Like much of the country, the Tumalo real estate market experienced fewer sales in May than April, after the expiration of the federal homebuyer tax credit. But unlike many communities gearing up for the summer selling season, Tumalo also experienced a decrease in the number of Active listings (from 77 in April to 71 in May).
That’s good news for sellers: That means that we’re steadily decreasing the inventory to more balanced market. We’re now down to a 14.2-month supply, which is much, much healthier than the May ’09 numbers (a daunting 33-month inventory), with almost double the sales in the previous 12 months (60 sales in May ’10 compared to 32 sales in May ’09)
Meanwhile, the median price of Active Residential with Acreage listings in May 2010 reversed course and increased noticeably –- up from $599,900 in April to $649,600 in May. But it’s still significantly below May ‘09’s median price of $898,500.
As a horse-property specialist, Tumalo has always been of particular interest to me because that’s where you’ll find many 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 May highlights of the Tumalo market:
LISTING ACTIVITY
Active Residential With Acreage Listings in Tumalo: 71
Contingent Residential With Acreage Sales in Tumalo: 1
Pending Residential With Acreage Sales in Tumalo: 3
Residential With Acreage Closed Sales in Tumalo: 4
Average Days on Market: 227 days for Active RW listings
243 days for RW listings sold in May
Median Sales Price: $649,600 for Active RW listings
$525,950 for RW listings sold in May
INVENTORY:
Residential with Acreage: 14.2-month supply (60 sales in the previous 12 months)
SALES PRICE:
Least-Expensive Residential with Acreage Active Listing: $189,000
Most-Expensive Residential with Acreage Active Listing: $2,950,000
Price Point with the Most Active Listings: $1,250,000-$1,499,000 (7 listings)
Listings at $1,000,000 or more: 23
If you’re interested in studying the market in more depth, below are a number of charts that capture various aspects of the Tumalo real estate market in detail.
About the Author:
Lisa Broadwater, GRI, CDPE s a Central Oregon-based real estate professional who specializes in listing and selling homes, especially in Sisters, Tumalo, Redmond and Bend.