Nothing earth-shaking to report about the Tumalo real estate market in July. Sales were brisk, as they have been since spring (but it’s interesting to note that this was not the case last July, which saw only two sales). Also, Active listings only increased by three in July, while the existing inventory saw a slight decrease (from a 11.7-month supply in June to a 11.5-month supply in July).
The only noteworthy change in July was (no surprise) the ever-fluctuating median price of Active listings, which dropped significantly — from $644,700 in June to $608,900 in July. By comparison, in July 2010, the median list price was $649,900, and in July 2009, it was $725,000.
In June, there was very little activity at the upper price ranges. However, in July, two of the eight sales were above $500,000, and two of the four pending listings were above $600,000. It’s nice to see some higher-end buyers out there (especially since 49 of the 70 active listings in July were above $500,000).
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 July highlights of the Tumalo real estate market:
Active Residential With Acreage Listings in Tumalo: 79
Contingent Residential With Acreage Sales in Tumalo: 0
Pending Residential With Acreage Sales in Tumalo: 4
Residential With Acreage Closed Sales in Tumalo: 8
Average Days on Market: 171 days for Active RW listings
164 days for RW listings sold in July
Median Sales Price:
$608,900 for Active RW listings
$312,500 for RW listings sold in July
Residential with Acreage: 11.5-month supply (78 sales in the previous 12 months)
Least-Expensive Residential with Acreage Active Listing: $169,000
Most-Expensive Residential with Acreage Active Listing: $4,900,000
Price Point with the Most Active Listings: $450,000-$499,999 (10 listings)
Listings at $1,000,000 or more: 20
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.
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.