Walla Walla Real Estate – August 2023
Mortgage rates may be high but lifestyle decisions continue to drive listing and sales activity in the Walla Walla Valley.
Closed home sales experienced monthly gain. Buyers’ activity remained strong despite higher interest rates, especially for median-priced homes. August’s closed sales increased 20% over the previous month but year-to-date sales remained 18% off last year’s pace. Industry watchers point to upticks in mortgage rates as the culprit for the decline.
Inventory increased slightly but remained tight. The NWMLS reported 72 new listings for August which netted a 2% increase over the previous. Although sales are off last year’s pace, new listings that are properly priced are attracting strong offers and sometimes multiple offers as well.
Median Price declined from a year ago. August was the 5th month this year to see the median sales price fall below the same month of the previous year. After a couple of years of double-digit annual price gains, the market has settled down a bit.
Windermere’s Chief Economist, Matthew Gardner, says, “The housing market still lacks direction and won’t likely find its footing until mortgage rates start to pull back, which I expect to see as we enter the fall months.”
August’s Listings: 175
The month’s listings were 2% above the previous month and ended 5% more than the number of homes listed for sale a year ago.
August’s Closed Sales: 61
Closed home sales increased 20% over the previous month, but ended up 6% behind the number of homes that closed in August of last year.
August’s Median Sales Price: $411,050
The median sales price was just $1,050 higher than the previous month, but was down 3% from the median Sales price in August of last year.
*WWMLS WA Data