February’s homes sales slowed a bit from January’s hot pace, but through the first two months of the year, Walla Walla’s closed sales were still 11% ahead of last year. Buyers remained very active writing new contracts. Pending sales – homes under contract, but not yet closed – grew by 31% over the previous month.
After 4 consecutive monthly listing declines, the number of homes listed for sale in February grew by 10% over the previous month. However, the trend of year-over-year declines in the number of listings continued.
With more sales and less inventory then a year ago, median prices moved up 4% over February of last year. What happens to prices going forward will depend on how low our listing inventory gets. However, we expect our listing inventory to grow as we move into spring, which is typically the busiest listing time of the year.
February’s Listings: 322*
Listings gained 10% over the previous month, but remained 3% below February of last year. At February’s rate of sales, Walla Walla’s monthly inventory increased to just over 4 months.
February’s Home Sales: 40*
February’s sales declined by 20% from the previous month, but still brought Walla Walla’s year-to-date total sales to 90, an 11% annual gain over the same period a year ago.
February’s Median Sales Price: $196,450*
February’s Median Sales Price declined 3% from the previous month, but was 4% higher than February of last year.
Click here for February 2016 Charts
*WWMLS WA Data
Photo provided by Christina Kennell Photography