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Walla Walla Real Estate Update – March 2024
The Walla Walla Valley’s real estate market showed signs of thawing as new listings and pending sales numbers grew, pointing to a busy spring. Here are highlights from the first quarter of the year.
Inventory increased to 3.5 months. Buyers had more homes to consider in March. By the end of the first quarter, there were 23% more homes listed for sale than a year ago. At the current rate of sales, listing inventory had grown to 3.5 months compared to just 1.5 months a year ago.
Pending sales were 4% higher than a year ago. March’s closed home sales fell well behind March of last year causing year-to-date closing to fall 10% behind last year’s pace. However, the number of new contract originations increased. Pending sales, homes under contract but not yet closed, increased 4% above a year ago. Pending sales are a leading indicator that points to strong closing months ahead.
The quarterly median sales price experienced an annual gain. While inventory has grown, it has not kept up with buyer demand which has pushed home prices a bit higher. This year’s quarterly median price was 9% higher than in the first quarter of last year.
March’s Listings: 180*
The month’s listings grew 15% over the previous month and was 23% higher than March of last year.
March’s Closed Home Sales: 32*
Closed home sales remained on par with the previous month but were 46% below the number of homes that closed in March of last year.
March’s Median Sales Price: $403,065*
The month’s median sales price dropped 13% from the previous month but ended up 4% above the median sales price for March of the previous year.
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*NWMLS WA Data
