More sellers listed their homes for sale in May which brought a much-needed boost to the Walla Walla Valley’s listing inventory. The number of listings grew 14% over the previous month and essentially equaled the number of homes available for sale 12 months ago. Closed homes sales declined a bit from the previous month but remained quite active. Yet at month’s end, annual homes sales were still 13% behind last year’s pace.
The valley’s median price jumped significantly from the previous month as more upper priced properties sold. However, this year’s median price has increased by just 3% over last year. Favorable interest rates continued to fuel buyer demand and new contract formation continued to be strong in May. The number of pending transactions – homes under contract but not yet closed – increased 30% over the previous month. This forward-looking indicator shows that the active market is continuing into the summer months.
May’s Listings: 264*
The month’s listings grew 14% over the previous month and equaled the number listed in May of last year.
May’s Closed Sales: 65*
Closed home sales slowed 7% from the previous month and 2% below the number that closed in May of last year.
May’s Median Price: $289,000*
The month’s median sales price took at 15% leap over the previous month but was just 4% above the median sales price for May of last year.
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*WWMLS WA Data