In June, the Tumalo real estate market shifted gears and experienced a noticeable spike in new listings –- from 71 in May to 91 in June. That’s similar to the spike in June 2009 -– when new listings hit a two-year high of 104. The recent spike also affected the overall inventory level (since there were so many more new listings than sales), upping it from 14.2 months in May to 17.6 months in June. That’s still infinitely better than the inventory level last June (38 months!).
Another significant difference between June ’10 and June ’09 is the median price of Active listings, which in June 2010 was $649,000, compared to $759,500 in June ‘09. Also notable this June was the fact that the median price of Active listings was actually lower than the median price of homes sold ($662,000) –- a good sign for sellers, since the list and sales prices are in sync. By comparison, the median price of Active listings in Sisters this month was also $649,000; however, the median price of listings sold in June was significantly lower — $493,950.
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 June highlights of the Tumalo real estate market:
Active Residential With Acreage Listings in Tumalo: 91
Contingent Residential With Acreage Sales in Tumalo: 1
Pending Residential With Acreage Sales in Tumalo: 3
Residential With Acreage Closed Sales in Tumalo: 6
Average Days on Market: 212 days for Active RW listings
285 days for RW listings sold in June
Median Sales Price: $649,000 for Active RW listings
$662,500 for RW listings sold in June
Residential with Acreage: 17.6-month supply (62 sales in the previous 12 months)
Least-Expensive Residential with Acreage Active Listing: $179,000
Most-Expensive Residential with Acreage Active Listing: $2,950,000
Price Point with the Most Active Listings: $450,000-$499,000 & $500,000-$549,000 (each w/8 listings)
Listings at $1,000,000 or more: 22
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.