Housing Trends for the Walla Walla Valley
During the first quarter of 2021, Walla Walla’s real estate market experienced one of the strongest seller’s markets the valley has ever seen. Here are three key takeaways we saw over the last few months.
Inventory Remained at Historic Lows:
During the first quarter, there were more buyers on the market than there were sellers. New listings that came to market were immediately snatched up as buyers often found themselves in bidding wars with other buyers.
Median Sales Prices increased 21%:
The valley’s “low inventory” market continued to create strong price growth. The median-priced home for the first quarter of the year rose $60,000 higher than the median-priced home in Q-1 of 2020.
Sales Fell Behind Last Year’s Pace:
Quarterly home sales fell 16% behind the number of homes that closed during the same period a year ago. This was not due to a lack in buyer demand. Sales were restricted by the low number of listings entering the market. We expect the number of listings to increase slightly during the 2nd quarter as more sellers look to capitalize on current market dynamics.
Walla Walla Valley Home Stats for March
March’s Listings: 85
Listings increased slightly over the previous month but ended 57% below the number of homes listed for sale a year ago. There were 111 more homes listed for sale exactly a year ago.
March’s Closed Home Sales: 58
Home sales experienced a monthly increase of 53% from the previous month but were down 11% from the number that closed in March 2020.
March’s Median Sales Price: $357,450
The month’s median sales price was on par with the previous month but was up 20% above the median sales price for homes that sold during March of last year.
*WWMLS WA Data