-$399,999 bracket held the highest number (24 listings), with $300,000-$349,999 closely behind (16 listings).
The Average Sales Price for Sisters Active RW listings in July was $957,907, with the listings spread across a very broad price range ($250,000-$5,999,999). Within that spectrum, the $450,000-$499,999 and $1,000,000-$1,249,999 ranges held the highest number of listings (10 each).
Sales Activity
There were four Pending SFR Sales in Sisters in July, ranging from $269,990 to $710,000, with an Average Sales Amount of $488,060. There were two Pending RW Sales in Sisters: one for $649,000, and one for $1,375,000, with an Average Sales Amount of $1,012,000.
There were no Contingent SFR Sales in Sisters in July, and only one Contingent RW Sale, listed at $560,000.
There were 7 SFR Sales in Sisters in July (down from 10 in June), ranging from $181,000 to $490,000, with an Average Sales Amount of $324,713. There were four RW Sales, ranging from $400,000 to $1,800,000, with an Average Sales Amount of $899,000.
If you're interested in studying the market in more depth, there are a number of charts below 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 http://www.centraloregonhome4you.com/.
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