Well, there’s not much to report about the Tumalo Residential real estate market for March. All in all, it was a very quiet month. We didn’t see the expected increase in listings; the number of Active listings actually went down (from 41 to 39).
However, it could be worse on that front: Last year at this time, there were just 26 Active listings and 4.3 months of inventory (compared to 4.6 months of inventory this March). Not a lot for buyers to choose from.
We also didn’t see an increase in sales; like the inventory, the number of Closed sales decreased this month (from four Closed sales in February to two Closed sales in March). Both sales were below $450,000.
Last year at this time, the market was a bit more active: There were eight Closed sales (five of which were above $500,000), and 12 Pending sales (one of which was for a property listed at $1,495,000), compared to seven Pending sales at the end of March 2014 (the most expensive of which was listed at $725,000).
One notable improvement since this time last year: the number of days on market (DOM) for Active listings. In March 2014, Active listings had been on the market an average of 170 days, compared to 243 DOM in March 2013.
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 March Tumalo real estate market, based on data provided by MLSCO on April 11, 2014:
LISTING ACTIVITY
Active Residential With Acreage Listings in Tumalo: 39
Contingent Residential With Acreage Sales in Tumalo: 0
Pending Residential With Acreage Sales in Tumalo: 7
Residential With Acreage Closed Sales in Tumalo: 2
Average Days on Market: 170 days for Active RW listings
181 days for the RW listings sold in March
Median Sales Price: $689,900 for Active RW listings
$361,250 for the RW listings sold in March
INVENTORY:
Residential with Acreage: 4.6-month supply (102 sales in the previous 12 months)
SALES PRICE:
Least-Expensive Residential with Acreage Active Listing: $210,000
Most-Expensive Residential with Acreage Active Listing: $6,700,000
Price Point with the Most Active Listings: $300,000-$349,999 (five listings)
Listings at $1,000,000 or more: 10
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.