In February, the already low inventory of Residential with Acreage (RW) listings in Tumalo continued to shrink –- hopefully, for the last time this year. Now that spring is on the way and the main selling season is just around the corner, the Tumalo real estate market could really use some more options for buyers! (Compare that number to that of June 2009, when there were 104 Active listings). Thirty Active listings just isn’t enough to satisfy the interest out there. And when you look at the number of current listings compared to the number of sales during the past 12 months, you’re left with just 4.8 months of inventory. That’s good news for Tumalo sellers, particularly those with homes priced below $500,000
The scarcity of available properties in what many consider Central Oregon’s most desirable rural community is even more notable when you take into consideration that there are currently only five Active listings below $350,000 and that 30 percent of the Active listings are priced at $1 million or higher. Yes, we’re seeing some million-dollar buyers this year, but certainly not one-third of the pool -– not by a long shot.
For example, when it comes to sales in February, all six Closed sales were below $500,000, including two sales below $250,000 and the remaining four were below $500,000. Pending sales showed a little more activity on the higher end –- with two of the four sales above $550,000.
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 February highlights of the Tumalo real estate market:
LISTING ACTIVITY
Active Residential With Acreage Listings in Tumalo: 30
Contingent Residential With Acreage Sales in Tumalo: 0
Pending Residential With Acreage Sales in Tumalo: 4
Residential With Acreage Closed Sales in Tumalo: 6
Average Days on Market: 217 days for Active RW listings
165 days for the RW listing sold in February
Median Sales Price: $679,000 for Active RW listings
$337,500 for the RW listings sold in February
INVENTORY:
Residential with Acreage: 4.8-month supply (75 sales in the previous 12 months)
SALES PRICE:
Least-Expensive Residential with Acreage Active Listing: $197,600
Most-Expensive Residential with Acreage Active Listing: $4,000,000
Price Point with the Most Active Listings: $400,000-$449,999 (four listings)
Listings at $1,000,000 or more: 10
