March 12th, 2012
Walla Walla Market Update – February 2012
Like most of the country, Walla Walla is experiencing an increase in the number of pending sales. The Walla Walla MLS reported 69 pending home sales at the end of February. This represents a 47% increase from the previous month. Today’s buyers are being encouraged by investors like Warren Buffett who recently weighed in on CNBC: “If I knew where I was going to live for the next 5 or 10 years, I would buy a home and finance it with a 30 year mortgage…it’s a terrific deal.” The increase in pending sales activity is a welcome sign for Walla Walla’s Real Estate Market.
Walla Walla Valley Snapshot:
Listings: 375*
Listing inventory remained essentially unchanged from the previous month and from the same period a year ago. As we come into spring we expect the number of listings to increase as usual.
Sales: 24*
Closed home sales for the month of February stayed consistent with the previous month’s pace and came within three home sales from matching February of last year. This month, closings should surge ahead of last year due to the number of February’s pending homes sales.
Median Price: $204,000*
The median price of February’s home sales was up $31,000 from the previous month and $16,500 over February of last year. While this means that more home sold in higher price ranges in February, it does not mean we are seeing values increase yet. Home prices are expected to remain flat until we experience a sustained increase in sales.
Click here for February 2012 WW Charts
*WW MLS WA Single Family Homes
One Comment
Interesting to see Warren Buffett’s interview. Hard to argue with low cost/interest rates and high inventory: housing affordability like we haven’t seen in decades. It sure is time to buy!
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