July was a busy month for the Tumalo real estate market. Although there were only two closed sales, there were 14 Pending and Contingent sales. That’s a big jump, both from last month (which had four Pending and Contingent sales) and last July (which had five Pending and Contingent sales).
Listings, on the other hand, only increased slightly, after experiencing a large spike in June. That increase helped to raise the overall level of inventory a bit (from a 17.6-month supply in June to an 18.5-month supply in July). That’s still significantly better than was the case in July 2009, when the Tumalo market held a whopping 39-month supply.
Meanwhile, the median price of Active listings has hovered around the $649,000 mark for the third month in a row, after reaching a two-year low of $599,000 in March 2010. Similarly, the number of million-dollar listings is on the rise again, from 22 in June to 26 in July.
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 July highlights of the Tumalo real estate market:
Active Residential With Acreage Listings in Tumalo: 96
Contingent Residential With Acreage Sales in Tumalo: 4
Pending Residential With Acreage Sales in Tumalo: 10
Residential With Acreage Closed Sales in Tumalo: 2
Average Days on Market: 214 days for Active RW listings
147 days for RW listings sold in July
Median Sales Price: $649,900 for Active RW listings
$647,250 for RW listings sold in July
Residential with Acreage: 18.5-month supply (62 sales in the previous 12 months)
Least-Expensive Residential with Acreage Active Listing: $169,500
Most-Expensive Residential with Acreage Active Listing: $2,950,000
Price Point with the Most Active Listings: $450,000-$499,000 (nine listings)
Listings at $1,000,000 or more: 26
If you’re interested in studying the market in more depth, below are a number of charts that capture various aspects of the Sisters 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.