It was another strong showing for the Tumalo Residential With Acreage real estate market in February. In fact, this month Tumalo reached the so-called magic number when it comes to inventory: a six-month supply, which is considered to be the sign of a balanced market (which equally favors buyers and sellers).
Last month, Tumalo was close to the mark, with a 7.6-month supply. The reason for the additional progress: a decrease in the total number of Active RW listings (down from 53 in January to 43 in February), combined with the high number of sales (six Closed and 11 Pending sales).
Because the bulk of those sales are on the lower end of the price spectrum (all but two are below $400,000), the median list price of Active listings increased significantly in February — up from $595,000 in January to $775,000 in February. That meant the gap between the median price for Active vs. Sold listings has widened (the median for Sold listings was $297,448).
There was one sale above $600,000 ($616,000), but most high-end sellers are still facing an uphill battle: While the number of overall Active listings is decreasing, the number of million-dollar listings has been the same (12 or 13) since October.
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 February Tumalo real estate market:
Active Residential With Acreage Listings in Tumalo: 43
Contingent Residential With Acreage Sales in Tumalo:0
Pending Residential With Acreage Sales in Tumalo: 11
Residential With Acreage Closed Sales in Tumalo: 6
Average Days on Market: 220 days for Active RW listings
189 days for RW listings sold in February
Median Sales Price: $775,000 for Active RW listings
$297,448 for RW listings sold in February
Residential with Acreage: 6-month supply (85 sales in the previous 12 months)
Least-Expensive Residential with Acreage Active Listing: $142,900
Most-Expensive Residential with Acreage Active Listing: $4,900,000
Price Point with the Most Active Listings: $400,000-$449,999, $750,000-$799,999 & $1,000,000-$1,249,999 (each with 4 listings)
Listings at $1,000,000 or more: 13
If you’re interested in studying the market in more depth, below are several charts that capture various aspects of the February 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, Bend and Redmond.