March was the most active month yet this year for home sales in Walla Walla. Total sales for the first quarter ended 6% above last year's pace. Buyers were lured by low interest rates and a modest uptick in inventory levels. In spite of the active closing month, March’s listings increased slightly from the previous month. However, the trend of year-over-year listing declines continued. Listing inventory dropped 11% below March of last year. Lawrence Yun, NAR chief economist, says “looking ahead, the key for sustained momentum and more sales than last spring is a continuous stream of new listings.” For now in Walla Walla, it appears that buyers are more than ready for spring’s busy listing season to begin.
March Listings: 326*
March’s listing inventory grew 1% over the previous month. However, there were 39 fewer homes listed for sale than were available 12 months ago.
March Home Sales: 60*
March saw an increase of 20 home sales over the previous month. Pending home sales – under contract, not yet closed – held steady with the previous month. One third of March's 326 listings are under contract.
March Median Price: $218,250*
Median prices surged 11% over the previous month. The increase was caused by more homes closing in the upper price ranges and by annual declines in listing inventory.
Click here for March 2016 Charts
*WWMLS WA Data
Photo provided by : Christina Kennell Photography