Walla Walla Real Estate Update – January 2020

 

Homebuyers got a head start over home sellers in the month of January.  Home sales surged 20% above the number of sales that occurred in January of 2019, but the real story was the continued decline in the number of listings.  For the first time in more than 20 years, the number of homes listed for sale in the Walla Walla MLS dropped below 200 – a 12% decline from the number of homes listed for sale a year ago.  Historically, the 2nd and 3rd quarters are the busiest listing periods in the Walla Walla market, but right now more listings would be a welcome sign for buyers.

 

The median sales price jumped 17% above the median price for the same period a year ago but favorable interest rates kept buyers active.  And while there are signs that more sellers are preparing their homes for market, January’s low inventory levels indicated that the seller’s market will continue well into 2020.

 

January’s Listings: 192*

The month’s listings dropped 11% below the previous month and ended 12% below the number of listings at the same time a year ago.

 

January’s Closed Sales: 53*

The months closed sales declined 2% from the previous month but was 20% above the number that closed in January of last year.

 

January’s Median Sales Price: $276,000*

The month’s median price increased 6% above the previous month and was 17% above the median price of the previous January.

 

Click here for the full month report – WW Monthly Charts January 2020

 

*WWMLS WA Data

Posted on February 12, 2020 at 3:39 PM
Firm - Windermere Walla Walla | Category: Market Trends

Walla Walla Real Estate Update – 2019 Year End Report

Walla Walla Real Estate – 2020 Forecast:

So what will 2020 bring?  To help answer that question, here is a summary from Windermere’s Chief Economist, Matthew Gardner:

 

US Economy:  Despite some concerning signs, the likelihood that we will enter a recession in 2020 has dropped to about 26%.  If we manage to stage off a recession in 2020, the possibility of a slowdown in 2021 is around 74%.  That said, Gardner fully expects that any drop in growth will be mild and will not negatively affect the U.S. housing market.

 

Home Sales:  Home prices in the new year will continue to rise as mortgage rates remain very competitive.  Look for prices to increase 3.8% in 2020 as demand continues to exceed supply and more first time home buyers enter the market.

 

Mortgage Rates:  2020 will be very positive from a home-financing perspective, with the average rate for a 30-year conventional, fixed-rate mortgage averaging under 4%.  That said, if there are significant improvements in trade issues with China, this forecast may change, but not significantly.

 

Conclusion:  In 2020, affordability issues will persist in many markets around the country.  The market will continue to favor home sellers, but we will start to move more towards balance, resulting in another positive year overall for housing.

 


2019 finished 4th best for home sales

The Walla Walla MLS (WWMLS) reported 795 closed sales in 2019 making it the 4th most active year ever.  Despite an active 4th quarter, annual home sales ended up just short of the previous year’s numbers.  The record high of 838 closed sales was hit in 2016 followed by 807 sales in 2018, and 799 sales in 2017.  All in all, 2019 was another strong year for real estate in the Walla Walla Valley.

 

Listing Inventory remained low

2019’s average listing inventory was 1.5% higher than 2018 but remained at historic lows.  The year began and ended with the lowest inventory of the decade. Throughout the year, the market was categorized as a seller’s market, especially for homes under $600,000.  Although inventory remained low, favorable interest rates kept buyers active.

 

Walla Walla’s median sales price experienced an annual gain of 7%

As reported throughout the year, low inventory levels continued to put upward pressure on price.  The 2019 median sales price was $267,704, a 7% increase over the previous year.

 

View the FULL STATS FOR DECEMBER AND 2019 HERE

Posted on January 15, 2020 at 9:58 AM
Firm - Windermere Walla Walla | Category: Market Trends

Walla Walla Real Estate Update – November 2019

Home sales remained active in November.  With one month left to report, the Walla Walla valley’s 4th quarter’s home sales surged 16% ahead of last year’s 4th quarter and year-to-date home sales have now pulled within 1.5% of last years pace.

 

Low interest rates and a slight annual increase in listings kept buyers active.  November became the sixth month in a row to experience year-over-year gains in the number of homes available for sale.  There were 6% more homes available for sale than in November of last year.  However, most of Walla Walla’s market continued to be a seller’s market and applied upward pressure on prices.  Year to date, Walla Walla’s median sales price has increased by 7% over the previous year.

 

The number of pending sales – homes under contract but not yet closed – remained the same as the previous month as new contract signings during November kept pace with the number of homes that closed.  The number of pending sales indicates that year-end activity will remain quite brisk.

 

November’s Listings: 251*

Monthly listings dropped 12% from the previous month but remained 6% above the number of homes that were listed for sale in November of last year.

 

November’s Closed Home Sales: 76*

Closings slowed 10% from the previous month but were 17% higher than the number of closed home sales in November of last year.

 

November’s Median Sales Price: $275,000*

The month’s median price increased slightly over the previous month but was 6% higher than the median sales price for November of last year.

