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.
*WWMLS WA Data
Home sales kept up their robust pace in July and pending sales – homes under contract but not yet closed – grew by 6%. Annual home sales are now 7% ahead of last years pace.
Walla Walla’s listing inventory grew slightly over the previous month but the trend of year-over-year inventory declines continued. In the cities of Walla Walla and College Place, listing inventory dropped slightly below the 3 month range as the market moved more strongly to a sellers market.
July’s median sales price increased to $242,032, the highest of the year. The increase was caused by lower inventory levels and by more homes selling in the upper price ranges. On the year, Walla Walla’s median price is $212,164 – a 12% increase over last year’s median price.
While rising prices create affordability concerns, low interest rates have kept buyers active. As we've reported, what happens through the rest of the year will depend largely on interest rates and listing inventory.
July’s Listings: 380*
July’s listings increased by 2% over the previous month. While the monthly trend of year over year listing declines continued, the gap was just 1% lower.
July’s Closed Sales: 80*
While June was the busiest closing month of the year, July became the 2nd busiest. July’s closings were 10% ahead of the same month a year ago.
July’s Median Price: $242,032*
July’s median price rose 5% over the previous month as more homes in the upper price ranges sold.
Click here for July Charts.
*WWMLS WA Properties