Tumalo’s real estate market began the new year with a bang –- by closing an impressive 10 sales (more than double that of December and more than five times that of January 2010). Meanwhile, the number of Active listings inched down even further (from 52 in December to 50 in January), which helped reduce the overall inventory from a 9.2-month supply in December to an 8.5-month supply in January. To give a sense of just how far we’ve come: In January 2009, there were twice as many Active listings (99).
December’s spike in median list price to $790,000 (caused by last month’s overall decrease in sales and Active listings in the lower price brackets only), did indeed prove to be temporary; in January, the median list price returned to a more reasonable (but still too high) $687,000.
With much of the buying activity focused on the lower end of the scale (with seven of the 10 sales in January under $500,000), many Tumalo sellers will need to be priced below that benchmark to move their properties. Maybe we’ll see more adjustment on their part in February — at least if last year’s trends are any indication. In February 2010, the median price of Active listings fell to $599,000 –- the lowest median list price in 2009 or 2010. (It didn’t stay there, however; by spring, it had risen back to $650,000).
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 January highlights of the Tumalo real estate market:
Active Residential With Acreage Listings in Tumalo: 50
Contingent Residential With Acreage Sales in Tumalo: 1
Pending Residential With Acreage Sales in Tumalo: 5
Residential With Acreage Closed Sales in Tumalo: 10
Average Days on Market: 296 days for Active RW listings
211 days for RW listings sold in January
Median Sales Price: $687,000 for Active RW listings
$287,550 for RW listings sold in January
Residential with Acreage: 8.5-month supply (71 sales in the previous 12 months)
Least-Expensive Residential with Acreage Active Listing: $215,000
Most-Expensive Residential with Acreage Active Listing: $2,890,000
Price Point with the Most Active Listings: $1,250,000-$1,499,999 (7 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 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 here.
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.