In June, the Tumalo Residential With Acreage (RW) market saw another welcome increase in inventory. This time the increase was more substantial, up from 34 in May to 44 in June. That’s a vast improvement from the 26 Active listings in Tumalo in May –- which, by the way, was a five-year low. (For comparison’s sake, the five-year high was 104 Active listings in May 2009).
Given the increase in options, it might seem odd that sales dipped significantly this month -– down from 10 Closed sales in May to just four Closed sales in June. However, the Tumalo market experienced the same dip last year. And Pending sales for June were strong, with seven Pending sales by the end of the month (including a home listed at $2,850,000). There was also another Closed million-dollar sale, at $1,175,000. That brings Tumalo’s number of million-dollar sales so far this year to three –- with another three Pending.
The overall days on market (DOM) for Active RW listings in Tumalo also improved -– down from 162 DOM in May to 143 DOM in June. That number was helped by the percentage of Closed sales of properties that had been listed for more than a year: Three of the four closed sales had been on the market at least 300 days -– which is often the case with the higher-end properties. Glad to see those listings go!
And in a rare switch, the median price of Closed sales was significantly higher than that of Active listings ($787,500 compared to $687,000).
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 June highlights of the Tumalo real estate market:
Active Residential With Acreage Listings in Tumalo: 44
Contingent Residential With Acreage Sales in Tumalo: 0
Pending Residential With Acreage Sales in Tumalo: 7
Residential With Acreage Closed Sales in Tumalo: 4
Average Days on Market: 143 days for Active RW listings
303 days for the RW listing sold in June
Median Sales Price: $687,000 for Active RW listings
$787,500 for the RW listings sold in June
Residential with Acreage: 6.9-month supply (77 sales in the previous 12 months)
Least-Expensive Residential with Acreage Active Listing: $280,000
Most-Expensive Residential with Acreage Active Listing: $3,990,000
Price Point with the Most Active Listings: $450,000-$499,999 (6 listings) & $650,000-$699,999 (5 listings)
Listings at $1,000,000 or more: 10
If you’re interested in studying the market in more depth, below are several charts that capture various aspects of the June 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, GRI, CDPE, is a Central Oregon-based real estate professional who specializes in listing and selling homes, especially in Sisters, Tumalo, Bend and Redmond.