Ordinarily, the fact that the inventory of homes in the Tumalo Residential With Acreage (RW) market has doubled since May might be the most newsworthy tidbit. After all, would-be Tumalo buyers have been circling for months, waiting for the summer inventory increase to hit. That being said, it’s not too surprising that Tumalo experienced a strong month of sales –- 12 Closed sales in July compared to 4 in June, with another eight sales Pending by the end of the month
However, for July, the real news was the activity within the million-dollar market. Three homes sold for more than $1.5 million, and another one listed at $1,150,000 went Pending. Yet another — a home priced at $6.7 million — came on the market. That’s more million-dollar activity than Tumalo, Sisters and Redmond combined had seen in all of 2013 to date. (Bend, by the way, has shown to be the most popular choice –- by far –- for Central Oregon’s million-dollar buyers so far this year, with 12 million-dollar sales by the end of July.)
Meanwhile, the available options at the opposite end of the price spectrum continued to dwindle: By the end of July, there were just five Active listings below $400,000, compared to 11 Active listings above $1 million.
Interestingly, although the high-end numbers are increasing, the overall percentage of Active million-dollar listings has decreased since this time last year, with 11 Active listings in July priced above $1 million, compared to 16 Active listings priced above $1 million this time last year, when there were fewer Active listings (52 in July 2013 compared to 47 in July 2012). Back then, the $1,000,000-$1,249,999 price bracket tied with the $450,000-$499,999 bracket for the most popular price range among Active listings. This year, the $450,000-$499,999 bracket was by far the most popular, with double the listings of any other category.
The overall days on market (DOM) for Active RW listings in Tumalo continues to improve -– down from 143 DOM in June to 137 DOM in July. Better yet, the number of listings that have been on the market for more than 300 days has shrunk significantly –- just three of the 52 Active listings. That compares favorably to last year at this time, when there were nine.
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 July Tumalo real estate market:
LISTING ACTIVITY
Active Residential With Acreage Listings in Tumalo: 52
Contingent Residential With Acreage Sales in Tumalo: 1
Pending Residential With Acreage Sales in Tumalo: 8
Residential With Acreage Closed Sales in Tumalo: 12
Average Days on Market: 137 days for Active RW listings
149 days for the RW listing sold in July
Median Sales Price: $649,450 for Active RW listings
$450,000 for the RW listings sold in July
INVENTORY:
Residential with Acreage: 8.1-month supply (77 sales in the previous 12 months)
SALES PRICE:
Least-Expensive Residential with Acreage Active Listing: $280,000
Most-Expensive Residential with Acreage Active Listing: $6,700,000
Price Point with the Most Active Listings: $450,000-$499,999 (9 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 July Tumalo real estate market in detail.
Thinking of making a move to Sisters? 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.
About the Author
Lisa Broadwater is a Central Oregon-based real estate professional who specializes in listing and selling homes in Bend, Sisters, Tumalo and Redmond.