In December, the Residential real estate market in Tumalo saw another sizable drop in Active listings: a decrease from 40 in November to 30 in December. That’s the lowest number of Active listings in Tumalo since April 2013, when there were just 28. Looking back over the past five years, only March 2013, with 26 listings, had fewer options for potential buyers.
That sharp drop in Active listings meant that the overall supply of homes on the market in Tumalo again decreased — down from a 5.9-month supply in November to a 4.9-month supply. With so few properties on the market in Tumalo — and with so many of them above the million-dollar mark (in December, 12 of the 30 listings, or 40 percent, were above $1 million — it’s no surprise that the number of Closed sales decreased significantly. In fact, there was just one Closed sale in Tumalo in December, compared to three in November and nine in December 2013. There were, however, four Pending sales, all of which were for properties listed below $600,000.
Which brings us to another benchmark that Tumalo reached in December — and it won’t come as good news to buyers: The median price of Active listings rose to $839,000 (up from $794,450 in November), which is the highest it’s been since May 2009, when it was $898,500. By contrast, in December 2013, the median price for Active listings was $637,500.
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 highlights of the Tumalo real estate market in December, based on data provided by MLSCO on Jan. 13, 2015:
Active Residential With Acreage Listings in Tumalo: 30
Contingent Residential With Acreage Sales in Tumalo: 0
Pending Residential With Acreage Sales in Tumalo: 4
Residential With Acreage Closed Sales in Tumalo: 1
Average Days on Market: 218 days for Active RW listings
204 days for the RW listings sold in December
Median Sales Price: $839,000 for Active RW listings
$849,000 for the RW listings sold in December
Residential with Acreage: 4.9-month supply (73 sales in the previous 12 months)
Least-Expensive Residential with Acreage Active Listing: $265,000
Most-Expensive Residential with Acreage Active Listing: $6,600,000
Price Point with the Most Active Listings: $750,000-$799,999 (six listings)
Listings at $1,000,000 or more: 12
If you’re interested in studying the market in more depth, below are several charts that capture various aspects of the December Tumalo real estate market in detail.
Thinking of making a move to Tumalo? I’d love to help you find the perfect Central Oregon property. You can reach me by phone or text at (541) 480-0987 or by email.
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.