After an impressive start in January (10 sales), Tumalo’s real estate market slowed quite a bit in February, with just four sales. However, the market activity this month was significant for several reasons. First, three of those four sales were above $500,000, which is quite a departure from the norm (in January, for example, only three of the 10 sales were above $500,000). That meant that for the first time in quite a while, the median price of Sold listings ($570,000) was not significantly lower than the median price of Active listings ($649,900).
Another reason for that shift is that, although the total number of Active listings was up (from 50 in January to 59 in February), the bulk of those new listings were in the lower price points, which brought the median price of Active listings down once again (from $687,000 in January to $649,900 in February). That also triggered a change in the most popular listing category; in January, there were more listings in the $1,250,000-$1,499,999 range than any other category; in February, the $450,000-$499,999 range held the most listings.
Meanwhile, because of the increase in Active listings and decrease in sales, the overall inventory increased a bit, from an 8.5-month supply in January to a 9.8-month supply on February.
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 February highlights of the Tumalo real estate market:
Active Residential With Acreage Listings in Tumalo: 59
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: 241 days for Active RW listings
104 days for RW listings sold in February
Median Sales Price: $649,900 for Active RW listings
$570,000 for RW listings sold in February
Residential with Acreage: 9.3-month supply (72 sales in the previous 12 months)
Least-Expensive Residential with Acreage Active Listing: $178,500
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: 18
If you’re interested in studying the market in more depth, below are several charts that capture various aspects of the Sisters 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.