Market Trends December 12, 2018

Walla Walla Real Estate Update – November 2018

Despite low inventory, the Walla Walla Valley MLS is poised to have its second most active real estate year ever.  With one month to go, annual homes sales remained 4% ahead of last years pace.  Last year’s sales were second to the number that occurred in 2016.  While sustained listing inventory levels were extremely low this year for the Walla Walla Valley, new listings that came to market each month were quickly sold.  The seller’s market continued, especially for homes under $600,000.

As reported throughout the year, low inventory levels led to increased prices.  With one month to go, the fourth quarter’s median sales price is 10% higher than that for the same period a year ago.

While the market sustained good activity throughout the month, there were signs that the anticipated seasonal slowdown had begun.  November’s pending sales – homes under contract but not yet sold – declined by 13%.  However, December’s projected closings should ensure the lead over last year is maintained.

November’s Listings: 237*

Novembers listing inventory dropped 13% from the previous month and remained 14% below the number of homes listed for sale in November of last year.

November’s Closed Sales: 63*

Closed sales declined 14% from the previous month but stayed on par with the number of homes that closed in November of last year.

November’s Median Price: $260,000*

The month’s median price equaled that of last month but was 9% higher than the median price of closed homes in November of last year.

Click here for the full November Monthly Charts