Walla Walla Real Estate – April 2023
Like April’s weather, Walla Walla’s real estate market cooled down during the month with declines in home closings, pending sales, and prices.
Closed homes sales slowed again. The market is moving at a slower pace than last year. At month end, year-to-date home sales were down 28% from a year ago. Yet homes that were well priced got snapped up right away with some experiencing the return of multiple offers.
Pending sales declined. Higher financing costs continued to act as a significant headwind in the market. However, Windermere Chief Economist Matthew Gardner expects that “mortgage rates will stabilize and head lower as we head into summer which should bring more buyers into the market”.
Prices dropped. With slowing sales, prices have dropped as buyers have had the upper hand. However, many parts of the state are experiencing rising median listing prices compared to the previous quarter. Home prices typically follow suit but price growth is expected to be modest through the remainder of the year.
Inventory grew modestly. With slower sales, total supply improved. At month end, the Walla Walla Valley had 2.59 months of inventory available compared to just 1.35 months a year ago.
April’s Listings: 142
Inventory increased by 3% over the previous month and was 5% above the number of homes listed for sale a year ago.
April’s Closings: 37
Closing home sales dropped 37% from the previous month and ended 33% below the number of homes that closed a year ago.
April’s Median Price: $365,000
The month’s median sales price dropped 16% from the previous month and was down 4% lower than the median sales price a year ago.
*WWMLS WA Data