In September, the Tumalo real estate market was most notable for its decreases. The number of Active Residential with Acreage (RW) listings decreased quite a bit, in fact –- from 76 in August to 54 in September. That also meant a decrease in the number of million-dollar listings, which were down from 19 in August to 13 in September.
The number of sales was also down, with six closed sales in September, compared to nine in August, and only one pending sale in September, compared to four in August. There was, however, another million-dollar sale ($1,255,000 to be exact).
The reduction in Active listings combined with this month’s sales helped bring another decrease in the overall supply, which is now down from a 10.7-month supply in August to a healthy 7.8-month supply for September (a balanced market has about a six-month supply of Active listings).
Meanwhile, after decreasing for the past three months, the median price of Active Residential With Acreage (RW) listings has increased a bit –- to $611,950.
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 real estate market:
LISTING ACTIVITY
Active Residential With Acreage Listings in Tumalo: 54
Contingent Residential With Acreage Sales in Tumalo: 2
Pending Residential With Acreage Sales in Tumalo: 1
Residential With Acreage Closed Sales in Tumalo: 6
Average Days on Market:
229 days for Active RW listings
126 days for RW listings sold in September
Median Sales Price:
$611,950 for Active RW listings
$321,250 for RW listings sold in September
INVENTORY:
Residential with Acreage: 7.8-month supply (83 sales in the previous 12 months)
SALES PRICE:
Least-Expensive Residential with Acreage Active Listing: $215,000
Most-Expensive Residential with Acreage Active Listing: $4,900,000
Price Point with the Most Active Listings: $450,000-$499,999 (with 6 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 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, Redmond and Bend.