Facebook
Twitter
Pinterest
Copy Link
Walla Walla Real Estate Update – May 2024
While interest rates remained high, increases in inventory and transactions signal buyers and sellers are adapting. The NWMLS released the following statistics for the month of May in the Walla Walla Valley:
Inventory increased to the highest level in 4+ years. The number of homes listed for sale continued to grow, providing buyers with more options. Although still at historically low levels, the number of homes listed for sale grew to the highest level in over 4 years. At May’s rate of sales, there was 3 months of inventory compared to 1.7 months a year ago.
Year-to-date median sales price increased 5% over a year ago. The month’s median sales price took a dip compared to the same month a year ago. However, for the year our median sales price is $409,612 – up 5% over the same period a year ago.
May was the 2nd best closing month of the year. Although the number of homes that closed dropped from the prior month, May was the 2nd best closing month of the year. New contract originations remained strong bringing the number of pending transactions up 4% from a year ago. At the end of May, the number of closed transactions was 1% ahead of last year’s pace. May’s market activity indicates a busy summer is ahead.
May’s Listings: 225
The month’s listings grew 17% over the previous month and ended up 29% above he number of homes listed for sale a year ago.
May’s Closed Home Sales: 52
The month’s closings declined 15% from the previous month and end up down 15% below the number of homes that closed in May of last year.
May’s Median Sales Price: $395,495
The median sales price for the month of May was slightly lower (1.1%) than the previous month but ended up 7% lower than the median sales price for May of last year. As mentioned above, the YTD Median sales price was still up 5% over the same period of last year.
Learn More
Click here for the full monthly report
Click here for Market Updates
*NWMLS WA Data
