In May, the Tumalo Residential With Acreage (RW) market saw a welcome, albeit small, increase in inventory –- up from 28 Active RW listings in April to 34 Active RW listings in May. By contrast, last year at this time, there were 58 Active listings on the market in Tumalo.
Luckily for buyers, much of the new inventory came among the lower price points, with four additional listings below $500,000. To put things in perspective, that almost doubled the options for buyers in the sub-$500,000 price range.
Speaking of price points for Active listings, in May there was no clear favorite. In fact, the listings were extremely evenly distributed, with no bracket containing more than three listings. There were, however, a few interesting voids -– with no Active listings priced between $350,000-$400,000 or $850,000-$950,000.
Because of the increase in lower-priced Active listings, the median price for Active listings decreased in May, down from $712,000 in April to $644,450. The days on market for Active listings also decreased notably, down from 200 DOM in April to 162 DOM in May.
As for sales, Tumalo continued to improve in terms of higher-end properties. Although just two of the 10 Closed sales were above $500,000, four of the 10 Pending sales were for homes listed above $750,000 and included two million-dollar properties (one listed at $1,295,000 and one listed at $2.5 million).
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:
LISTING ACTIVITY
Active Residential With Acreage Listings in Tumalo: 34
Contingent Residential With Acreage Sales in Tumalo: 0
Pending Residential With Acreage Sales in Tumalo: 10
Residential With Acreage Closed Sales in Tumalo: 10
Average Days on Market: 162 days for Active RW listings
171 days for the RW listing sold in May
Median Sales Price: $644,450 for Active RW listings
$384,000 for the RW listings sold in May
INVENTORY:
Residential with Acreage: 5.5-month supply (74 sales in the previous 12 months)
SALES PRICE:
Least-Expensive Residential with Acreage Active Listing: $280,000
Most-Expensive Residential with Acreage Active Listing: $4,000,000
Price Point with the Most Active Listings: all have between one and three listings
Listings at $1,000,000 or more: 9
