Walla Walla Real Estate Update – July 2022
New statistics from the Northwest Multiple Listing Service confirm reports of a shifting housing market in the Walla Walla Valley. That shift is benefitting buyers. They now have more homes to choose from and a bit more time to look.
Inventory continued year-over-year growth. In July, there were 19% more listings available than a year ago. Over the last 12 months, the inventory of single-family homes has grown from .80 months to 1.76 months. Yet Walla Walla’s market continued to favor sellers according to industry experts who consider less than 4 months of inventory to be a “seller’s” market.
Evidence of slower activity showed up in the sales figures. Pending sales declined by 16% from a year ago and closed home sales fell 10% behind last year’s pace.
Prices still rose, but at a slower rate. The median sales price for the month’s closed sales increased 9% from a year ago, rising from $381,000 to $414,000. This is a slowdown from the 20% year-over-year pricing gains experienced earlier in the year.
Many industry experts feel the shift occurring today in the real estate market is healthy and that the frantic pace of the past couple of years was unsustainable.
July’s Listings: 170
The month’s listings declined 6% from the previous month but ended up 19% above the number of homes listed for sales a year ago.
July’s Closed Sales: 59
Closed home sales fell 23% from the previous month and 31% behind the number of homes that closed in July of last year.
July’s Median Sales Price: $414,000
The month’s median sales price declined 6% from the previous month but was 9% higher than a year ago.
*WWMLS WA Data