In May, the Residential With Acreage (RW) real estate market in Tumalo finally saw an increase in its inventory, albeit a small one (up from 39 Active RW listings in April to 43 in May). That’s also a notable improvement over last year at this time, when there were just 34 Active RW listings in Tumalo.
Perhaps the most noteworthy aspect of the real estate activity in Tumalo during May was the sales activity among the higher-end properties. We typically see one or two sales above the $500,000 mark each month. But in May, seven of the nine Closed sales and six of the seven Pending sales were above $500,000. Included in the Closed sales was a million-dollar sale in Deschutes River Ranch ($1,425,000).
Although the most popular price point for RW listings in Tumalo was the $850,000-$899,999 range, both the $300,000-$349,999 and the $400,000-$449,999 brackets were almost as popular, each with four listings. Curiously, there were no Active listings between $350,000-$400,000.
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 May, based on data provided by MLSCO on June 11, 2014:
LISTING ACTIVITY
Active Residential With Acreage Listings in Tumalo: 43
Contingent Residential With Acreage Sales in Tumalo: 1
Pending Residential With Acreage Sales in Tumalo: 7
Residential With Acreage Closed Sales in Tumalo: 9
Average Days on Market:
180 days for Active RW listings
120 days for the RW listings sold in May
Median Sales Price:
$624,900 for Active RW listings
$565,000 for the RW listings sold in May
INVENTORY:
Residential with Acreage: 5.9-month supply (88 sales in the previous 12 months)
SALES PRICE:
Least-Expensive Residential with Acreage Active Listing: $149,900
Most-Expensive Residential with Acreage Active Listing: $6,600,000
Price Point with the Most Active Listings: $850,000-$899,999 (five listings)
Listings at $1,000,000 or more: 8
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.