In many ways, the Residential real estate market in Tumalo during September was almost identical to September 2013. There’s the number of Active listings: 55 in September 2014, 53 in September 2013. There’s the number of Closed sales: 10 in September 2014, nine in September 2013. There’s the most expensive Active listing:$6,600,000 in September 2014; $6,700,000 in September 2013.
However, the differences between the two months are perhaps more telling. The average price of Active RW listings, for example, in September 2014 was $757,000 — significantly higher than in September 2013, when it was $575,000. The most popular price point for Active listings has also risen: In September 2013, it was the $450,000-$499,999 range; in September 2014, however, there was a tie between the $550,000-$599,999 and $750,000-$799,999 ranges. Likewise, the number of Active million-dollar listings has risen sizably since September 2013: up from nine to 17.
On the other hand, the median price of properties that sold in September 2014 is significantly lower than it was in September 2013: $415,750, compared to $461,000.
Meanwhile, the overall inventory (which is determined by dividing the number of Active listings by the previous 12 months of sales) has risen a bit: up from a 6.9-month supply in September 2013 to an eight-month supply in September 2014.
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 September, based on data provided by MLSCO on Oct. 8, 2014:
LISTING ACTIVITY
Active Residential With Acreage Listings in Tumalo: 55
Contingent Residential With Acreage Sales in Tumalo: 0
Pending Residential With Acreage Sales in Tumalo: 9
Residential With Acreage Closed Sales in Tumalo: 10
Average Days on Market: 147 days for Active RW listings
214 days for the RW listings sold in September
Median Sales Price: $757,000 for Active RW listings
$415,750 for the RW listings sold in September
INVENTORY
Residential with Acreage: eight-month supply (83 sales in the previous 12 months)
SALES PRICE
Least-Expensive Residential with Acreage Active Listing: $170,000
Most-Expensive Residential with Acreage Active Listing: $6,600,000
Price Point with the Most Active Listings: $550,000-$599,999 & $750,000-$799,999 (six listings each)
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 September 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.