The most noteworthy thing about the September Tumalo real estate market was the large jump in the median sales price of Active listings –- the price rose to $699,000 after holding steady at $650,000 all summer. That’s a significant jump from the two-year low of $599,000, reached in February of this year. In fact, the median price of Active listings hasn’t been that high since November 2009 (but it’s still much more sustainable than the spring ’09 number of $899,000).
It will be interesting to see if $699,000 is a temporary number that’s merely a reflection of the August sales (the bulk of which were under $500,000) combined with the decrease in the number or Active listings (from 92 in August to 83 in September). Although there are nine fewer Active listings, there are more million-dollar listings than in August (26 compared to 25).
Meanwhile, the strong sales (seven Closed, three Pending and three Contingent sales) combined with the decrease in listings has helped bring Tumalo’s Residential with Acreage inventory down to a 16-month supply (from a 17.25-month supply in August). That’s quite an improvement from a year ago: September 2009 had a 26-month supply of inventory.
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 September highlights of the Tumalo market:
Active Residential With Acreage Listings in Tumalo: 83
Contingent Residential With Acreage Sales in Tumalo: 3
Pending Residential With Acreage Sales in Tumalo: 3
Residential With Acreage Closed Sales in Tumalo: 7
Average Days on Market: 243 days for Active RW listings
132 days for RW listings sold in September
Median Sales Price: $699,000 for Active RW listings
$319,980 for RW listings sold in September
Residential with Acreage: 16.06-month supply (62 sales in the previous 12 months)
Least-Expensive Residential with Acreage Active Listing: $175,000
Most-Expensive Residential with Acreage Active Listing: $2,950,000
Price Point with the Most Active Listings:$450,000-$499,000, $650,000-$699,000 & $1,250,000-$1,499,000 (each w/10 listings)
Listings at $1,000,000 or more: 26
If you’re interested in studying the market in more depth, below are a number of charts that capture various aspects of the Sisters real estate market in detail.
About the Author:
Lisa Broadwater, GRI, CDPE s a Central Oregon-based real estate professional who specializes in listing and selling homes, especially in Sisters, Tumalo, Redmond and Bend.