Walla Walla Valley Real Estate Update – November 2021
Walla Walla homes sales remained resilient despite low inventory and increasing affordability challenges.
Closed home sales lag behind last autumn. Over the last 3 months, closed homes sales fell 17% below the number of closings that occurred during the same months of last year. However, the decline did not reflect a drop in buyer demand and can be attributed largely to the reduction in homes available for sale. Yet we are still on track for a very active year. Even with the recent decline, total home sales for the year still equal last year’s pace.
Inventory declines again. There were more buyers than sellers in the market causing home listings to fall again. However, November was the first month to post a year-over-year monthly increase in listings. This is the time of year when some sellers have decided to list their homes after the holiday season.
Home prices continue to climb. Throughout the year strong buyer demand, coupled with historically low inventory, has pushed prices higher. Our year-to-date median sales price of $367,105 is 19% higher than last year’s median price of $308,928.
November’s Listings: 141
The month’s listings dropped 12% from the previous month and ended 17% above the number of homes listed for sale a year ago.
November’s Closings: 66
Closings declined by 13 homes from the previous month’s total and fell 16% behind the number of homes that closed in November of last year.
November’s Median Sales Price: $394,750
The month’s median sales price increased 4% over the previous month and was 13% higher than the median sales price for November of last year.
*WWMLS WA Data