In March, the Tumalo real estate market experienced a dramatic decrease in the median list price of Active listings (falling from $649,900 to $589,000). In April, however, the number popped right back up again (returning to $649,900). Actually, the $650,000 ballpark has been a popular price point in that category during the past year –- claiming six of the past 12 months. (During that time, we’ve also seen the median list price of Active listings as low as $589,900 and as high as $790,000.)
The number of sales also increased in April. In fact, they doubled — from six in March to 12 in April. That’s the highest number of sales per month since last April, which also saw 12 sales.
And there’s more good news for the Tumalo market: Unlike last year at this time, the number of Tumalo Residential with Acreage listings decreased slightly (from 62 to 59), as did the overall inventory (which fell from a 10.5-month supply in March to a 10.3-month supply). That’s significantly better than last year at this time, when there was a 15.6-month supply.
Although only three of the 12 closed sales in April were above $400,000, three of the four pending sales were above $450,000 (including one above $1,500,000). That’s a trend that Tumalo home sellers would love to see continue. And with the low inventory of available homes below $450,000, that’s seeming more and more likely (unless, of course, a new wave of distressed properties realigns this market).
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 April highlights of the Tumalo real estate market:
LISTING ACTIVITY
Active Residential With Acreage Listings in Tumalo: 59
Contingent Residential With Acreage Sales in Tumalo: 1
Pending Residential With Acreage Sales in Tumalo: 4
Residential With Acreage Closed Sales in Tumalo: 12
Average Days on Market: 226 days for Active RW listings
116 days for RW listings sold in April
Median Sales Price: $649,900 for Active RW listings
$279,500 for RW listings sold in April
INVENTORY:
Residential with Acreage: 10.3-month supply (69 sales in the previous 12 months)
SALES PRICE:
Least-Expensive Residential with Acreage Active Listing: $212,800
Most-Expensive Residential with Acreage Active Listing: $2,890,000
Price Point with the Most Active Listings: $450,000-$499,999| (9 listings)
Listings at $1,000,000 or more: 14
If you’re interested in studying the market in more depth, below are several charts that capture various aspects of the 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, Redmond and Bend.