May 2009 Real Estate Market Snapshot for Sisters, Oregon

In May, the Sisters real estate market began to pick up a little steam, with the number of sales (contingent, pending and closed) up in both the Single Family Residence and Homes on Acreage markets. Pending sales saw the biggest increase, from three SFR pending sales in April to six in May and from two pending Homes on Acreage sales in April to four in May. Another encouraging sign: For the first time this year, there has been an increase in the number of sales above $300,000. Previously, both SFR listings and Homes on Acreage had only one or two sales above $300,000 per month.

Now, the not-so-good news for sellers: There is still way too much inventory. In fact, there was a sizable increase in inventory in SFR listings, from 180 in April to 198 in May. Homes on Acreage held steady at 80 listings.

Here are a few May highlights of the Sisters market:

LISTING ACTIVITY
Active Residential Listings in Sisters: 198 (118 Single Family Residences; 80 Residential with Acreage)
Contingent Residential Sales in Sisters: 5 (3 SFR, 2 RW)
Pending Residential Sales in Sisters: 10 (6 SFR; 4 RW)
Residential Sales in Sisters: 3 (2 SFR; 1 RW)
Average Days on Market: 181 days for Active SFR listings
237 days for Active RW listings
321 days for the SFR listings sold in May
122 days for the RW listing sold in May

Median Sales Price: $454,500 for Active SFR listings
$724,450 for Active RW listings
$295,000 for the SFR listings sold in May
$345,000 for the RW listing sold in May

INVENTORY
Single Family Residence: 24-month supply (58 sales in the previous 12 months)
Residential with Acreage: 42-month supply (23 sales in the previous 12 months)

SALES PRICE:
Least-Expensive Single Family Residence Active Listing: $169,990
Least-Expensive Residential with Acreage Active Listing: $199,900
Most-Expensive Single Family Residence Active Listing: $1,950,000
Most-Expensive Residential with Acreage Active Listing: $4,900,000
Price Point with the Most Active Listings: $550,000-$599,999 in SFR (14 listings)
$1,000,000-$1,249,999 in RW (9 listings)

If you're interested in studying the market in more depth, here are a number of charts that capture various aspects of the March 2009 Sisters real estate market in detail.

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.