Market Trends September 15, 2017

Walla Walla Real Estate Update – August 2017

Photo Copyright Christina Kennell


August tied June for the highest number of monthly closings this year in the Walla Walla Valley. Yet, home sale still lagged 9% behind last years pace. Lawrence Yun, NAR chief economist reports that feedback from Realtors continues to confirm that the slowdown in existing sales is the result of a supply problem and not one of diminished demand. This is certainly true for Walla Walla. The number of homes listed for sale at the end of August had dropped 21% below the number listed exactly a year ago. The pace of new listings is not catching up with what’s being sold, especially for homes priced below $400,000.

Lower inventory levels, especially in the lower price ranges, have created a sellers market and pushed prices upward. This year, the median sales price for Walla Walla has increased 5% over last year.

With autumn at the doorstep, we expect buyer demand to remain strong as we head towards winter.

August’s Listings: 303*

Listings declined by 5% from the previous month and 21% below the number of homes listed for sale 12 months ago.

August’s Closings: 81*

Closings increased 16% from the previous month and essentially pulled even with closings in August of last year.

August’s Median Price: $230,000*

The median price declined 2% from the previous month but was 7% higher than August of last year.

Click here for August’s charts.