The Tumalo real estate market continued to make progress in August. Not only were sales up slightly, but half of the 18 contingent, pending and closed sales were above $400,000.
That increase in the price of Sold listings (a trend for several months now), paired with the decrease in the price of Active listings has helped bring the median price of Active and Sold listings closer together than it has been in quite some time. In August, the median price for Active listings was $599,000, with a median price of $410,000 for Sold listings. By comparison, the median price for Active listings in August 2010 was $650,000, while the median price for Sold listings was $347,500.
Meanwhile, there were two noteworthy changes to the Tumalo inventory in August. The number of Active listings actually decreased slightly (from 79 to 76), although we’re still in the peak selling season. That, combined with strong sales, helped bring the overall supply down once again (from an 11.5-month supply in July to a 10.7-month supply in August). That’s an impressive improvement over August 2010, when there was a 17.25-month supply and a vast improvement over August 2009, when there was a 32-month supply.
The other interesting aspect of the August inventory in Tumalo is how evenly it was distributed among various price points –- with eight different categories having between four and six listings (all under $1,250,000). By contrast, in August 2010, there were two clear favorites: the $450,000-$499,999 range and $1,250,000-$1,499,999 brackets each had 10 listings, double that of any of the other price point.
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 August highlights of the Tumalo real estate market:
Active Residential With Acreage Listings in Tumalo: 76
Contingent Residential With Acreage Sales in Tumalo: 5
Pending Residential With Acreage Sales in Tumalo: 4
Residential With Acreage Closed Sales in Tumalo: 9
Average Days on Market:
200 days for Active RW listings
267 days for RW listings sold in August
Median Sales Price:
$599,000 for Active RW listings
$410,000 for RW listings sold in August
Residential with Acreage: 10.7-month supply (85 sales in the previous 12 months)
Least-Expensive Residential with Acreage Active Listing: $158,000
Most-Expensive Residential with Acreage Active Listing: $4,900,000
Price Points with the Most Active Listings:
$250,000-$299,999, $400,000-$449,999, $450,000-$499,999 & $550,000-$599,999 (each w/6 listings)
Listings at $1,000,000 or more: 19
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.