During July, Tumalo's real estate market was most notable for its decreases. First, the number of Active Residential with Acreage listings decreased (from 104 to 97). So did the median price for Active RW listings (down from $759,500 to $725,000). That continues a trend from June, when the median price dropped more than $100,000 (from $898,500 to $759,500), after hovering near $900,000 all year.

Another key decrease was the number of Active million-dollar listings, which fell from 36 to 32. The most expensive listing also adjusted, from $3,900,000 to $3,750,000. And for the first time this year, a price point below $500,000 held the highest number of listings (the $350,000-$399,999 bracket and $550,000-$599,999 category tied with 10 listings). That's good news for buyers, who are beginning to see more value in what has been perhaps the slowest region in Central Oregon to adjust its pricing to reflect the declining market.

More good news (this time for sellers): Once again, there were several sales (pending and closed) above $500,000.

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 July highlights of the Tumalo market:

LISTING ACTIVITY
Active Residential With Acreage Listings in Tumalo:  97
Contingent Residential With Acreage Sales in Tumalo:  1
Pending Residential With Acreage Sales in Tumalo:  4
Residential With Acreage Closed Sales in Tumalo:  4
Average Days on Market:      221 days for Active RW listings 
                                          273 days for RW listings sold in July
                                              
Median Sales Price:               $725,000 for Active RW listings 
                                          $346,500 for RW listings sold in July                                                                                        

INVENTORY:
Residential with Acreage: 39-month supply (30 sales in the previous 12 months)

SALES PRICE:
Least-Expensive Residential with Acreage Active Listing: $123,500
Most-Expensive Residential with Acreage Active Listing: $3,750,000
Price Points with the Most Active Listings: 
                                                     $350,000-$399,999 & $550,000-$599,999 (each with 10 listings)
Listings at $1,000,000 or more: 32

If you're interested in studying the market in more depth, below are a number of charts that capture various aspects of the July Tumalo real estate market in detail.

If you'd like to learn more about the Tumalo real estate market, don't hesitate to email me at lisabroadwater@remax.net or call me toll-free at 866-963-2760.

About the Author:
Lisa Broadwater is a Central Oregon-based real estate professional who specializes in listing and selling homes, especially in Sisters, Tumalo, Redmond and Bend. If you'd like to learn more about Central Oregon, please visit www.CentralOregonHome4You.com.