Housing Glut in Sisters Worrisome for Sellers


The Sisters real estate market, often overlooked in real estate discussions concerning Central Oregon, is experiencing high inventories according to multiple listing service data through June 2008, which some observers call great news for buyers and a worrisome prospect for sellers.

An Internet check of the MLS for Sisters in June 2008 finds 134 single family residences for sale, with 90 homes on one acre or more for sale . Last month, the majority of those single family residences were priced from $250,000 to $599,999. During the last 12 months there have been 96 single family residence sales, and 25 sales of homes with an acre of land or more. That suggests a 17-month supply of single family homes on the market, and a 43-month supply of houses sitting available with one or more acres, according to Broker Lisa Broadwater.

The average sale price of single family homes in Sisters for second quarter 2008 was about $453,400 compared to $469,800 during the same period last year. Residential listings with acreage sale prices averaged out to $919,100 and $868,100, respectively. There were five pending single family residence sales in June, averaging $385,700, and two pending sales in Sisters during the same period for homes on one or more acre of land, one for $996,500 and the other for $425,000.


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