In March, the pitifully low inventory of Residential with Acreage (RW) listings in Tumalo certainly didn’t slow the sales activity. In fact, even though the inventory continues to dwindle to ridiculous lows (just 26 Active listings), the month’s sales activity actually increased significantly -– in fact, it doubled (from 10 Pending and Closed sales in February to 20 Pending and Closed sales in March).
That meant the lowest price point within Active RW listings also increased significantly. In February, the least expense Active RW listing in Tumalo was priced at $197,600; in March, it was $299,000. And unless Tumalo gets some additional listings, with the sale of just two more properties, that number will increase to $350,000.
Because there are so few options for buyers at the low end of the price spectrum – more than 35 percent of the Active RW listings in March (nine of the 26 listings) were priced above one million dollars –- the number of higher-priced properties that sold in March also increased. In fact, five of the eight Closed sales were above $500,000, while six of the 12 Pending sales were above $400,000 -– and included a property listed for $1,495,000.
Consequently, the median price for Active RW listings in Tumalo is also increasing; in March, it was $735,000 (up from $679,000 in February). With the inventory at just 4.3 months, Tumalo is certainly shaping up to be a seller’s market this summer.
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 March highlights of the Tumalo real estate market:
Active Residential With Acreage Listings in Tumalo: 26
Contingent Residential With Acreage Sales in Tumalo: 0
Pending Residential With Acreage Sales in Tumalo: 12
Residential With Acreage Closed Sales in Tumalo: 8
Average Days on Market: 243 days for Active RW listings
153 days for the RW listing sold in March
Median Sales Price: $735,000 for Active RW listings
$574,950 for the RW listings sold in March
Residential with Acreage: 4.3-month supply (73 sales in the previous 12 months)
Least-Expensive Residential with Acreage Active Listing: $299,000
Most-Expensive Residential with Acreage Active Listing: $4,000,000
Price Point with the Most Active Listings: all categories have just one or two listings
Listings at $1,000,000 or more: 9
If you’re interested in studying the market in more depth, below are several charts that capture various aspects of the March Tumalo real estate market in detail.