Despite historically low inventory levels, the Walla Walla Valley’s home sales and pending sales experienced annual increases during the month of February. Through the first two months of the year, closed home sales were up 18% above last year’s pace and pending sales – homes under contract but not yet closed – increased by 23%. Low interest rates fueled buyer activity as enough new homes came on the market to replace those that sold – leaving the listing inventory at the same level as the previous month. However, there were still 8% fewer homes listed for sale than in February of last year. Thus far in 2020, there have been more buyers than sellers in our market.
At the time of this posting, the coronavirus is creating lots of personal and economic uncertainty. New listings are arriving daily and buyers are taking advantage of historically low interest rates. Yet, some buyers have become nervous about the overall economy and some sellers have delayed listing their homes due to these uncertain times.
While it is wise to take the Coronavirus and economic chaos very seriously, may we suggest that this will all pass. Sooner….or later. In the meantime, we expect the market to remain tight as our valley and our country works through these challenging times.
February’s Listings: 192*
The month’s listings remained the same as the previous month but were 8% below the number of homes listed for sale in February of last year.
February’s Closed Sales: 40*
Home sales dropped 13% from the previous month but were 14% higher than the number of homes sales in February of last year. Year-to-date totals are 18% ahead of last year’s pace.
February’s Median Price: $277,500*
February’s median price remained on par with the previous month and was 3% higher than in February of last year.
*WWMLS WA Data