 

Click here for a FULL REPORT FOR NOVEMBER

 

*WWMLS WA Data

Posted on December 12, 2019 at 10:47 AM
Firm - Windermere Walla Walla | Category: Market Trends

Walla Walla Real Estate Update – October 2019

Over the last month, sales, listings, and prices continued to trend upward in the Walla Walla Valley.  October became the 2nd most active home closing month yet this year and brought total annual home sales within 4% of last year’s pace.

October also became the 5th month in a row to show annual monthly gains in the number of homes listed for sale.  The month ended with 6% more listings than there were at the same time last year.  However, the market continued to be a sellers market and more listings will be needed to reach balance.  Walla Walla’s low inventory continues to impact prices.  Thus far, the Valley’s median sales price has increased by 7% over the previous year.

We expect low-interest rates to keep buyers active through the remainder of the year, but there are signs the pace will pull back a bit as we move towards year-end. New contract signing slowed during the past month and pending sales – home under contract but not yet closed – declined by 20%.

 

October’s Listings: 286*

The number of homes listed for sale dropped 7% from the previous month but remained 6% above the number available 12 months ago.

 

October’s Closed Sales: 82*

The number of closed sales jumped 19% over the previous month and ended 6% higher than the number of closings that occurred in October of last year.

 

October’s Median Price: $270,000*

The month’s median price was on par with the previous month but was 4% higher than the median sales price for October of last year.

 

Click here for the full October Report

 

*WWMLS WA data

Posted on November 18, 2019 at 9:57 AM
Firm - Windermere Walla Walla | Category: Market Trends

Walla Walla Real Estate Update – September 2019

September became the fourth month in a row in the Walla Walla Valley to post year-over-year monthly gains in listing inventory.  With approximately 2.5 months of inventory, Walla Walla’s market is still best categorized as a seller’s market.  However, annual inventory gains indicate the market is moving towards balance.  Should this trend continue, it will take pressure off increasing prices.   This year, Walla Walla’s median sales price has increased 7% over last year.

Closed home sales slowed a bit during the month.  While a slow down is typical for this time of year in the Walla Walla Valley, there are signs that the market should stay busy throughout the rest of the year.  Historically, low interest rates have kept buyers active.  The number of pending sales – homes under contract but not yet closed – grew 30% over September of last year.  And strong buyer activity is expected to continue.  Lawrence Yun, NAR chief economist, commented that “with interest rates expected to remain low, home sales are forecasted to rise in coming months and into 2020.”  We anticipate a busy fourth quarter for the Walla Walla Valley’s real estate market.

September’s Listings: 309*

Monthly listings declined 3% from the previous month but remained 12% higher than the number of homes available for sale during September of last year.

September’s Closed Sales: 63*

The months home sales slowed 13% from the previous month and ended 7% below the number of closings during the same period a year ago.  With one quarter to go, closed sales are 9% off last year’s pace.

September’s Median Sales Price: $269,900*

The months median sales price settled 7% from the previous month but was 5% higher than September of last year.

Click here for September’s charts.

*WWMLS WA Data

 

Posted on October 14, 2019 at 10:12 AM
Firm - Windermere Walla Walla | Category: Market Trends | Tagged , , ,

Walla Walla Real Estate Update – August 2019

Monthly home sales slowed a bit in the Walla Walla Valley as many focused on back to school activities.  However, both pending sales and the number of homes listed for sale increased.  The number of pending sales – homes under contract but not yet closed – grew 6% over the previous month.  While annual home closings are 10% behind last years pace, the number of pending sales are 28% higher than August of last year.  This indicates that the market should be quite busy for the remainder of 2019.

So far, this year’s median price has increased 6% over the previous year.  However, interest rates remain historically low and most brokers expect favorable conditions for both buyer and sellers to continue through the fall.

 

August’s Listings: 320*

Monthly listings grew 6% over the previous month and 13% above the number of homes available in August of last year.

 

August’s Closed Sales: 70*

Monthly closings fell 24% off of the previous month’s pace and 18% below the number of closing for the same period a year ago.  The number of pending sales indicate busier closing months are ahead.

 

August’s Median Price: $261,600*

August’s Median Price jumped 9% over the previous month and 11% above August of the previous year.

 

Click here for the FULL MONTHLY REPORT FOR AUGUST

 

*WWMLS WA data

Posted on September 13, 2019 at 10:15 AM
Firm - Windermere Walla Walla | Category: Market Trends

Walla Walla Real Estate Update – July 2019

Sales activity picked up momentum in July and posted the most monthly closings of the year.  Pending sales – homes under contract but not yet closed – increased by 20% indicating that the brisk activity will continue as summer draws to a close.

Growing listing inventory and favorable interest rates were contributing factors for the jump in activity.  For the second month in a row, our valley experienced year-over-year monthly gains in the number of homes available for sale.  By month’s end, there were 15% more homes listed for sale than were available 12 months ago.

