Page not found – Windermere Walla Walla https://windermerewallawalla.com Real Estate Solutions for the Walla Walla Valley Fri, 15 Mar 2024 16:40:24 +0000 en-US hourly 1 Walla Walla Real Estate Update – February 2024 https://windermerewallawalla.com/2024/03/15/walla-walla-real-estate-update-february-2024 Fri, 15 Mar 2024 16:00:19 +0000 https://windermerewallawalla.com/2024/03/14/walla-walla-real-estate-update-january-2024-copy Walla Walla Real Estate Update – February 2024   There was cautious optimism as seasonal changes took shape. The real estate market remained slow in Walla Walla in accordance with typical seasonal patterns but there were signs of increased activity as winter began to transition into spring.   Closed home sales and pending transactions were […]

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Walla Walla Real Estate Update – February 2024

 

There was cautious optimism as seasonal changes took shape. The real estate market remained slow in Walla Walla in accordance with typical seasonal patterns but there were signs of increased activity as winter began to transition into spring.

 

Closed home sales and pending transactions were ahead of last year. While sales are typically slower in the early months of the year, year-to-date home closings were 30% ahead of last year’s pace. There was an increase in new transactions as well. Pending home sales were 8% more than a year ago.

 

Buyers had more homes to consider than a year ago. At month end there were 17% more homes available for sale than were available a year ago. And inventory is expected to continue growing into March.

 

Home sales increased in the upper price ranges. The median sales price jumped 20% over a year ago as more Walla Walla homes in the upper price ranges went under contract and closed.

 

 

February’s Listings: 158

The number of homes listed for sale increased 7% over the previous month and ended up 17% above the number of homes listed for sale a year ago.

February’s Closed Sales: 30

Closed home sales matched the previous month but were up 20% over a year ago.

February’s Median Sales Price: $462,500

The median sales price surged 20% above the previous month and was also 20% above the median sales price for February of last year.

 

 

Learn More

Click here for the full monthly report

Click here for Market Updates

*NWMLS WA Data

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Walla Walla Real Estate Update – January 2024 https://windermerewallawalla.com/2024/02/14/walla-walla-real-estate-update-january-2024 Wed, 14 Feb 2024 16:55:33 +0000 https://windermerewallawalla.com/2024/02/01/walla-walla-real-estate-update-november-2023-copy Walla Walla Real Estate Update – January 2024   Real Estate market activity remained slow in accordance with seasonal patterns however January saw in increase in listings, closed sales, and median sales price in the Walla Walla Valley.   Home sales saw a better start than last year.  While home sales typically are slower during […]

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Walla Walla Real Estate Update – January 2024

 

Real Estate market activity remained slow in accordance with seasonal patterns however January saw in increase in listings, closed sales, and median sales price in the Walla Walla Valley.

 

Home sales saw a better start than last year.  While home sales typically are slower during the first months of the year, closed home sales experienced a 42% increase over January of last year.  Interest rates at the end of the month were 6.69% which was an improvement over last November’s rate of 7.1%.

 

Inventory grew modestly.  While many sellers are reluctant to give up their three or four percent interest rates. Listings experienced some growth.   The year began with 7% more homes listed for sale than were available a year ago.

 

Median Sales Price increased.   The Walla Walla Valley’s median price edged up 3% over the previous month but experienced a year-over-year gain of 17%.  However, prices are expected to grow more moderately through the rest of the year.

 

January’s Listings:  147

The number of homes listed for sales grew 20% over the previous month and 7% over the number of homes that were listed for sale a year ago.

 

January’s Closed Sales: 30

Closed home sales increased 3% over the previous month and 42% above the number of closed home sales for January of last year.

 

January’s Median Sales Price: $387,000

The month’s median sales price grew 3% over the previous month and was 17% higher than the median price for January of last year.

