In October, it was business as usual for the Residential With Acreage (RW) real estate market in Tumalo. Which is to say, there was another million-dollar sale (the fifth straight month this year). Also sold in October was Tumalo’s only listing below $250,000. There are now just five listings below $350,000 (and, by contrast, there are eight listings above $1 million).
Oddly enough, even though the most popular price point for Active listings in Tumalo in October was, once again, the $450,000-$499,000 bracket, none of the seven Closed sales or seven Pending sales fell within that range. Five of the Closed sales were below $400,000, and five of the Pending sales were for properties listed below $400,000.
Although there were more Active listings in October 2013 than in October 2012 (50 compared to 42), the lack of inventory is still a concern. We’re down to a 6.5-month supply (down from a 6.9-month supply in September).
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 October Tumalo real estate market:
Active Residential With Acreage Listings in Tumalo: 50
Contingent Residential With Acreage Sales in Tumalo: 0
Pending Residential With Acreage Sales in Tumalo: 7
Residential With Acreage Closed Sales in Tumalo: 7
Average Days on Market: 191 days for Active RW listings
136 days for the RW listings sold in October
Median Sales Price: $574,975 for Active RW listings
$334,000 for the RW listings sold in October
Residential with Acreage: 6.5-month supply (92 sales in the previous 12 months)
Least-Expensive Residential with Acreage Active Listing: $257,500
Most-Expensive Residential with Acreage Active Listing: $6,700,000
Price Point with the Most Active Listings: $450,000-$499,999 (10 listings)
Listings at $1,000,000 or more: 8
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.
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.