This has been the summer of million-dollar sales for the Tumalo Residential With Acreage (RW) market. Yet another sale in August brought the number of this year’s million-dollar sales in Tumalo to seven. The 51-acre horse-training/boarding facility, which sold for $1,075,000, had been listed off and on since the summer of 2007. Its original list price back then: $1,975,000. (By the way, another million-dollar sale closed the first week of September).
That being said, in August, that one million-dollar property was the only high-end listing to sell for the month. The other nine Closed sales were all below $600,000, and all eight Pending sales were below $500,000. That might not bode well for high-end sellers this winter.
Luckily for buyers, the inventory of million-dollar listings compared to listings at a more reasonable price point is also shrinking. Once again, the $450,000-$499,999 bracket was by far the most popular among Active listings, with double the number of listings of any other category.
Entry-level horse-property buyers, on the other hand, still have little to choose from. By the end of August, there were just four Active RW listings in Tumalo below $300,000.
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:
LISTING ACTIVITY
Active Residential With Acreage Listings in Tumalo: 59
Contingent Residential With Acreage Sales in Tumalo: 0
Pending Residential With Acreage Sales in Tumalo: 8
Residential With Acreage Closed Sales in Tumalo: 10
Average Days on Market: 149 days for Active RW listings
116 days for the RW listing sold in August
Median Sales Price: $625,000 for Active RW listings
$387,000 for the RW listings sold in August
INVENTORY:
Residential with Acreage: 8.2-month supply (86 sales in the previous 12 months)
SALES PRICE:
Least-Expensive Residential with Acreage Active Listing: $129,900
Most-Expensive Residential with Acreage Active Listing: $6,700,000
Price Point with the Most Active Listings: $450,000-$499,999 (9 listings)
Listings at $1,000,000 or more: 10
If you’re interested in studying the market in more depth, below are several charts that capture various aspects of the August real estate market in Tumalo 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.