 

 

Learn More

Click here for the full monthly report

Click here for Market Updates

*NWMLS WA Data

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Walla Walla Real Estate Update – December 2023 Year-End Report https://windermerewallawalla.com/2024/01/17/walla-walla-real-estate-update-december-2023 Wed, 17 Jan 2024 17:05:41 +0000 https://windermerewallawalla.com/2024/01/03/walla-walla-real-estate-update-november-2023-copy-2 Walla Walla Real Estate 2023 Year-End Report The new year kicks off with some hopeful signs for buyers as interest rates proceeded to drop through the month of December to a current rate of 6.61% from the November level of 7.1% with the Fed is signaling additional cuts on the horizon.  Here are some key […]

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Walla Walla Real Estate 2023 Year-End Report

The new year kicks off with some hopeful signs for buyers as interest rates proceeded to drop through the month of December to a current rate of 6.61% from the November level of 7.1% with the Fed is signaling additional cuts on the horizon.  Here are some key year-end takeaways for the Walla Walla Valley:

High Mortgage Rates Put a Drag on Home Sales.  The U.S. economy was remarkably resilient through the year which led the Federal Reserve to keep interest rates higher and longer than expected.  Mortgage rates had a cooling effect on annual home sales.  As a result, the number of home sales in the Walla Walla Valley dropped 13% below the previous year to 560 – a level of sales not seen since 2012.

Price Growth Was Stagnant. The slowdown in home sales brought year-over-year price growth to a halt.  The years median sales price of $402,000 remained the same as 2023 and the Average sales price experienced just a modest year-over-year gain of 1.2%.

Inventory Remained Low.  Mason Virant, associate director of the WA Center for real estate research said “ Inventory levels continued to be low as owners with low-rate mortgages remained reluctant to sell.  This has led to year-over-year declines in transaction volume and inventory levels.  The year ended with 12% fewer homes listed for sale in Walla Walla than a year ago.

 

So what will 2024 bring?  Economist Matthew Gardner predicts the following:

Mortgage Rates will Drop, but not quickly.  Data shows inflation and the broader economy are starting to slow, which should allow mortgage rates to ease in 2024.  That said, rates will only fall to around 6% by the end of the year.

Home prices will rise, but not much.  While many forecasters said home prices would fall in 2023, that was not the case, as the lack of inventory propped up home values.  Given that it’s unlikely that there will be a significant increase in the number of homes for sale, prices will not drop in 2024.  However, price growth will be very modest.

Sales will rise but remain low.  2023 will likely be remembered as the year when home sales were the lowest since the housing bubble burst in 2008.  Matthew expects the number of homes for sale to improve modestly in 2024 which, combined with mortgage rates trending lower, should result in about 4.4 million homes sales nationally. Ultimately though, demand exceeding supply will mean that sellers will still have the upper hand.

 

Learn More

Click here for the full monthly report

Top 10 Housing Predictions for 2024 from Economist Matthew Gardner

*NWMLS WA Data

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Walla Walla Real Estate Update – November 2023 https://windermerewallawalla.com/2023/12/11/walla-walla-real-estate-update-november-2023 Mon, 11 Dec 2023 09:00:37 +0000 https://windermerewallawalla.com/2023/12/11/walla-walla-real-estate-update-october-2023-copy Walla Walla Real Estate Update – November 2023   As of December 1 interest rates had fallen to around 7.2% compared to 7.8% in October.  The slight decrease in interest rates at month’s end raised cautious optimism.  Here’s what took place in November:   Q-4 closed and pending home sales trended up. While year-to-date home […]

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Walla Walla Real Estate Update – November 2023

 

As of December 1 interest rates had fallen to around 7.2% compared to 7.8% in October.  The slight decrease in interest rates at month’s end raised cautious optimism.  Here’s what took place in November:

 

Q-4 closed and pending home sales trended up. While year-to-date home sales remained 14% behind last year’s pace, Q-4 sales were 11% ahead of last Q-4.  And there were 18% more pending sales than a year ago.  All points to a more active winter this time around.

 

Seasonal inventory Declined.  It is typical that fewer sellers choose to market their homes during the holiday months than at other times of the year.  During November, the number of homes listed for sale declined from the previous month and ended up back where we were a year ago.  At month end there was just 2.4 months of inventory.

 

Median Home Prices dropped again.   The market continued to experience stagnant price growth and while rates improved a bit the overall market continued to be weighed down by the high interest rate environment for buyers relying on mortgages.

 

 

November’s Listings: 177

The month’s listings dropped 11% from the previous month and ended up within 1 listing of the number of homes listed for sale a year ago.

 

November’s Closed Sales: 48

Closed homes sales dropped 6% from the previous month but ended 17% above the number of closings for November of last year.

 

November’s Median Price: $390,000

The month’s median sales price dropped 11% from the previous month and was 7% lower than the median sales price for November of last year.

