Housing Trends for the Walla Walla Valley
Buyer demand for homes in the Walla Walla valley remained strong through November. Here are three highlights for the month:
Inventory Hit record Low, Again! – The strong seller’s market continued as the number of buyers exceeded the number of listings. By month’s end, housing inventory had dropped below one month’s supply. To put it into perspective there were twice as many homes listed for sale in November of last year. NAR reports that many prospective sellers have delayed listing their properties due to health concerns, economic concerns, or both. However, many sellers have had success in selling their homes this year with their properties selling immediately, which has kept inventory low.
Median Price at Record High – The low inventory climate continued to put upward pressure on prices. Most buyers continued to find themselves in multiple offer scenarios often driving the sales price above the seller’s asking price in order to secure the property. This year’s median sales price has now increased by 14% over last year. Thus far, low-interest rates have somewhat offset price increases but affordability could become more of an issue going forward.
Home Closings Exceed Last Years Pace – In the face of the health and economic challenges caused by the pandemic, Walla Walla’s real estate market has remained resilient. With just one month to go, closed home sales pulled ahead of last year’s pace by a narrow margin of 1%. To equal last year’s market is something many may have found unimaginable back in March. This certainly reflects how desirable it is to call the Walla Walla Valley ‘Home’!
Walla Walla Valley Home Stats for October
Available Listings: 124
Listings dropped 26% from the previous month and ended 51% lower than the number of homes available for sale in November of last year.
Closed Sales: 79
Closed home sales dropped 11% from the previous month but ended 4% above the number of homes that closed in November of last year.
Median Sales Price: $348,200
The median price held steady with the previous month but was 27% higher than the median sales price in November of last year.
*WWMLS WA Data