In June, the Residential real estate market in Tumalo had another strong sales month, with eight Closed and six Pending sales. By contrast, last year at this time, there were just four Closed sales. (On a more positive note, June 2013 was followed by the busiest month of the year, when there were 12 Closed sales -– it’ll be interesting to see if we experience a repeat this July).
Like May, there was a good deal of activity on the upper end of the price spectrum. Three of the eight Closed and two of the six Pending sales were for properties listed above $500,000. Meanwhile, among Active listings, the number of million-dollar properties increased notably — up from eight Active listings in May to 14 Active listings in June. Four of the those new listings were between $1,250,000 and $1,749,999, which made those two brackets tied for the second most popular price point, second only to the $550,000-$599,999 range.
Given the increase in million-dollar listings, it might seem surprising that the median price of Active listings actually decreased in June, down from $624,900 to $615,000; that’s the lowest it’s been this year (the high so far has been $698,900, in March), which is good news for buyers. In June 2013, the median price of Active listings was $687,000.
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 June, based on data provided by MLSCO on July 10, 2014:
Active Residential With Acreage Listings in Tumalo: 53
Contingent Residential With Acreage Sales in Tumalo: 0
Pending Residential With Acreage Sales in Tumalo: 6
Residential With Acreage Closed Sales in Tumalo: 8
Average Days on Market: 155 days for Active RW listings
116 days for the RW listings sold in June
Median Sales Price: $615,000 for Active RW listings
$439,751 for the RW listings sold in June
Residential with Acreage: 6.9-month supply (92 sales in the previous 12 months)
Least-Expensive Residential with Acreage Active Listing: $200,000
Most-Expensive Residential with Acreage Active Listing: $6,600,000
Price Point with the Most Active Listings: $550,000-$599,999 (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 June 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.