September became the fourth month in a row in the Walla Walla Valley to post year-over-year monthly gains in listing inventory. With approximately 2.5 months of inventory, Walla Walla’s market is still best categorized as a seller’s market. However, annual inventory gains indicate the market is moving towards balance. Should this trend continue, it will take pressure off increasing prices. This year, Walla Walla’s median sales price has increased 7% over last year.
Closed home sales slowed a bit during the month. While a slow down is typical for this time of year in the Walla Walla Valley, there are signs that the market should stay busy throughout the rest of the year. Historically, low interest rates have kept buyers active. The number of pending sales – homes under contract but not yet closed – grew 30% over September of last year. And strong buyer activity is expected to continue. Lawrence Yun, NAR chief economist, commented that “with interest rates expected to remain low, home sales are forecasted to rise in coming months and into 2020.” We anticipate a busy fourth quarter for the Walla Walla Valley’s real estate market.
September’s Listings: 309*
Monthly listings declined 3% from the previous month but remained 12% higher than the number of homes available for sale during September of last year.
September’s Closed Sales: 63*
The months home sales slowed 13% from the previous month and ended 7% below the number of closings during the same period a year ago. With one quarter to go, closed sales are 9% off last year’s pace.
September’s Median Sales Price: $269,900*
The months median sales price settled 7% from the previous month but was 5% higher than September of last year.
Click here for September’s charts.
*WWMLS WA Data