In May, the Tumalo Residential With Acreage (RW) real estate market saw its strongest month in sales since April 2011, with 10 closed sales. By comparison, there were seven closed sales in May 2011, four in May 2010 and just two in May 2009.
Another good sign: Of those 10 sales, four were above $400,000. Also, included in the Pending sales was a home listed at $1,625,000 -– a property that had been on the market just 16 days. If that sale closes, it will be the first million-dollar RW sale in Tumalo this year.
Interestingly, the seven listings that went Pending in May had an average of just 70 days on the market. That speaks to the growing demand and low supply of homes in Tumalo (just 8.2 months of inventory) –- especially at the lower end of the price spectrum.
After decreasing for several months, the number of Active listings did increase a bit -– up from 45 Active listings in April to 58 in May. However, there is less inventory than last year at this time, when there were 65 Active listings. And it’s significantly lower than May 2010, when there were 77 Active listings, and May 2009, when there were 88.
One thing I was happy to see that didn’t increase in May: the percentage of million-dollar listings. Although the overall number of Active listings increased by 13, the overall number of million-dollar listings held steady at 15.
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 May highlights of the Tumalo real estate market:
Active Residential With Acreage Listings in Tumalo: 58
Contingent Residential With Acreage Sales in Tumalo:2
Pending Residential With Acreage Sales in Tumalo: 7
Residential With Acreage Closed Sales in Tumalo: 10
Average Days on Market: 208 days for Active RW listings
180 days for RW listings sold in May
Median Sales Price: $699,000 for Active RW listings
$337,450 for RW listings sold in May
Residential with Acreage: 8.2-month supply (85 sales in the previous 12 months)
Least-Expensive Residential with Acreage Active Listing: $149,800
Most-Expensive Residential with Acreage Active Listing: $3,990,000
Price Point with the Most Active Listings: $400,000-$449,999 & $750,000-$799,999 (each w/6 listings)
Listings at $1,000,000 or more: 15
If you’re interested in studying the market in more depth, below are several charts that capture various aspects of the May 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.