Walla Walla Real Estate Update – January 2022
A frigid first week of January surges in coronavirus cases, and depleted inventory were factors that contributed to the months being slower than year-ago sales.
Closed home sales fall off last year’s pace. During the first month of the year, closed home sales fell 11% behind last year’s numbers. However, there remains a significant backlog of buyers looking for a home to purchase. As sellers, who are sitting on record amounts of equity, bring their properties to market, sales are expected to pick up significantly.
Listing inventory falls from year-end numbers. The number of homes listed for sale dropped 10% from the number of homes listed for sale at the end of 2021. While low inventory levels will persist, more listings are expected as we move towards spring. Historically, January is not a big listing month in Walla Walla as many sellers wait for warmer weather to list their homes.
Prices remain well above the previous year. January’s median sales price was 14% higher than a year ago. As long as we see more buyers than sellers in the market, upward pressure on prices will continue.
Despite the slow start in sales and persistent shortages of inventory, MLS brokers expect robust activities during 2022.
January’s listings: 99
The month’s inventory dropped 10% from the previous month but ended up slightly above the number of homes available for sale a year ago.
January’s Closed Sales: 41
Closed homes sales fell 39% from the previous month and were 11% below the number of homes that closed in January of last year.
January’s Median Sales Price: $360,000
The month’s median sales price dropped 8% from the previous month but was 14% higher than the median sales price in January of last year.
Click here for the full January report
Hear Housing and Economic Updates from Chief Economist Matthew Gardner
*WWMLS WA Data