Housing Trends for the Walla Walla Valley
For Walla Walla housing, the new year began with three key trends that carried over from last year:
Low Inventory, Strong Buyer Demand, and Rising Prices.
Low Inventory: Inventory slid to a new record low of just 91 homes available for sale in the Walla Walla Valley at month’s end. For perspective, there were 101 more homes listed for sale 12 months ago. However, there are signs that more sellers will be entering the market this spring as optimism increases regarding overall physical health (vaccines) and the economy.
Strong Buyer Demand: The strong seller’s market continued with more buyers actively looking for homes than there were listings. New listings continued to hit the market in January, but buyers instantly snatched them up. Often, buyers found themselves competing with other buyers in multiple offer negotiations. As we move towards spring, we expect storm buyer activity to continue, fueled by low-interest rates and the desirability to live in the Walla Walla Valley.
Rising Prices:With so many buyers negotiating for so few listings, the trend of rising prices continued in the Walla Walla Valley. The month’s median sales price was 13% higher than last January. However, it is expected that the price growth rate will slow during the year as much needed inventory begins to build.
Walla Walla Valley Home Stats for January
Available Listings: 91
The month ended with 4% fewer listings than the previous month and was down 53% from the number of homes available for sale a year ago
Closed Sales: 45
Home closings declined 26% from the previous month and ended 17% below the number of homes that closed during January of last year.
Median Sales Price: $313,000
The month’s median price dropped 11% from the previous month but ended 13% above the median sales price for January of last year.
*WWMLS WA Data