Walla Walla Real Estate Update – October 2020

Housing Trends for the Walla Walla Valley

The Walla Walla Valley Real Estate Market remained very active during the month of October. Here are the highlights:

Best Home Closing Month of the Year – October became the busiest home closing month of the year and brought the year-to-date closing total to within 4 closings of last year’s pace during the same period. In addition to local buyers, Walla Walla continues to see more buyers from outside the area who are attracted by the valley’s lifestyle.

Interest Rates Set Record Low – again! Freddie Mac reported that during October, the 30-year fixed-rate mortgage averaged a record low of 2.80%. A year ago, the rate for the same loan was 3.69%. These low rates continued to fuel strong buyer demand.

Inventory hits record low – Prices Surge – With so many buyers and so few listings, the Walla Walla Valley is experiencing one of the strongest seller’s markets ever seen. Buyers continue to find themselves in multiple offer scenarios where they often have to outbid other buyers to get the property. As a result, prices continued to surge with the median sale price hitting a record-high of $350,000 in October. Our year-to-date median sales price is now $300,699, a 12% increase above the 2019 median sales price.

Walla Walla Valley Home Stats for October

Available Listings:                      168
Listings dropped 11% from the previous month and ended 41% below the number of homes listed for sale in October of last year when there were 118 more listings available.

Closed Sales:                              87
Closed home sales increased 19% over the previous month and ended up 4% above the number of closings that occurred in October of last year.

Median Sales Price: $350,000

The median price increased 7% over the previous month and hit a new record monthly high. October’s median price also increased by 28% higher than the median price for October of last year.

 

Learn More

Click here for the full October report.

Watch economic updates with Chief Economist Matthew Gardner

*WWMLS WA Data

 

Posted on November 11, 2020 at 4:30 PM
Firm - Windermere Walla Walla | Category: Market Trends

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