Market Trends May 11, 2016

Walla Walla Real Estate Update – April 2016

Pioneer Park Pond - Walla Walla

April home sales rose 7% higher than April’s sales in 2015.  Walla Walla’s annual home sales continued to outpace last year by 15%.  New contract activity continued to increase as well.  Pending sales – homes under contract not yet closed – grew by 27% during the month of April.

Seller’s looking to capitalize on the active market listed more homes in April.  Monthly listing inventory grew 10% over the previous month.  However, April’s total listings were still 9% less than a year ago.  Approximately one third of Walla Walla's active listings are under contract.

The month's median price declined, yet Walla Walla’s annual median price was up 5% from 2015’s median price.  This was a modest increase when compared to many parts of the country that continued to experience inventory levels well below Walla Walla’s.

As we have mentioned previously, what happens the rest of the year depends largely on inventory levels and interest rates.  So far, so good…our inventory has experienced 3 consecutive monthly gains and interest rates have remained low.

April's Listings: 359*

The trend of year-over-year listing declines continued.  April had 35 fewer homes listed for sale than were available in April of 2015.

April's Closed Sales: 62*

April experienced a slight monthly decline in home sales, but brought the yearly total to 230 sales compared to just 200 homes sales during the same period of last year.

April's Median Price: $182,868*

April’s median price dropped from the previous month as more homes in the lower price ranges closed.

Click here for April 2016 Charts
Photograph courtesy of Christina Kennell Photography.