 

 

Learn More

Click here for the full monthly report

Hear Housing and Economic Updates from Chief Economist Matthew Gardner

*NWMLS WA Data

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Walla Walla Real Estate Update – October 2023 https://windermerewallawalla.com/2023/11/17/walla-walla-real-estate-update-october-2023 Fri, 17 Nov 2023 18:00:50 +0000 https://windermerewallawalla.com/2023/11/10/walla-walla-real-estate-update-september-2023-copy Walla Walla Real Estate Update – October 2023   Further increases in interest rates continued to influence the expected seasonal slow-down during the fall and winter months.  Yet when compared to the same time a year ago, the month of October showed some positive signs.   Buyers had more homes to consider this October.  Inventory […]

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Walla Walla Real Estate Update – October 2023

 

Further increases in interest rates continued to influence the expected seasonal slow-down during the fall and winter months.  Yet when compared to the same time a year ago, the month of October showed some positive signs.

 

Buyers had more homes to consider this October.  Inventory grew to 3 months supply compared to just 2.3 months a year ago.  At month end, there were 20% more homes listed for sale than were available a year ago.

Home closings and pending sales were up over the previous year.  Although total home sales for the year were 17% off last year’s pace, the months closings were 9% ahead of the same month a year ago.  And there were 33% more pending sales when compared to October of last year.

Home prices strengthened.  While price growth has been stagnant for much of the year, Walla Walla’s median price for October was up 5% over a year ago.  However, further price growth will likely be hampered by high interest rates which aren’t expected to soften till Spring of 2024.

 

 

 

October’s Listings: 200

The month’s listings remained at the same level as the previous month but there were 20% more listing then were available a year ago.

 

October’s Closed Sales:  51

The month matched the number of homes sales from the previous month but ended up 9% ahead of the number of homes that closed in October of last year.

 

October’s Median Price:  $440,000

The months median sales price jumped 11% over the previous month but was just 5% above the median sales price for October of last year.

 

Learn More

Click here for the full monthly report

Hear Housing and Economic Updates from Chief Economist Matthew Gardner

*NWMLS WA Data

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Walla Walla Real Estate Update – September 2023 https://windermerewallawalla.com/2023/10/11/walla-walla-real-estate-update-september-2023 Wed, 11 Oct 2023 15:57:38 +0000 https://windermerewallawalla.com/2023/10/11/walla-walla-real-estate-update-august-2023-copy Walla Walla Real Estate – September 2023   As we head into the fall season in the Walla Walla Valley, the number of closed transactions continued to decline with limited growth in year-over-year median price. Continued decline in transactions. “The real estate market typically slows down in the fall and winter months,” says Mason Virant, […]

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Walla Walla Real Estate – September 2023

 

As we head into the fall season in the Walla Walla Valley, the number of closed transactions continued to decline with limited growth in year-over-year median price.

Continued decline in transactions. “The real estate market typically slows down in the fall and winter months,” says Mason Virant, the associate director for the Washington Center for Real Estate Research. “However, the high-interest rate environment has further decreased the purchasing power of prospective buyers leading to a continued decline in year-over-year transaction volume.” At the end of the 3rd quarter, home sales in the Walla Walla Valley were 19% off last year’s pace.

Listing inventory continued to grow. As sales slowed, inventory picked up a bit. At the end of the 3rd quarter, inventory had grown to 3.08 months as compared to just 2.38 months a year ago. The seller’s market continued with inventory remaining below the balanced range of 4-6 months.

Median Price Growth remained stagnant. Through the first 9 months of the year, the Walla Walla Valley’s median price has remained at last year’s levels. The slowdown in sales has dampened price growth. However, CoreLogic’s Economist Selma Hepp says, “The combination of low inventories and pent-up demand will have sellers thinking positively about the options next year.

 

 

September’s Listings: 199

The number of listings increased by 14% over the previous month and was also 14% above the number of homes listed for sale a month ago.

September’s Closed Home Sales: 50

Closings dropped 18% from the previous month and ended up 26% below the number of homes that closed in September a year ago.

September’s Median Sales Price: $397,712

The month’s median prices dropped 3% from the previous month and was also 3% below the median sales price for September of last year.

