After months in which the Tumalo real estate market was most noteworthy for its decreases, Tumalo experienced a series of increases in March. On the one hand, Active Residential With Acreage listings were up (from 69 in February to 76) in March. On the other hand, pending and closed sales were also up (from 10 in February to 20 in March). And, for the first time in quite a while, the median price of Active listings was up (from $599,000 in February to $614,450 in March), as was the number of million-dollar listings (up from 17 in February to 21 in March). The only thing that didn’t increase was the overall supply — which held at 18 months’ worth of inventory.
The increase in both pricing and number of Active listings may be attributed to the approaching spring selling season. It could also be an indicator that Tumalo market has reached its bottom. Time will tell…
As a horse-property specialist, Tumalo has always been of particular interest to me because that’s where you’ll find any of the most desirable horse properties in Central Oregon. Because its boundaries are up to interpretation, please consider the following statistics a general barometer of the area’s real estate activity that includes most, but not necessarily all, of the listings in Tumalo.
Here are a few March highlights of the Tumalo market:
Active Residential With Acreage Listings in Tumalo: 76
Contingent Residential With Acreage Sales in Tumalo: 4
Pending Residential With Acreage Sales in Tumalo: 12
Residential With Acreage Closed Sales in Tumalo: 8
Average Days on Market: 209 days for Active RW listings
260 days for RW listings sold in March
Median Sales Price: $614,450 for Active RW listings
$299,500 for RW listings sold in March
Residential with Acreage: 18-month supply (51 sales in the previous 12 months)
Least-Expensive Residential with Acreage Active Listing: $237,700
Most-Expensive Residential with Acreage Active Listing: $2,950,000
Price Point with the Most Active Listings: $550,000-$599,000 (11 listings)
Listings at $1,000,000 or more: 21
About the Author
Lisa Broadwater, GRI, CDPE, is a Central Oregon-based real estate professional who specializes in listing and selling homes, especially in Sisters, Tumalo, Bend and Redmond.