Walla Walla Real Estate Update – February 2022
At the end of February, Northwest MLS representatives expressed optimism for the housing market as pandemic-restrictions eased, but also uncertainty due to the global economic crisis around Russia’s invasion of Ukraine. Here’s what happened in the Walla Walla Valley.
Listings were slightly higher than a year ago. While listings remained at historically low levels with multiple offers being the norm, the number of homes available for sale increased 14% over the number of homes that were available a year ago.
Closed home sales reflected a slower start. Although buyer demand remained strong, closed home sales were restricted by low inventory and rising interest rates. At month-end, year-to-date home sales were 7% off last year’s pace.
Prices continued an upward trend. Pent-up buyer demand and too few listings continued to drive prices higher. However, as we move further into the year, the seasonal increase in listings, coupled with rising interest rates are expected to slow price growth. Historically, listings bump higher in March/April, and then again in May/June.
February’s Listings: 81
Listings declined by 18% from the previous month but ended 14% above the number of homes listed for sale a year ago.
February’s Closed Sales: 38
Closed home sales declined 7% from the previous month, and ended 3% below the number of homes that closed last February.
February’s Median Sales Price: $383,500
The month’s median price increased 7% over the previous month and was also 7% higher than the median price in February of last year.
*WWMLS WA Data