Walla Walla Valley Real Estate Update – August 2021
A strong seller’s market continued in the Walla Walla Valley but another monthly increase in listings indicated a market shift is underway.
Monthly Listings Edged higher for the 4th month in a row. The number of homes listed for sale increased again in August. While still at historic lows, housing inventory moved up to 5 weeks’ inventory from May’s low of just 1 week. In addition, Brokers reported a decline in the number of multiple offers their listings are generating along with an increase in the number of days a listing was on the market before receiving an offer. All points to a shift back towards a more normalized market.
New record high set for the monthly median sales price. The increase in inventory did not slow price growth. August was the 4th month in a row to experience an increase in the median sales price. Though the first 8 months of the year, the median sales price has increased 18% over last year’s median price.
Closed Homes Sales moved 7% ahead of last year. August was the 3rd busiest closing month of the year as year-to-date sales continued to outpace the previous year through the same period. Pending sales – homes under contract but not yet closed – decreased 4% from the previous month but remained at a very active level. We expect the market to remain robust through the fall.
August’s Listings: 163
The month’s listings grew 14% over the previous month but were 15% below the number of homes listed for sale during August of last year.
August’s Closings: 80
Closed home sales declined 5% from the previous month but ended 18% above the number of homes that closed in August of last year.
August’s Median Sales Price: $396,250
The month’s median sales price increased 4% over the previous month and ended up 29% higher than the median sales price for August a year ago.
*WWMLS WA Data