A few things stand out about the Tumalo Residential with Acreage (RW) real estate market in January. It isn’t surprising that the inventory is at an all-time low (only 34 Active RW listings) or that the sales have dipped below summer peaks (we expect a seasonal slow-down each winter). No, what’s perhaps most noteworthy involves pricing.
In January, the least expensive RW property on the market in Tumalo was $284,900 – and that property was the only Active listing below $300,000. To put things into perspective, in January 2012, the least expensive Active RW listing in Tumalo was $99,900. What’s more, by the end of January 2013, there were only six other Active listings below $400,000. And, once again, one-third of the Active listings were priced above $1 million.
Meanwhile, two of the three Closed RW sales in Tumalo were for properties listed above $500,000. The average days on market for those three listings: a whopping 521 days (glad to see those listings gone!). Most of the seven pending sales, on the other hand, were on the lower end of the price spectrum (for Tumalo, anyway), with an average list price of $350,236; they had a much more reasonable average of 132 days on the 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 January highlights of the Tumalo real estate market:
LISTING ACTIVITY
Active Residential With Acreage Listings in Tumalo: 34
Contingent Residential With Acreage Sales in Tumalo: 0
Pending Residential With Acreage Sales in Tumalo: 7
Residential With Acreage Closed Sales in Tumalo: 3
Average Days on Market: 189 days for Active RW listings
521 days for the RW listing sold in January
Median Sales Price: $649,950 for Active RW listings
$515,000 for the RW listing sold in January
INVENTORY:
Residential with Acreage: 5.4-month supply (75 sales in the previous 12 months)
SALES PRICE:
Least-Expensive Residential with Acreage Active Listing: $284,900
Most-Expensive Residential with Acreage Active Listing: $4,000,000
Price Point with the Most Active Listings: $600,000-$649,999 (six listings)
Listings at $1,000,000 or more: 11
If you’re interested in studying the market in more depth, below are several charts that capture various aspects of the January 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.