In December, the Tumalo Residential with Acreage (RW) real estate market was pretty quiet. There was, in fact, just a single closed sale. No doubt one reason for the slow-down is the lack of inventory. By the end of December, there were just 35 Active RW listings in Tumalo. That’s almost half the number of Active RW listings in Tumalo in December 2009 (when there were 61). Similarly, the overall supply of listings continued to shrink: Tumalo now has just a 5.5-month supply, compared to a 16-month supply in December 2009.
Not surprisingly, most of the sales activity (there were also two Contingent sales and three Pending sales) came in the lower price points. In fact, all six sales were below $500,000. Of those six, four had been on the market three months or less.
After a slight spike in November, the median price for Active RW listings decreased again (from $649,900 in November to $625,000 in December). That may be explained by the decrease in million-dollar listings in December (four were taken off the market), which also helps explain the decrease in overall Days on Market for Active RW listings (down from 243 DOM in November to 209 DOM in December): Three out of four of those million-dollar listings had been on the market for more than a year.
Even with the removal of those four high-end listings, almost one-third of all Active Tumalo RW listings are priced at a million dollars or more.
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: 35
Contingent Residential With Acreage Sales in Tumalo: 2
Pending Residential With Acreage Sales in Tumalo: 3
Residential With Acreage Closed Sales in Tumalo: 1
Average Days on Market: 209 days for Active RW listings
92 days for the RW listing sold in December
Median Sales Price: $625,000 for Active RW listings
$265,000 for the RW listing sold in December
INVENTORY
Residential with Acreage: 5.5-month supply (76 sales in the previous 12 months)
SALES PRICE
Least-Expensive Residential with Acreage Active Listing: $212,850
Most-Expensive Residential with Acreage Active Listing: $4,000,000
Price Point with the Most Active Listings: $350,000-$399,999 (six listings)
Listings at $1,000,000 or more: 11
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.