Walla Walla Real Estate Update – July 2020

What’s Happening in the Local Market?

July became the 2nd busiest home-closing month for the year in the Walla Walla Valley showing continued resilience in the local Real Estate Market. This activity was fueled through outstanding opportunities for buyers and sellers.

Buyers have been able to benefit from record-low mortgage rates. The National Mortgage News reported that “purchasing power rose 10% year-over-year with interest rates hitting record lows. Buyers were able to afford $32,000 “more house” as of July 23 than they could the year before with the same monthly payment.” Through the first 7 months of the year, home sales are just 2% off of last year’s pace during the same period.

Sellers were able to benefit from low inventory as there were very few homes competing for buyer’s offers. The National Association of Realtors reports that “there are simply not enough houses on the market for the number of buyers looking to purchase them.” This remained true for Walla Walla. July listing inventory was 36% below the number of homes available for sale a year ago. The Seller’s Market continues putting upward pressure on prices, with the median sales price increasing 7% over the previous year’s. Additionally, we anticipate buyer demand to remain high heading into fall.

Whether you’re thinking about buying or selling a home, there are some key perks available right now. It may be a good time to connect with your Real Estate Broker to discuss how the market may play to your advantage.

 

Walla Walla Valley Home Stats for July

July’s Listings: 196*

Listing inventory dropped 3% from the previous month and was 36% below the number of listings available 12 months ago.

 

July’s Closed Sales: 78*

Closings dropped 5% from the previous month and ended 19% below the number of closings that occurred in July of 2019.

 

July’s Median Sales Price: $276,100*

The median sales price declined 10% from the previous month but was 3% higher than the median sales price for July of 2019.

*WWMLS WA Data

Learn More

Click here for the full July charts.

Watch weekly economic updates with Matthew Gardner – Windermere Chief Economist

 

Posted on August 12, 2020 at 10:18 AM
Firm - Windermere Walla Walla | Category: Market Trends

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