While there are signs that the market is moving towards balance, the seller’s market remains.  Most economists consider 4-6 months of inventory to be a balanced market.  Yet the cities of Walla Walla and College Place remained around 2 months of inventory.  Overall, the gain in listings was a welcome sign and we expect the active market to continue into fall.

 

July’s Listings: 305

Listings increased by 6% over the previous month and ended 15% above the number of homes available in July of last year.

 

July’s Closed Sales: 87

Sales jumped 40% over the previous month and 5% above the number of closings that occurred in July of 2018.

 

July’s Median Price: $267,700

The median sales price settled slightly from the previous month but was 3% above the median sales price of July 2018.  On the year, Walla Walla’s median price has increased 5% above the previous year.

 

Click here for the FULL MONTHLY REPORT FOR JULY.

*WWMLS WA Data

Posted on August 16, 2019 at 9:44 AM
Firm - Windermere Walla Walla | Category: Market Trends

Walla Walla Real Estate Update – June 2019

Walla Walla Valley’s pending homes sales continued to increase in June, a positive sign from the month’s minor sales dip. This increase in contract signings mirrored the national trend. Lawrence Yun, National Association of Realtors chief economist, credits lower-than-usual mortgage rates, “Rates of 4 %, and in some cases even lower, have created extremely attractive conditions for consumers. Buyers, for good reason, are anxious to purchase and lock in at these rates.”

While the number of listings increased during the month, there is still a need for more inventory. Demand for homes in the valley continued to exceed inventory, especially for homes under $600,000. Through the first 6 months of the year low inventory has contributed to reduced sales and increased prices. At the mid-year mark, home closings have slid 15% and median sales prices have increased 4% when compared to the previous year.

All said, we are experiencing a good real estate market and we expect strong consumer confidence about buying a home in our valley to continue through the summer. Buyer activity will be fueled by low interest rates and a moderate increase in listings.

 

June’s Listings: 286*

The number of homes listed for sale grew by 8% over the previous month and 8% over the number of homes available last June.

 

June’s Closed Home Sales: 62*

The month’s closed home sales dipped 6% below the previous month’s totals and 27% below the number of homes sales for the same period a year ago. At the midpoint of the year, home closings are 15% off last year’s pace.

 

June’s Median Sales Price: $278,500*

The month’s median price declined 4% from the previous month but was 8% higher than the median price for June of last year.

 

Click here for the FULL MONTHLY REPORT FOR JUNE.

*WWMLS WA Data

Posted on July 11, 2019 at 4:03 PM
Firm - Windermere Walla Walla | Category: Market Trends

Walla Walla Real Estate Update – May 2019

More sellers listed their homes for sale in May which brought a much-needed boost to the Walla Walla Valley’s listing inventory.  The number of listings grew 14% over the previous month and essentially equaled the number of homes available for sale 12 months ago.  Closed homes sales declined a bit from the previous month but remained quite active.  Yet at month’s end, annual homes sales were still 13% behind last year’s pace.

The valley’s median price jumped significantly from the previous month as more upper priced properties sold.  However, this year’s median price has increased by just 3% over last year.  Favorable interest rates continued to fuel buyer demand and new contract formation continued to be strong in May.  The number of pending transactions – homes under contract but not yet closed – increased 30% over the previous month.  This forward-looking indicator shows that the active market is continuing into the summer months.

 

May’s Listings: 264*

The month’s listings grew 14% over the previous month and equaled the number listed in May of last year.

 

May’s Closed Sales: 65*

Closed home sales slowed 7% from the previous month and 2% below the number that closed in May of last year.

 

May’s Median Price: $289,000*

The month’s median sales price took at 15% leap over the previous month but was just 4% above the median sales price for May of last year.

 

Click here for full a Monthly Statistics Report.

 

*WWMLS WA Data

Posted on June 12, 2019 at 8:41 AM
Firm - Windermere Walla Walla | Category: Market Trends | Tagged , , , , , , ,

Annual Windermere Community Service Day – 2019

Every year since 1984, Windermere associates have dedicated a day of work to complete neighborhood improvement projects as part of Windermere’s Community Service Day.

The 2019 Community Service day was held on May 31st. Our office spent the morning working in our community to make things a little brighter for our neighbors by staining benches downtown, cleaning & weeding downtown tree wells, helping at YWCA Family Shelter, and spreading new wood chips at Washington Park.

Creating vibrant communities is one of the things that inspire all of us at Windermere to be involved in Community Service Day as it gives us an opportunity to give back to the communities where we live and work. After all, real estate is rooted in our communities. And an investment in our neighborhoods gives us all a better place to call home.

Posted on June 10, 2019 at 3:23 PM
Firm - Windermere Walla Walla | Category: Community