Housing Trends for the Walla Walla Valley
The Walla Walla Valley’s median sales price hit a new high while housing inventory hit a new low. Here are several takeaways from April:
Home closings increased:
The active seller market continued through April. Monthly home closings experience a year-over-year increase of 35% from last April, when sales were briefly constricted by the ‘Stay Home’ order. By month-end, year-to-date home sales were within 5% of the pace we saw last year.
New listings sold immediately:
There continued to be more home buyers than sellers in April. New listings went under contract immediately as buyers sat ready to pounce on anything that could work for them. As a result, housing inventory hit a new record low during the month.
Median Sales Price hit a new monthly high:
The month’s median sales price of $370,00 set a new monthly high for the Walla Walla Valley. Buyers were often bidding well above sellers’ ask price in order to get under contract. Homes that closed in April averaged a sales price that was 1.33% above the original list price. More inventory is desperately needed to slow price growth going forward. Although inventory is forecasted to remain low throughout the year, we anticipate more sellers will bring their homes to market as we head towards summer.
Walla Walla Valley Home Stats for April
April’s Listings: 53
The number of homes listed for sale fell 38% from the previous month and ended up 75% below the number of homes listed for sale in April of last year. There were 159 more homes on the market 12 months ago.
April’s Closings: 62
Closed home sales increased 5% over the previous month and ended 35% above the number of homes closed during April of last year.
April’s Median Sales Price: $370,000
April’s median sales price increased 4% over the previous month and ended 24% above the median sales price for April of last year. This set a new monthly high for the Walla Walla Valley.
Click here for the full April report
Hear Housing and Economic Updates from Chief Economist Matthew Gardner
*WWMLS WA Data