New contract activity and listing inventory grew in May. Pending sales – homes under contract, but not yet closed – increased by 22% over the previous month. The number of closed home sales held steady with the previous month, but declined from the number of closings that occurred in May of 2015. Still, year-to-date sales are ahead of last year's pace by 5%.
The number of homes listed for sale in May grew by 7% over the previous month. The trend of year-over-year listing declines also continued, but the gap narrowed to just 2% fewer. While the number of listings in Walla Walla are lower than previous years, we are still not experiencing the extreme lows of many metropolitan areas, including many neighborhoods on the west side of our state. Therefore, price gains are more modest in Walla Walla. For the year, our median price is 6.6% higher than the previous year.
While some buyers may wish they had more inventory to chose from, favorable interest rates and modest inventories have kept them active through the first five months of 2016.
May's Listings: 386
May's listings increased by 7% over the previous month. Approximately one third of the total active listings are under contract.
May's Closed Sales: 61
May's home sales held steady with the previous month.
May's Median Price: $213,000
May's median price increased from the previous month. For the year, Walla Walla's median price is $202,664.
*WWMLS WA Data
Click here for May 2016 Charts
Photography courtesy of Christina Kennell Photography.