August was another active month for the Tumalo real estate market –- with eight Closed sales, five Pending sales and two Contingent sales. As of August, the number of closed sales for 2010 has already surpassed the total number of sales for 2009.
And there’s more good news for sellers: Active listings decreased slightly (from 96 to 92), which brought down the overall level of inventory a bit (from a 18.5-month supply in July to an 17.25-month supply in August). To put things in perspective, last year at this time, the Tumalo market held a daunting 32-month supply.
For the fourth consecutive month, the median price of Active listings has stayed close to the $650,000 mark. That’s a far cry from the two-year high of $899,000 in spring 2009.
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 August highlights of the Tumalo market:
Active Residential With Acreage Listings in Tumalo: 92
Contingent Residential With Acreage Sales in Tumalo: 2
Pending Residential With Acreage Sales in Tumalo: 5
Residential With Acreage Closed Sales in Tumalo: 8
Average Days on Market: 212 days for Active RW listings
102 days for RW listings sold in August
Median Sales Price: $650,000 for Active RW listings
$347,500 for RW listings sold in August
Residential with Acreage: 17.25-month supply
(64 sales in the previous 12 months)
Least-Expensive Residential with Acreage Active Listing: $159,900
Most-Expensive Residential with Acreage Active Listing: $2,950,000
Price Point with the Most Active Listings: $450,000-$499,000 & $1,250,000-$1,499,000
(each w/10 listings)
Listings at $1,000,000 or more: 25
If you’re interested in studying the market in more depth, below are a number of charts that capture various aspects of the 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 here.
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, Redmond and Bend.