Market Trends June 16, 2017

Walla Walla Real Estate Update – May 2017

More homes sold in May than any previous month this year in Walla Walla. Yet, through the first five months of the year, sales were still 8% behind last years record setting pace. The slow down was largely due to the low inventory levels Walla Walla has experienced through the first part of the year.

However, listing inventories have improved a bit. May experienced the largest monthly gain in new listings yet this year. The month ended with 24% more homes listed for sale than the previous month. But even after the boost in new listings, Walla Walla was still 20% below the number of homes listed for sale during May of last year.

Buyer demand remained strong during the month of May. Pending sales, a forward looking indicator based on contract signings, increased by 8%. On the year, Walla Walla has experienced a strong seller market, especially for homes priced $350,000 and below. We anticipate that more sellers will bring their homes to market during the month of June to take advantage of this dynamic.

May’s Listing total: 310*

The month ended with 60 more active listings than the previous month. However, Walla Walla is was still 20% below last year’s totals.

May’s Closings: 71*

May’s closed sales increased 45% over the previous month and was 9% a head of the number of homes that closed during May of last year.

May’s Median Price: $223,500*

The median price increased 6% over the previous month and was 5% above the median price for May of last year.  Year-to-date, Walla Walla’s median price was 2% above last year.

Click here for May’s charts.