Since July was the busiest month of 2013 for the Residential real estate market in Tumalo, I thought we might see a repeat this summer. But that wasn’t the case. There were just seven Closed sales, compared to 12 in July 2013 (and eight in June 2014).
If sales are down, it isn’t because of the lack of listings — in July, there were more Active listings than in any other month during the past three years (61). By contrast, there were 52 Active listings in in July 2013 and 47 in July 2012. On the other hand, in July 2011, there were 79 Active listings.
The problem could be that even though Tumalo has more inventory overall, the number of million-dollar listings is on the rise again. In May, there were just eight Active million-dollar listings, compared to 17 in July. In other words, 27 percent of Tumalo’s Active listings are now priced at $1 million or more. Ouch!
And, unlike 2013, in which million-dollar sales were routine — last July alone, there were three million-dollar sales — July 2014’s highest-priced Closed sale was for $662,500. There were, however, two properties listed above $800,000 under contract by the end of the month.
One welcome improvement involves the Days on Market (DOM) for Active listings. Not that long ago, it wasn’t unusual to find properties in Tumalo that had been listed for more than a year (or two or three…). However, in July 2014, there was just one property that had been on the market more than 280 days — and it’s by far the most expensive Tumalo property on MLS (listed at $6,600,000). Meanwhile, the median DOM for Active listings in July decreased to 141, compared to 155 in June.
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 Tumalo real estate market in July, based on data provided by MLSCO on Aug. 7, 2014:
LISTING ACTIVITY
Active Residential With Acreage Listings in Tumalo: 61
Contingent Residential With Acreage Sales in Tumalo: 0
Pending Residential With Acreage Sales in Tumalo: 8
Residential With Acreage Closed Sales in Tumalo: 7
Average Days on Market: 141 days for Active RW listings
137 days for the RW listings sold in July
Median Sales Price: $649,000 for Active RW listings
$572,500 for the RW listings sold in July
INVENTORY:
Residential with Acreage: 8.6-month supply (85 sales in the previous 12 months)
SALES PRICE:
Least-Expensive Residential with Acreage Active Listing: $215,000
Most-Expensive Residential with Acreage Active Listing: $6,600,000
Price Point with the Most Active Listings: $450,000-$499,999 (seven listings)
Listings at $1,000,000 or more: 17
If you’re interested in studying the market in more depth, below are several charts that capture various aspects of the July 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.