At first glance, you might think I’ve mistakenly reprinted the Tumalo real estate market statistics for January, not February. That’s because the numbers for the two months are eerily similar: In fact, January and February have the exact same number of Active Residential With Acreage (RW) listings and the same number of Closed sales. The number of days on market for Active listings was also right in line (165 days for February and 160 for January), as were Pending sales (three for February and five for January).
One key difference between the two months: There was not a million-dollar sale in February — there wasn’t even a sale above $410,000. Hmmm, maybe the two feet of snow that got dumped on Central Oregon at the beginning of the month kept everyone home. Or not –- Last February’s numbers were almost identical (with six Closed sales, all below $500,000).
This year, Tumalo was in a little better shape when it comes to overall supply, with 41 Active listings, compared to just 30 Active listings in February 2013. Half of those listings are priced between $400,000 and $750,000, and nine Active listings are a million dollars or more.
The number of days on market (DOM) for Active listings has improved quite a bit since this time last year: 165 days in February 2014, compared to 217 DOM in February 2013. One thing that hasn’t changed a lot: the median price of Active listings; it was $685,000 in February 2014, compared to $679,999 in February 2013.
Meanwhile, the lack of inventory (determined by dividing the number of Active listings by the number of sales during the past 12 months) is still an issue: In February 2014, there was just a 5.1-month supply of Active listings, compared to a 4.8-month supply in February 2013. A six-month supply is considered a balanced market.
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 highlights of the February Tumalo real estate market, based on data provided by MLSCO on March 9, 2014:
Active Residential With Acreage Listings in Tumalo: 41
Contingent Residential With Acreage Sales in Tumalo: 0
Pending Residential With Acreage Sales in Tumalo: 3
Residential With Acreage Closed Sales in Tumalo: 4
Average Days on Market: 165 days for Active RW listings
165 days for the RW listings sold in February
Median Sales Price: $685,000 for Active RW listings
$379,000 for the RW listings sold in February
Residential with Acreage: 5.1-month supply (97 sales in the previous 12 months)
Least-Expensive Residential with Acreage Active Listing: $210,000
Most-Expensive Residential with Acreage Active Listing: $6,700,000
Price Point with the Most Active Listings: $400,000-$449,999 (five listings)
Listings at $1,000,000 or more: 9
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.