Walla Walla Real Estate Update – May 2020

Walla Walla Real Estate Update for May 2020

Governor Inslee extended the Stay Home Stay Healthy order through the month of May but tight supply combined with strong buyer demand in the Walla Walla Valley kept home values stable. Spring is typically the active listing season but many sellers delayed bringing their home to market while under the economic lockdown. Listing inventory remained 12% below the number of homes listed for sale 12 months ago. With inventory falling to approximately just one month, sellers who chose to list in May experienced strong buyer demand with very little competition from other listings. Buyers often found themselves competing with other buyers making offers above the seller’s asking price.

While the number of closed homes sales through the pandemic has been an encouraging economic sign for Walla Walla, it has not been business as usual. May’s home closings declined 24% from the closings that occurred in May of last year. The decline was largely due to the lack of inventory.

As our economy opens up there are some positive signs. May saw an 18% monthly increase in home closings and a 9% monthly increase in listings with buyers continuing to write new contracts. Pending sales – homes under contract but not yet closed – grew 20% over the previous month. And even with the 2nd quarter slow down, annual home sales are just 4% behind last year’s pace due to an active pre-pandemic first quarter. Home values have been stable and have likely increased. This year’s median sales price has risen 7.6% above last year. And finally, there are indicators that listings are on the way. The National Association of Realtors’ recent survey indicated the 77% of prospective home sellers were making their homes ready to list as the economy opens up. All said, we expect Summer to be the new Spring market.

 

May’s Listings: 232

The month’s listings increased 9% over the previous month but remained 12% behind last May’s numbers.

 

May’s Closed Sales: 53

The months closed sales increased 18% over the previous month but fell 24% behind the number that closed in May of last year.

 

May’s Median Price: $289,900

The month’s median price declined 3% from the previous month but was 1% higher than the median price for May of last year. Year-to-date the median price is up 7.6% above last year’s median price.

LEARN MORE

Click here for the full May charts.

Read the first quarter Walla Walla Real Estate Update.

Watch weekly economic updates with Matthew Gardner – Windermere Chief Economist

 


Posted on June 12, 2020 at 11:47 AM
Firm - Windermere Walla Walla | Posted in Market Trends |

A Guide to Mortgage Assistance During COVID-19

Mortgage relief options for homeowners who have been financially affected during COVID-19.


Posted on June 11, 2020 at 1:59 PM
Firm - Windermere Walla Walla | Posted in Covid-19 Resources |

Phase 2 – How “Stay Home, Stay Healthy” Impacts Real Estate

On May 19, Governor Jay Inslee announced modifications to the “Stay Home, Stay Healthy” Order for Phase 2 re-opening. Real estate activities in Washington will resume in counties approved for Phase 2, with specific protocols.

Our commitment during these challenging times to safely help our clients continue moving their lives forward. To do so, here are the guidelines we must follow:

WHAT  WE CAN AND CANNOT DO DURING PHASE 2:
  • Open houses are not allowed under any circumstances
  • Real estate brokers and industry partners (e.g. appraisers, inspectors, photographers, stagers, etc.) must wear cloth face coverings. We encourage clients to do the same.
  • Home showings of active listings are by appointment only
  • Three persons can be present in a home at a time, including the broker, and must remain six feet apart
  • Scheduled inspections and appraisals for pending transactions are allowed
  • All real estate activities must meet social distancing, appropriate health standards, and worker protection measures
  • Moving companies may operate using social distancing and other protective measures

 

While real estate brokers now have more latitude during Phase 2, we want you to know that our highest priority is the safety of our brokers, our clients, and our community. To minimize physical contact, we encourage using virtual tours, video chat, and other forms of technology. With these tools, you can continue to view homes, stay connected to your broker, and conduct business. [Learn about the ways were are putting virtual tools to work for our clients]

Despite the challenges, we’re are more focused than ever on taking care of our clients and helping to achieve their real estate goals. We will continue to serve you with outstanding professionalism, attention to detail, and commitment to service.

For additional information please visit the Northwest Multiple Listing Service FAQ.

