The median sales price of Active listings in Tumalo decreased a bit in October, to $680,000 --after experiencing a sharp increase in September (from $650,000 to $699,000). That's still significantly higher than summer's median list price ($650,000) and probably much higher than is likely to move many of these listings -- the median price for the 56 Residential with Acreage listings that sold in Tumalo as of Oct. 31 is $340,625.
That low number (which will probably come as a shock to a lot of Tumalo sellers) reflects the fact that 23 of the 56 sales -- more than 40 percent - were for less than $300,000; not a good sign for 25 percent of the current sellers, whose properties are listed for more than $1 million. Another factor bringing down the median sales price: 20 of the 56 sales this year were distressed properties: 18 bank-owned properties and 12 short sales.
On the positive side, although the number of Closed sales in Tumalo was down this month (from seven to two), there are Three Contingent sales and six Pending sales, so it's likely that November sales will bounce back (last year showed a similar pattern). Also, the number of Active listings decreased (from 83 in September to 76), as did the overall inventory (from a 16.06-month supply in September to a 14.5-month supply in October) and the number of million-dollar listings (from 26 in September to 21 in October).
Meanwhile, the overall picture in Tumalo for October 2010 compared to this time last year shows several areas of improvement. Sales activity is up (from October 2009's 41 sales during the previous 12 months to 63 sales since October 2009. Consequently, the inventory also has been significantly reduced (from a 25-month supply in October 2009 to a 14.5 month supply this October).
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 October highlights of the Tumalo market:
LISTING ACTIVITY
Active Residential With Acreage Listings in Tumalo: 76
Contingent Residential With Acreage Sales in Tumalo: 3
Pending Residential With Acreage Sales in Tumalo: 6
Residential With Acreage Closed Sales in Tumalo: 2
Average Days on Market: 236 days for Active RW listings
121 days for RW listings sold in October
Median Sales Price: $680,000 for Active RW listings
$322,500 for RW listings sold in October
INVENTORY:
Residential with Acreage: 14.5-month supply (63 sales in the previous 12 months)
SALES PRICE:
Least-Expensive Residential with Acreage Active Listing: $69,900
Most-Expensive Residential with Acreage Active Listing: $2,950,000
Price Point with the Most Active Listings: $500,000-$549,999 (8 listings)
Listings at $1,000,000 or more: 21
Here are number of charts that show the Tumalo real estate market in more 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, Redmond and Bend. If you'd like to learn more about Central Oregon, please visit www.CentralOregonHome4You.com.
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