April’s real estate activity surpassed expectations but it was far from business as usual. The Governor’s “Stay Home, Stay Healthy” order deemed Real Estate an “essential business” due to the importance of housing during these challenging times. Necessary property viewings were allowed under strict safety protocols and all other real estate activities were conducted remotely through the use of virtual tools.
There was strong buyer traffic during the month. New listings were often met with multiple offers by buyers looking to capitalize on low-interest rates. However, seller traffic remained low. Some sellers delayed listing due to family members staying home and showing safety concerns. But new tools are helping some sellers move forward. Virtual tours and open houses along with strict showing guidelines have reduced sellers’ exposure to the public and increased confidence regarding safety.
Some have questioned whether or not the pandemic will negatively impact home values. Here is what we know. The price of any item is determined by supply as well as the market’s demand for that item. Thus far the Walla Walla Valley has experienced low listing supply and high buyer demand. A “seller’s market” continued through April with the median sales price remaining 7% above last year. And we expect these conditions to continue. Matthew Gardner, Windermere’s Chief Economist, predicts “prices will remain stable throughout 2020”.
April’s Listings: 212
The month’s listings actually increased by 8% over the previous month but remained 9% below the number of homes listed for sale in April of last year. Inventory remains at historic lows.
April’s Closings: 45
Closed home sales dropped 26% from the previous month. Still, year-to-date sales remain 2% ahead of last year’s pace due to the strong market of Q-1.
April’s Median Price: $297,998
The month’s median price remained on par with the previous month. Year-to-date, the median sales price has increased by 7% over last year.