November was a fairly quiet month for the Residential real estate market in Tumalo. The number of Active listings decreased quite a bit (down from 52 in October to 40 in November), as did the number of Closed sales (down from eight in October to three in November). Actually, only one month in 2014 had fewer sales (March, with two); the average number of sales for the other nine months of the year was 6.5. And not only were there fewer sales in November than is typical for Tumalo, but the Closed sales were all below $500,000. Last year at this time, there were six Closed sales.
Judging from the Pending sales, however, the sales slowdown will be short-lived: By the end of November, there were nine Pending sales (up from three in October). Of those, more than half (five) were for properties listed above $500,000; one was for a property listed for just under $2 million.
One potential cause for concern in November is the once-again rising median sales price for Active listings, which increased from $741,000 to $794,450. That’s the highest it’s been in the past five years, with one exception (in March 2012, it was $799,000). Compare that to the median sales price for Closed sales ($415,000) or even Pending sales ($539,000) and you can see potentially rough seas ahead for some high-end Tumalo sellers.
With the sharp drop in Active listings, the overall supply of homes on the market in Tumalo also decreased notably in November—down from a 7.3-month supply in October to a 5.9-month supply—making it a fairly balanced market (a six-month supply is considered to evenly favor buyers and sellers).
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 November, based on data provided by MLSCO on Dec. 10, 2014:
Active Residential With Acreage Listings in Tumalo: 40
Contingent Residential With Acreage Sales in Tumalo: 0
Pending Residential With Acreage Sales in Tumalo: 9
Residential With Acreage Closed Sales in Tumalo: 3
Average Days on Market: 183 days for Active RW listings
100 days for the RW listings sold in November
Median Sales Price: $794,450 for Active RW listings
$415,000 for the RW listings sold in November
Residential with Acreage: 5.9-month supply (82 sales in the previous 12 months)
Least-Expensive Residential with Acreage Active Listing: $225,000
Most-Expensive Residential with Acreage Active Listing: $6,600,000
Price Point with the Most Active Listings: $750,000-$799,999 (five listings)
Listings at $1,000,000 or more: 13
If you’re interested in studying the market in more depth, below are several charts that capture various aspects of the November 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.