Market Trends April 11, 2016

Walla Walla Real Estate Update – March 2016

Winter Wheat Field - Walla Walla

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


Photo provided by : Christina Kennell Photography