 

Learn More

Click here for the full September report

Hear Housing and Economic Updates from Chief Economist Matthew Gardner

*WWMLS WA Data

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Walla Walla Real Estate Update – August 2023 https://windermerewallawalla.com/2023/09/12/walla-walla-real-estate-update-august-2023 Tue, 12 Sep 2023 22:02:28 +0000 https://windermerewallawalla.com/2023/09/12/walla-walla-real-estate-update-july-2023-copy Walla Walla Real Estate – August 2023   Mortgage rates may be high but lifestyle decisions continue to drive listing and sales activity in the Walla Walla Valley. Closed home sales experienced monthly gain. Buyers’ activity remained strong despite higher interest rates, especially for median-priced homes.  August’s closed sales increased 20% over the previous month […]

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Walla Walla Real Estate – August 2023

 

Mortgage rates may be high but lifestyle decisions continue to drive listing and sales activity in the Walla Walla Valley.

Closed home sales experienced monthly gain. Buyers’ activity remained strong despite higher interest rates, especially for median-priced homes.  August’s closed sales increased 20% over the previous month but year-to-date sales remained 18% off last year’s pace. Industry watchers point to upticks in mortgage rates as the culprit for the decline.

Inventory increased slightly but remained tight. The NWMLS reported 72 new listings for August which netted a 2% increase over the previous. Although sales are off last year’s pace, new listings that are properly priced are attracting strong offers and sometimes multiple offers as well.

Median Price declined from a year ago. August was the 5th month this year to see the median sales price fall below the same month of the previous year. After a couple of years of double-digit annual price gains, the market has settled down a bit.

Windermere’s Chief Economist, Matthew Gardner, says, “The housing market still lacks direction and won’t likely find its footing until mortgage rates start to pull back, which I expect to see as we enter the fall months.”

 

 

August’s Listings: 175

The month’s listings were 2% above the previous month and ended 5% more than the number of homes listed for sale a year ago.

August’s Closed Sales: 61

Closed home sales increased 20% over the previous month, but ended up 6% behind the number of homes that closed in August of last year.

August’s Median Sales Price: $411,050

The median sales price was just $1,050 higher than the previous month, but was down 3% from the median Sales price in August of last year.

 

Learn More

Click here for the full August report

Hear Housing and Economic Updates from Chief Economist Matthew Gardner

*WWMLS WA Data

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Walla Walla Real Estate Update – July 2023 https://windermerewallawalla.com/2023/08/16/walla-walla-real-estate-update-july-2023 Wed, 16 Aug 2023 22:58:02 +0000 https://windermerewallawalla.com/2023/08/16/walla-walla-real-estate-update-june-2023-copy Walla Walla Real Estate – July 2023   The Northwest MLS statistics summarizing July activity for the Walla Walla Valley showed a slight increase in months of listing inventory and declines in both closed home sales and median prices. The monthly supply of inventory ticked upward. A slower pace of sales contributed to a modest […]

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Walla Walla Real Estate – July 2023

 

The Northwest MLS statistics summarizing July activity for the Walla Walla Valley showed a slight increase in months of listing inventory and declines in both closed home sales and median prices.

The monthly supply of inventory ticked upward. A slower pace of sales contributed to a modest uptick in months of supply, rising from 1.93 in June to 2.35 months in July: a year ago, there were 1.76 months of supply. Still with the industry using 4-6 months as the indicator for balance, our market continues to trend in favor of sellers.

Closed home sales were 20% off last year’s pace. A housing market downturn was inevitable with higher mortgage rates, but there were some positive signs. Pending sales – homes under contract but not yet closed – increased by 37% over the previous month, which points to an increase in closing activity through the balance of summer.

The Median Sales Price dropped below a year ago. The month’s median price was 1.2% below the same month a year ago. Overall, the year-to-date median sales price has experienced modest gains, but the rate-of-price growth has slowed significantly in recent years.

Windermere Chief Economist, Matthew Gardner, reports that “mortgage rates are unlikely to move tangibly lower during the balance of summer, but if the economy starts to soften this fall, rates could start to fall and revitalize the market.”

 

 

July’s Listings: 171

Listings increased 7% over the previous month and ended on par with the number of homes listed for sale a year ago.

July’s Closed Sales: 51

Closed home sales dropped 20% from the previous month and ended up 11% below the number of homes that closed in July of last year.

July’s Median Sales Price: $410,000

The median sales price dropped 10% from the previous month and was 1.2% down from the same month a year ago.

