Housing Trends for the Walla Walla Valley
Low inventory and rising interest rates have yet to dampen buyer’s enthusiasm for homes in the Walla Walla Valley. Here are several key takeaways:
Sales moved ahead of last year’s pace: The strong seller’s market continued as there were more buyers than there were sellers in pretty much every price range. By month’s end, year-to-date home closings were 2% ahead of last year’s pace during the same period.
Inventory increased: After hitting a record low the previous month, listings experienced a monthly increase of 68% but not nearly enough to satisfy buyer demand. New listings continued to sell immediately and the trend of multiple offers continued.
Prices continued to climb: With more than one buyer competing for most home sales, accepted offers were often well above the original list price. More inventory is needed for price growth to slow down.
Walla Walla Valley Home Stats for May
May’s Listings: 89
The number of homes listed increased 68% over the previous month but remained 62% below the number of homes listed for sale in May of last year. There were 143 more homes available for sale a year ago.
May’s Closings: 61
Closed home sales dropped 10% from the previous month but ended up 9% over the number of home sales that closed in May of last year.
May’s Median Sales Price: $362,200
The month’s median sales price settled 2% below the previous month but was 25% higher than the median sales price for May of last year.
Click here for the full May report
Hear Housing and Economic Updates from Chief Economist Matthew Gardner
*WWMLS WA Data