Price continues to be the main story for the Tumalo real estate market (other than the fact that sales activity has been quite brisk). In May, the focus was on high-end properties, with an increase in higher-end listings and a number of high-end sales (including two above $1,000,000). In June, however, the bulk of the activity was aimed at the lower end of the market, with seven of the nine closed sales below $500,000 and six of the eight pending sales below $500,000.
The price of active listings was also lower than last month — down from $694,000 in May to $644,700 in June (and, for the seventh time in the past year, close to the $650,000 mark).
One area that did see an increase was in inventory. There were nine new listings, including three above $1,000,000 (which brought the overall supply of active million-dollar listings to 20). Although sales were also up, the supply increased slightly –- from a 10.8-month supply in May to an 11.7-month supply in June. Compare that to the state of the market in June 2009 –- when there was a 38-month supply of active listings –- and it’s hard to complain.
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 June highlights of the Tumalo real estate market:
LISTING ACTIVITY
Active Residential With Acreage Listings in Tumalo: 76
Contingent Residential With Acreage Sales in Tumalo: 2
Pending Residential With Acreage Sales in Tumalo: 8
Residential With Acreage Closed Sales in Tumalo: 9
Average Days on Market: 181 days for Active RW listings
141 days for RW listings sold in May
Median Sales Price: $644,700 for Active RW listings
$292,000 for RW listings sold in May
INVENTORY:
Residential with Acreage: 11.7-month supply (78 sales in the previous 12 months)
SALES PRICE:
Least-Expensive Residential with Acreage Active Listing: $190,000
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.
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.
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.