 

Learn More

Click here for the full July report

Hear Housing and Economic Updates from Chief Economist Matthew Gardner

*WWMLS WA Data

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Walla Walla Real Estate Update – June 2023 https://windermerewallawalla.com/2023/07/11/walla-walla-real-estate-update-june-2023 Tue, 11 Jul 2023 22:52:44 +0000 https://windermerewallawalla.com/2023/07/11/walla-walla-real-estate-update-may-2023-copy Walla Walla Real Estate – June 2023   Although at a lower velocity than in previous years, low inventory and higher interest rates have kept the overall market in a more balanced state as sales kept pace with new and existing inventory. At the midway point in the year, sales were still 22% off last […]

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Walla Walla Real Estate – June 2023

 

Although at a lower velocity than in previous years, low inventory and higher interest rates have kept the overall market in a more balanced state as sales kept pace with new and existing inventory.

At the midway point in the year, sales were still 22% off last year’s pace. Sales have picked up during the last two months but a sluggish beginning to the year has kept closings lower than a year ago. Walla Walla is still experiencing demand but buyers are looking for homes that are well cared for and updated.

Q-2 showed sales and price growth compared to Q-1. During the second quarter of 2023 closings were up 54% and prices increased 8% compared to the first quarter of the year. This increase in momentum points to a busy summer market ahead.

YTD Median Sales Price was stagnant compared to year a ago. Although prices increased during the second quarter of this year, the YTD median sales price has not experienced growth compared to the same period a year ago. For many, this is a welcome sign as the significant price growth of the previous few years was unsustainable. Windermere’s economist, Matthew Gardner, expects price growth to be modest during the remainder of the year.

 

 

June’s Listings: 160

The number of homes listed for sale declined 9% from the previous month and ended up down 11% from the number of homes listed a year ago.

 

June’s Closed Home Sales: 63

The month’s closing stayed steady with the previous month and ended up 16% below the number of homes that closed in June of last year.

 

June’s Median Sales Price: $455,000

The median sales price increased 7% over the previous month and ended up 3% above the median price for June of last year.

 

 

Learn More

Click here for the full June report

Hear Housing and Economic Updates from Chief Economist Matthew Gardner

*WWMLS WA Data

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Walla Walla Real Estate Update – May 2023 https://windermerewallawalla.com/2023/06/12/walla-walla-real-estate-update-may-2023 Mon, 12 Jun 2023 22:49:40 +0000 https://windermerewallawalla.com/2023/06/12/walla-walla-real-estate-update-april-2023-copy Walla Walla Real Estate – May 2023   Home buyers in the Walla Walla Valley found the largest selection of listings last month since November. While rising interest rates are deterring some buyers, many others are moving forward powering the normal seasonal upward trend for market activity. Both Pending Sales and Closed Sales Surged. May […]

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Walla Walla Real Estate – May 2023

 

Home buyers in the Walla Walla Valley found the largest selection of listings last month since November. While rising interest rates are deterring some buyers, many others are moving forward powering the normal seasonal upward trend for market activity.

Both Pending Sales and Closed Sales Surged. May was the busiest month of the year for pending sales and closed home sales. Monthly sales surged 68% and pending sales were up 54% over the previous month. While market momentum indicates a busy summer ahead, annual sales are still 23% off last year’s pace.

Listings rise 6% over a year ago. Good weather brought more buyers out to tour homes and more sellers listed their homes to capitalize on the market activity. At month end, there was 1.68 months of inventory compared to 1.31 months a year ago. Where interest rates go through the remainder of the year will play a large roll in how many listings remain on the market for extended periods of time.

Median Home Prices decline slightly from last May.  Market-priced homes are still selling quickly and multiple offers have returned for desirable properties. Yet, the slowdown in sales this year has meant sellers must be more realistic when pricing homes. The median sales price slipped 2% below a year ago.

 

 

May’s Listings: 175

The number of homes listed for sale increased 23% over the previous month and was 6% above the number of homes listed for sale a year ago.

 

May’s Closed Home Sales: 62

Home closings surged 68% above the previous month’s closings but ended up 9% below the number of homes that closed in May of last year.

 

May’s Median Sales Price: $426,000

The median sales price increased 17% over the previous month but remained 2% below the median sales price for May of last year.

 

 

Learn More

Click here for the full May report

Hear Housing and Economic Updates from Chief Economist Matthew Gardner

*WWMLS WA Data

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