February 2009 Real Estate Market Snapshot for Tumalo, Oregon

Last summer, I started tracking the Sisters real estate market. This year, I've expanded to also track the Tumalo Residential with Acreage market. Granted, tracking Tumalo is an admittedly subjective undertaking since, at least officially, it doesn't exist (it's an unincorporated community). 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.

Noteworthy for Tumalo this month: Once again, although more than one-third of Tumalo Active listings are over $1,000,000, there were no sales (contingent, pending or closed) above $550,000. Meanwhile, the number of available properties continues to surpass demand by a long-shot, with a 40-month inventory (up from 32 months last month). As the number of short-sale and foreclosure properties increases in Tumalo and drives sales prices down, reticent sellers (who are plentiful here -- the Average Days on Market for Active listings is 240) should finally begin to accept reality and adjust their listing price accordingly or take their homes off the market.

Below are a few February highlights of the Tumalo Residential With Acreage market.

LISTING ACTIVITY
Active Residential With Acreage Listings in Tumalo: 94
Contingent Residential With Acreage Sales in Tumalo: 2
Pending Residential With Acreage Sales in Tumalo: 1
Residential With Acreage Closed Sales in Tumalo: 3
Average Days on Market: 240 days for Active RW listings
199 days for RW listings sold in February

Median Sales Price: $899,000 for Active RW listings
$475,000 for RW listings sold in February

INVENTORY:
Residential with Acreage: 40-month supply (28 sales in the previous 12 months)

SALES PRICE:
Least-Expensive Residential with Acreage Active Listing: $234,000
Most-Expensive Residential with Acreage Active Listing: $3,950,000
Price Points with the Most Active Listings: $650,000-$699,999 (8 listings)
$1,000,000-$1,249,999 (8 listings)

Listings at $1,000,000 or more: 35

If you're interested in studying the market in more depth, there are a number of charts below that capture various aspects of the 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.