This morning, the national average for a 30-year fixed-rate conventional mortgage is 7.05%, the same as last week. Inventory levels across Deschutes, Crook, and Jefferson Counties have increased slightly this week, indicating that we may have reached the bottom for 2025. Even if we have seen the bottom for inventory levels, the increases will be slow for the next several weeks until more sellers begin listing for the summer. With the weekly activity across Central Oregon so steady, I will again take the opportunity to share a year-end recap, this time for Sisters.
Sisters
2022
Sold - 221, Median sale - $735,000, Days Listed - 8
2023
Sold - 180, Median sale - $719,000, Days Listed - 27
2024
Sold - 171, Median sale - $750,000, Days Listed - 30
The smaller market in Sisters has a tremendously diverse set of homes, making any broad analysis more challenging. However, the standout metric in this report is the reduced sales volume. With fewer homes listed at any given moment, attractive, well-priced properties sell relatively fast. The potential mix of views, location, and acreage significantly impacts marketability. Coincidently, I listed and sold the fourth most expensive home in Sisters in 2024, a beautiful home in the Aspen Lakes Golf Course community that closed at $1,989,000. The highest-priced sale in Sisters in 2024 was $2.9M
Below, I will show the sales over the last three years for Sisters above and below 10 acres.
Sisters - Above 10 Acres
2022
Sold - 16, Median sale - $1,525,000, Days Listed - 72
High - $6.8M, Average sq/ft 4,264, 3.8 bed/3.7 bath
2023
Sold - 9, Median sale - $1,850,000, Days Listed - 56
High - $15M, Average sq/ft 5,000, 4.6 bed/4.3 bath
2024
Sold - 14, Median sale - $1,760,000, Days Listed - 50
High - $2.9M, Average sq/ft 3,445, 3.4 bed/3.5 bath
With so few homes selling over 10 acres, the highest-priced sales significantly impact the data. Using the Median sale price helps to present a more accurate picture, but the average square footage and bedroom and bathroom counts get pulled up. The key for homes on larger acreage is the individual features of the house and property. Again, there is so much diversity that any accurate analysis requires a thorough property evaluation. But many of the homes in this category have large, very high-quality homes, extensive landscaping, and Cascade Mountain views.
Sisters - Below 10 Acres
2022
Sold - 207, Median sale - $725,000, Days Listed - 6
High - $3.3M, Average sq/ft 2,182, 3.2 bed/2.7 bath
2023
Sold - 171, Median sale - $695,494, Days Listed - 26
High - $2.475M, Average sq/ft 2,048, 3.2 bed/2.6 bath
2024
Sold - 158, Median sale - $733,500, Days Listed - 26
High - $2.1M, Average sq/ft 2,027, 3.1 bed/2.7 bath
The lot sizes for the homes above and below 10 acres are all over the map. However, lot size only adds so much value, considering that most of these properties cannot be subdivided and are single-family home sites. The average square footage and bedroom and bathroom count show more modest properties below 10 acres and significantly more sales. In the larger data pool of homes on property less than 10 acres, the price growth since 2022 is modest at only 1.17%.
Any market analysis looking at larger data pools is problematic because of the extreme diversity of location, home size and quality, views, and many other factors. These analyses have great value in identifying overall trends, but specific reporting for an individual home requires a deeper analysis. Just like a Zestimate cannot be right on the money, neither can a view of the entire city of Sisters or all of Deschutes County. With so much data available to buyers today, I frequently have clients quoting the last sale price of a property as a basis for deciding if the list price is accurate. With the significant price growth we witnessed in Central Oregon from 2020-2022, it is easy to be shocked by the lower cost of property a few years back. However, in the last three years, prices have remained mostly flat. There are always wildcards in the pricing calculation; some properties are marketable and unique.
I regularly design marketing and pricing strategies for my clients. I have local knowledge and a deep familiarity with the Central Oregon housing market. Contact me anytime if you have any questions about homes or property!
