In November, the Residential With Acreage (RW) real estate market in Tumalo was not most noteworthy for its million-dollar activity — for a change (although a million-dollar property did go under contract). No, this month it was the activity among lower-priced properties that most piqued my interest.
To wit: Three of the six Closed RW sales were below $300,000, and six of the seven Pending sales were for properties listed below $500,000. Consequently, the inventory of lower-priced properties continues to decrease, while the percentage of million-dollar listings is on the rise.
Which brings me to the bad news for entry-level horse-property buyers in Tumalo: In November, there was no longer a single RW property on the market listed below $225,000 (and there was only one below $250,000, with a total of three below $300,000). The number of million-dollar listings, on the other hand, rose from nine to 11. Overall, the inventory of available properties decreased from a 6.9-month supply in October to a 6.4-month supply in November.
Although the pickin’s are pretty slim in Tumalo, especially among lower-priced properties, buyers could have it worse: Last year at this time, there was just a 5.6-month supply. Meanwhile, buyers have seen a significant increase in the median sales price of Active RW listings in Tumalo. In November 2013, it was $687,500, compared to $649,900 in November 2012.
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 highlights of the November Tumalo real estate market:
Active Residential With Acreage Listings in Tumalo: 48
Contingent Residential With Acreage Sales in Tumalo: 0
Pending Residential With Acreage Sales in Tumalo: 7
Residential With Acreage Closed Sales in Tumalo: 6
Average Days on Market: 186 days for Active RW listings
165 days for the RW listings sold in November
Median Sales Price: $687,500 for Active RW listings
$312,500 for the RW listings sold in November
Residential with Acreage: 6.4-month supply (90 sales in the previous 12 months)
Least-Expensive Residential with Acreage Active Listing: $225,000
Most-Expensive Residential with Acreage Active Listing: $6,700,000
Price Point with the Most Active Listings: $450,000-$499,999 (7 listings)
Listings at $1,000,000 or more: 11
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.
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.