Sales activity picked up momentum in July and posted the most monthly closings of the year. Pending sales – homes under contract but not yet closed – increased by 20% indicating that the brisk activity will continue as summer draws to a close.
Growing listing inventory and favorable interest rates were contributing factors for the jump in activity. For the second month in a row, our valley experienced year-over-year monthly gains in the number of homes available for sale. By month’s end, there were 15% more homes listed for sale than were available 12 months ago.
While there are signs that the market is moving towards balance, the seller’s market remains. Most economists consider 4-6 months of inventory to be a balanced market. Yet the cities of Walla Walla and College Place remained around 2 months of inventory. Overall, the gain in listings was a welcome sign and we expect the active market to continue into fall.
July’s Listings: 305
Listings increased by 6% over the previous month and ended 15% above the number of homes available in July of last year.
July’s Closed Sales: 87
Sales jumped 40% over the previous month and 5% above the number of closings that occurred in July of 2018.
July’s Median Price: $267,700
The median sales price settled slightly from the previous month but was 3% above the median sales price of July 2018. On the year, Walla Walla’s median price has increased 5% above the previous year.
Click here for the FULL MONTHLY REPORT FOR JULY.
*WWMLS WA Data