In November, the Tumalo Residential with Acreage (RW) real estate market saw no major changes, and what changes there were came as no surprise. The already low inventory continued to shrink, down from 42 Active listings in October to 39 in November (and down significantly from this time last year, when there were 57 Active listings). Similarly, the overall supply of listings shrank: Tumalo now has just a 5.6-month supply, compared to a 6.5-month supply in October and a 7.3-month supply in November 2011.
October saw quite a bit of activity at the upper end of the price spectrum, but that wasn’t the case in November: Only one of the six Closed sales was over $600,000. And it looks like December will see the typical seasonal slow-down: By the end of November, there was just one Pending sale.
On a more positive note, that Pending sale does involve a higher-priced listing (between $600,000 and $649,000), which is a be good thing. It will help to have even one fewer listing in the upper price ranges. Perhaps the most telling statistic this month is that, even though there are significantly fewer Active listings than at this time last year, there are more Active million-dollar listings (13 compared to 12).
That helps explain the increase in the median price for Active listings, which is up from $624,400 in October to $649,900 in November–- compared to $599,000 in November 2011. We’ve now reached the point where one-third of all Active Tumalo Residential With Acreage listings are priced at a million dollars or more. Unfortunately for the sellers of those homes, there are significantly fewer million-dollar buyers in Tumalo — or anywhere else in Central Oregon, for that matter.
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 November highlights of the Tumalo real estate market:
Active Residential With Acreage Listings in Tumalo: 39
Contingent Residential With Acreage Sales in Tumalo: 0
Pending Residential With Acreage Sales in Tumalo: 1
Residential With Acreage Closed Sales in Tumalo: 6
Average Days on Market: 243 days for Active RW listings
145 days for RW listings sold in November
Median Sales Price: $649,900 for Active RW listings
$305,000 for RW listings sold in November
Residential with Acreage: 5.6-month supply (77 sales in the previous 12 months)
Least-Expensive Residential with Acreage Active Listing: $117,500
Most-Expensive Residential with Acreage Active Listing: $4,000,000
Price Point with the Most Active Listings: $250,000-$299,999,
$400,000-$449,999 & $1,000,000-$1,249,999 (each with four listings)
Listings at $1,000,000 or more: 13
If you’re interested in studying the market in more depth, below are several charts that capture various aspects of the November 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.