In September, the Tumalo Residential with Acreage (RW) real estate market saw little change compared to this time last year, with five Closed sales in 2012 compared to six Closed RW sales in 2011. Actually, the Tumalo market saw little change from September 2010 (seven Closed sales) or 2009 (seven Closed sales), either. However, compared to August 2012, which had nine Closed RW sales, we did see a bit of a dip.
Not that the decrease is surprising (see last month’s report for more on the subject). With just 19 properties listed for sale below $500,000, there just aren’t many options for most buyers in our market. In fact, while the pool of million-dollar buyers is relatively small these days (especially compared to the heyday), they have almost as many options in Tumalo as buyers on the low end of the price spectrum. That’s one reason the average days on market for Active listings in Tumalo is so high (244 days in September). Sold listings, on the other hand, have a less-worrisome average of 177 days on market.
Similarly, the median price for RW listings that sold in September is significantly lower ($299,000) than the median price for Active RW listings ($624,450). That gap could be worse: in August, the median price for Active RW listings was $686,950.
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:
Active Residential With Acreage Listings in Tumalo: 52
Contingent Residential With Acreage Sales in Tumalo: 0
Pending Residential With Acreage Sales in Tumalo: 4
Residential With Acreage Closed Sales in Tumalo: 5
Average Days on Market: 244 days for Active RW listings
177 days for RW listings sold in September
Median Sales Price: $624,450 for Active RW listings
$299,000 for RW listings sold in September
Residential with Acreage: 8-month supply (78 sales in the previous 12 months)
Least-Expensive Residential with Acreage Active Listing: $125,000
Most-Expensive Residential with Acreage Active Listing: $3,990,000
Price Point with the Most Active Listings: $1,000,000-$1,249,999 (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 September 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.