In November, Tumalo continued to whittle away at its residential real estate inventory, especially at the lower end of the price spectrum. There’s now a very respectable 7.3-month supply of Active Residential With Acreage (RW) listings. And, of those, only 22 of the 57 properties are below $500,000.
In fact, the inventory of RW listings in Tumalo is now so low that the entry-market properties aren’t sticking around for long at all. Two new properties listed for below $150,000 hit the market in November, and both received offers within four days (both are short sales).
Speaking of short sales, which are not as common in Tumalo as in many Central Oregon markets, November was an especially busy month in that regard, with seven Contingent sales under contract (and awaiting bank approval). By contrast, there were no short sales went under contract in October.
Meanwhile, after several months of active sales activity at the upper end of the price spectrum, much of the sales activity in November was focused on mid-range properties — four of the seven closed sales were between $300,000 and $550,000.
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 November highlights of the Tumalo real estate market:
LISTING ACTIVITY
Active Residential With Acreage Listings in Tumalo: 57
Contingent Residential With Acreage Sales in Tumalo: 7
Pending Residential With Acreage Sales in Tumalo: 3
Residential With Acreage Closed Sales in Tumalo: 7
Average Days on Market:
244 days for Active RW listings
167 days for RW listings sold in November
Median Sales Price:
$599,000 for Active RW listings
$350,000 for RW listings sold in November
INVENTORY:
Residential with Acreage: 7.3-month supply (93 sales in the previous 12 months)
SALES PRICE:
Least-Expensive Residential with Acreage Active Listing: $189,900
Most-Expensive Residential with Acreage Active Listing: $4,900,000
Price Point with the Most Active Listings: $250,000-$299,999 & $450,000-$499,999 (each with 6 listings)
Listings at $1,000,000 or more: 12
If you’re interested in studying the market in more depth, below are several charts that capture various aspects of the Tumalo real estate market in detail.
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.
