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May 6th, 2013
Walla Walla Real Estate Update – May 2013
After several years of favoring buyers, Walla Walla’s real estate market is moving in the seller’s direction. A year ago, our market had nearly 10 months of inventory and the number of homes available for sale exceeded buyer demand putting downward pressure on prices. Currently, our total MLS inventory has declined to approximately 7.5 months – just 6 months for Walla Walla and College Place.
The National Association of Realtors considers 6 months of housing supply to be a balanced market between home buyers (demand) and sellers (supply). In general, sellers are now experiencing fewer homes competing with them for offers and prices are improving.
April Listings: 392*
At the end of April there were 9% fewer homes listed for sale then at the same period a year ago.
April Sales: 55*
April’s 55 home sales brought our yearly total to 155, a 17% increase in the number of home sales for the same period a year ago.
April Median Price: $189,000*
The median price for homes sold in April increased slightly over the previous month but was 26% higher than the median price for April 2012. This is due to more homes selling in the higher price ranges than sold during the same period a year ago.
Click here for April 2013 WW Charts-1
*WWMLS WA Data
April 5th, 2013
Walla Walla Real Estate Update – April 2013
The positive trends continue for Real Estate in the Walla Walla Valley. Through the 1st Quarter of 2013, home sales continued to increase over the previous year. The increase in home sales, accompanied by a decrease in foreclosure and short-sale listings, has contributed to year-over-year declines in the number of homes for sale. And while sales are most active below $250,000, we have started to see more activity in the upper price ranges.
March’s Listings: 371*
Our listing inventory is down 8% from a year ago. Walla Walla and College Place have approximately 7 months of total inventory and less than 4 months inventory between $125,000 – $175,000.
March’s Closings: 36*
Homes sales in March increased 29% over the previous month bringing our year-to-date total to 98 home sales – a 14% increase over last years 1st quarter sales.
March’s Median Price: $184,500*
Our median sales price jumped up $25,400 over last month due to more sales in the upper price ranges. As a result our average sales price ($219,812) for the first quarter increased 16% over the same period a year ago.
Click here for March 2013 WW Charts
March 6th, 2013
Walla Walla Real Estate Update – March 2013
The National Association of Realtors recently reported that pending home sales rose 9.5% above January of 2012 and have been above year-ago levels for the past 21 months. This forward-looking indicator tracks when a contract is signed but the transaction has not yet closed.
Walla Walla’s pending home sales are up as well. New contract signings at the end of February are 20% ahead of a year ago. We are also seeing continued year-over-year declines in listing inventory and gains in closed home sales. Inventory in our low-to-mid price range is drawing down and shifting the supply/demand balance to sellers. One other notable trend is a reduction in the number of distressed home sales. February’s short sales and foreclosure sales are down 14% from February 2012.
February’s Listings: 359*
While this is the time of year that listing inventory begins to grow, we have 4% fewer listings than a year ago. For Walla Walla and College Place, inventory has declined to just a 3 month supply in the $125,000 – $175,000 price range.
February’s Closings: 28*
February’s closings increased 12% over February of 2012. For the first two months of this year, 62 homes have closed – a 22% increase over the first two months of last year.
February’s Median Price: $159,000*
14 homes closed below and 14 homes closed above $159,000. However our average sales price for February was $263,898 because we had 7 closings between $375,000 – $800,000.
Click here for February 2013 WW Charts
*WWMLS WA Data
February 11th, 2013
Walla Walla Real Estate Update – February 2013
Higher home sales and growing optimism on the jobs front are further signs of a stabilizing real estate market, Fannie Mae recently concluded, and many of Walla Walla’s home buyers and sellers are feeling more optimistic as well.
January Listings: 339*
As we begin 2013, Walla Walla Home sellers are benefitting from an increase in buyer activity and a decrease in listing inventory. Walla Walla’s listing inventory is down 9% from the same time a year ago providing less competition for offers, especially in our low to mid price ranges. After polling just over 1,000 Americans, Fannie Mae recently concluded more survey respondents believe now is a good time to sell a home, with 23% responding favorably to that question, up from 11% last year.
January Home Sales: 34*
Closed home sales for January increased 33% over the number of homes that sold during the same period a year ago. Walla Walla’s Home buyers are feeling more confident, a trend being reported across the country. “Concerns about job loss are waning as payrolls are growing – a trend that may give potential homebuyers more confidence that they can meet the financial obligation of homeownership,” said Doug Duncan, chief economist for Fannie Mae.
January Median Sales Price: $167,084*
Our median sales price for January is up 3% over a year ago but down from the previous month. This does not indicate that home prices are currently sliding in Walla Walla. It does mean that in January the majority of sales activity occurred in lower price ranges. We expect more activity in our mid-to-high price ranges as the year continues.
Click here for January 2013 WW Charts
*WWMLS WA Data
December 6th, 2012
Walla Walla Real Estate Update – November 2012
Positive trends continued through November for the Walla Walla real estate market. Sales increased 15% over the previous month and with just one month to go, home sales have already surged 16% ahead of last year’s pace. Additionally, the number of homes available for sale continued to decrease. At our current sales rate, the inventory of homes on the market has decreased to a 6.3 months’ supply, a level which most economists consider to be a balanced market. As a result, our median sales price increased 7% over November of 2011. However, homes for sale in upper price ranges continue to experience extended marketing times due to fewer buyers in that market.
November Listings: 376*
The number of homes available for sale declined 10% from the previous month.
November Sales: 45*
November sales brought our yearly total to 446. With one month left, we are already 32 sales ahead of last year.
November Median Sales Price: $190,000*
The decrease in listing inventory is leading to slight increases in median sales prices. However, sellers should consider the number of homes available (month’s inventory) in their price range when pricing their home for sale.
Click here for November 2012 WW Charts
*WWMLS WA Data