After a few months of slower sales activity, the October Tumalo Residential with Acreage (RW) real estate market picked up steam again — with six Closed sales and eight Pending sales. Included in those sales are quite a few higher-priced properties. In fact, three of the six Closed sales and three of the eight Pending sales were above $400,000 (and included in the Pending sales is a million-dollar property). That’s an encouraging sign for Tumalo, since the bulk of its Active listings are above $400,000 (and 14 are over a million dollars).
Last year, the number of Active RW listings reached into the mid-70s during the summer. This year, however, the number hovered in the mid-50s for much of the year (and never went above 58). With the arrival of October, that number dipped into the 40s (42, to be exact). That’s the lowest that the Tumalo inventory has dipped in any month this year. Actually, it’s the lowest it’s been in the past four years. By contrast, in October 2009, there were double that number of Active RW listings in Tumalo.
As a result of the strong sales and dwindling listings, the overall inventory has once again reached the magic six-month mark (what is considered by many as the indicator of a balanced market, which equally favors buyers and sellers). However, given the high percentage of million-dollar listings, the so-called “balance” is misleading, since so many buyers are searching for lower-priced options. For them, there are significantly fewer options to choose from: Just eight Active listings are below $400,000.
One other interesting bit of trivia: Although there are 10 fewer listings this month, the Median Sales Price for Active RW listings was identical to September’s: $624,450.
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 October highlights of the Tumalo real estate market:
LISTING ACTIVITY
Active Residential With Acreage Listings in Tumalo: 42
Contingent Residential With Acreage Sales in Tumalo: 1
Pending Residential With Acreage Sales in Tumalo: 8
Residential With Acreage Closed Sales in Tumalo: 6
Average Days on Market: 252 days for Active RW listings
217 days for RW listings sold in October
Median Sales Price: $624,450 for Active RW listings
$389,500 for RW listings sold in October
INVENTORY:
Residential with Acreage: 6.5-month supply (77 sales in the previous 12 months)
SALES PRICE:
Least-Expensive Residential with Acreage Active Listing: $117,500
Most-Expensive Residential with Acreage Active Listing: $3,990,000
Price Point with the Most Active Listings: $400,000-$449,999 (six listings)
Listings at $1,000,000 or more: 14
If you’re interested in studying the market in more depth, below are several charts that capture various aspects of the October 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 here.
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.