The August 2008 real estate statistics for Sisters, Oregon showed more of the same summer story here in Central Oregon: Buyers are in charge, with more than 230 residential listings to choose from and numerous options in just about every price point, from $200,000 to $2 million and up. However, a slight dip in the number of listings from July to August (from 243 to 232) may provide sellers a bit of a break. As we approach the winter months, that number should continue to level off.
Here's a closer look at what's happening in the Sisters real estate market:
Inventory
In August, the hefty inventory declined slightly in Sisters, primarily in Active Residential With Acreage listings: As of August 31, there were 144 Active Single Family Residence listings (down from 146 in July) and 88 Active Residential With Acreage listings (down from 97 in July). Taking into consideration the number of sales during the previous 12-month cycle (85 SFR sales and 26 RW sales), that equates to a 20-month supply of Single Family Residences (slightly higher than last month) and a 41-month supply of homes on one acre or more (slightly lower than last month). 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. Now, more than ever, sellers must price their homes competitively to minimize the time they are on the market (with just 5 SFR sales and 4 RW sales in August), the inventory is still moving slowly).
Days on Market
August's Active SFR listings have been on the market for an average of 158 days (up slightly from July's 146), while the Active RW listings have been on the market 207 days (up noticeably from July's 177). Pending SFR listings have been on the market for an average of 221 days, with the single Pending RW listing on the market for 446 days. The five SFR listings that sold in July were on the market for an average of 253 days, while the four RW listings sold were on the market an average of 118 days.
Average Sales Amount
The Average Sales Price for Sisters Active SFR listings in August was $575,663, with the bulk of the 144 listings falling in the $200,000-$599,999 range (91 listings, or 63 percent). Within that range, the $350,000-$399,999 bracket again held the highest number (24 listings).
The Average Sales Price for Sisters Active RW listings in August was $994,126, with the listings spread across a very broad price range ($250,000-$5,999,999). Within that spectrum, the $1,000,000-$1,249,999 range held the highest number of listings (10).
Sales Activity
There were two Pending SFR Sales in Sisters in August (down from four sales in July) and were one Pending RW Sale. There were no Contingent Sales in Sisters in August.
There were five SFR Sales in Sisters in August (down from seven in June), ranging from $279,000 to $739,500, with an Average Sales Amount of $537,700. There were four RW Sales, ranging from $330,000 to $1,200,000, with an Average Sales Amount of $713,750.
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.
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