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Walla Walla Real Estate Update – June 2024
At the mid-point of our year, increased inventory is leading the way towards market stabilization. The Northwest MLS the most current, accurate listing data in WA state released the following market data for June in the Walla Walla Valley.
Year-over-year for sale inventory increased dramatically. At the halfway point of the year, the number of homes listed for sale increased 48% over a year ago. Buyers have had more homes to choose from but their borrowing power remained constrained relative to a few years ago. Yet the market continued to favor sellers. A balanced market is considered to be 4 – 6 moths of inventory by most experts. June ended with 2.7 months of supply compared to just 1.9 months a year ago.
Closed home sales were on par with last year’s pace. Sales surged in June, making it the business closing month of the year. At the mid-point of the year, closed home sales had matched the number of homes that closed during the same period a year ago. However, the number of pending sales grew 89% higher than the same time a year ago pointing to a busy summer ahead.
Home prices heated up this spring. During the first 6 months of the year, Walla Walla’s median sales price was $424,677 – 6% higher than the median price for the same period of last year. However, the increase in inventory will slow price pressure over time. Going forward, sellers will need to pay attention to how much competition they have in their price range.
June’s Listings: 237
The month’s listings grew 5% over the previous month and ended up 48% above the number of homes listed for sale last June.
June’s Closed Sales: 63
The month’s closed home sales grew 19% over the previous month but ended down 1.6% below the number of homes that closed in June of last year..
June’s Median Sales Price: $500,000
The month’s median sales price took a leap of 26% over the previous month due to more closed sales in the upper price ranges. June’s median price was 10% higher than then June of last year.
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*NWMLS WA Data
