Housing Trends for the Walla Walla Valley
Sales Restricted by Supply: Home sales declined in February, however it wasn’t due to a lack of buyers who were ready to purchase but had to wait for homes to hit the market. The snowy weather partially contributed to the slow down but the primary reason was the lack of home inventory. We continue to see more buyers on the market than there are listings available to buy. As a result, year-to-date home closings dropped 19% behind last year’s pace.
Inventory dropped again:
The number of homes listed for sale reached a new low in February. Inventory dropped to 71 listings which were 121 listings below the number of homes available during February of last year. Most listings that hit the market sold immediately.
Low inventory continued to create a very competitive environment for home buyers. To get an offer accepted, buyers often found themselves needing to outbid other buyers. This pushed prices higher – often above the seller’s listed price. As a result, February’s median price increased 29% over February of last year. However, brokers are reporting that more sellers are contacting them regarding plans to enter the market this spring. This much-needed inventory should slow down the rate of price growth.
Walla Walla Valley Home Stats for February
February’s Listings: 71
Listings dropped 22% from January and ended 63% below the number of homes listed for sale in February of last year.
February’s Closed Home Sales: 38
Closed home sales dropped 17% from the previous month and ended 24% below the number of homes that closed in February of last year.
February’s Median Sales Price: $359,000
The month’s median sales price increased 14% over the previous month and was 29% above the median price for February of last year.
Click here for the full February report
Read Chief Economist Matthew Gardner’s Predictions for 2021
*WWMLS WA Data