Just as it did in November, Tumalo’s real estate market saw several improvements in December. For starters, the number of Active listings continued its steady decrease (from 67 in November to 52 in December). That’s down significantly since the 2010 high of 96 Active listings in July.
Similarly, the overall inventory experienced a sharp decrease: from a 12.8-month supply in November to a 9.17-month supply in December. That’s a far cry from January’s sizable 19-month supply of inventory. (A balanced market has about a six-month supply.)
However, one key real estate market segment didn’t change in Tumalo in December: the number of million-dollar listings; it remained at 19. As a result of the overall decrease (both in sales and in Active listings) in the lower price brackets only, the median list price for Active Tumalo listings spiked sharply –- from $665,000 in November to $790,000 in December. That’s the highest it’s been since June 2009, when it was $759,500. Hopefully, Tumalo sellers will realize that this can be a misleading number, if it’s the only one they focus their attention on.
The reality is that, although there was some sales activity above the $500,000 mark in December (one Pending and one Closed sale), most of Tumalo’s buyers are still in the under $500,000 market, which will continue to present a challenge to all those higher-priced properties. For them to sell, they’ll need to be priced especially competitively.
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 December highlights of the Tumalo real estate market:
LISTING ACTIVITY
Active Residential With Acreage Listings in Tumalo: 52
Contingent Residential With Acreage Sales in Tumalo: 2
Pending Residential With Acreage Sales in Tumalo: 5
Residential With Acreage Closed Sales in Tumalo: 4
Average Days on Market: 269 days for Active RW listings
154 days for RW listings sold in December
Median Sales Price: $790,000 for Active RW listings
$287,550 for RW listings sold in December
INVENTORY:
Residential with Acreage: 9.2-month supply (68 sales in the previous 12 months)
SALES PRICE:
Least-Expensive Residential with Acreage Active Listing: $215,000
Most-Expensive Residential with Acreage Active Listing: $2,950,000
Price Point with the Most Active Listings: $450,000-$499,999 (7 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 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, Redmond and Bend.