 

How phase 2 affects real estate bullet list

See how the Walla Walla Real Estate Market has been performing over the last few months – Walla Walla Market Updates


Posted on May 29, 2020 at 4:48 PM
Firm - Windermere Walla Walla | Posted in Covid-19 Resources |

Walla Walla Real Estate Update – April 2020

April Real Estate Activity Header Image

 

April’s real estate activity surpassed expectations but it was far from business as usual. The Governor’s “Stay Home, Stay Healthy” order deemed Real Estate an “essential business” due to the importance of housing during these challenging times.  Necessary property viewings were allowed under strict safety protocols and all other real estate activities were conducted remotely through the use of virtual tools.

There was strong buyer traffic during the month.  New listings were often met with multiple offers by buyers looking to capitalize on low-interest rates.  However, seller traffic remained low.  Some sellers delayed listing due to family members staying home and showing safety concerns.  But new tools are helping some sellers move forward.  Virtual tours and open houses along with strict showing guidelines have reduced sellers’ exposure to the public and increased confidence regarding safety.

Some have questioned whether or not the pandemic will negatively impact home values. Here is what we know.  The price of any item is determined by supply as well as the market’s demand for that item.  Thus far the Walla Walla Valley has experienced low listing supply and high buyer demand.   A “seller’s market” continued through April with the median sales price remaining 7% above last year.  And we expect these conditions to continue.  Matthew Gardner, Windermere’s Chief Economist, predicts “prices will remain stable throughout 2020”.

 

April’s Listings: 212

The month’s listings actually increased by 8% over the previous month but remained 9% below the number of homes listed for sale in April of last year.  Inventory remains at historic lows.

 

April’s Closings: 45

Closed home sales dropped 26% from the previous month.  Still, year-to-date sales remain 2% ahead of last year’s pace due to the strong market of Q-1.

 

April’s Median Price: $297,998

The month’s median price remained on par with the previous month.  Year-to-date, the median sales price has increased by 7% over last year.

 

Click here for the full April real estate activity charts.

 

WATCH – More insights for April’s real estate activity from Doug Simcock

Posted on May 13, 2020 at 4:40 PM
Firm - Windermere Walla Walla | Posted in Market Trends |

Neighbors in Need Raises Funds for Food Banks

Neighbors in Need Raises $690,000 for Food Banks

As COVID-19 affects countries across the globe, those who struggle with poverty and count on food programs to meet their basic day-to-day needs are in an especially uncertain place. While coping with increased demand, food banks are desperate for funds to continue to serve their communities. Because of this, Windermere challenged its offices to raise $250,000 in funds for local food banks. Every dollar raised would be matched by the Windermere Foundation and donated to food banks in the areas where Windermere operates. Through our “Neighbors in Need” fundraising campaign the goal was raising funds for local food banks.

Neighbors in Need kicked off on April 21, with the goal of raising $250,000 by May 5. Word continued to spread and contributions from both our agents and the public began to increase. Neighbors in Need was given a boost by Seattle Seahawks starting safety Quandre Diggs in a heartfelt message encouraging support. Over the final 24 hours, leading up to the May 5 deadline, support poured in from across the Windermere family as the final figure exceeded the initial goal of, landing at a total of $690,000.

Neighbors in Need exemplifies Windermere’s deep commitment to supporting our local communities.  A goal that traces back to 1989 when the Windermere Foundation first started. Since then, the Foundation has proudly raised more than $41 million for low-income and homeless families throughout the Western U.S.

On behalf of the Windermere Foundation to all those who joined the effort: Thank you. We could not have made this large of an impact without your help. We are humbled to be able to do our part to help those who need it most during these uncertain times.

Originally posted on windermere.com by Sandy Dodge

 

Learn other ways the Windermere Foundation supports local families.

Learn more about the Windermere Foundation


Posted on May 13, 2020 at 12:00 PM
Firm - Windermere Walla Walla | Posted in Community |

Walla Walla Real Estate Update – March 2020

 

Mays real estate activity header image

As we report first-quarter real estate activity for the Walla Walla Valley, our state remains under Governor Inslee’s “Stay Home, Stay Healthy” order. And through these challenging times, our highest priority is the safety of our brokers, our clients, and our community.

Although our local economy felt the impact of COVID-19 in late March, real estate is off to a great start in 2020! First-quarter home sales surged 20% ahead of last year’s pace and the median price increased 6% above 2019’s median price. Most buyers were able to take advantage of low interest rates prior to the volatility experienced in late March.

Enough new listings came on the market during the quarter to replace the ones that sold. This left the number of active listings at the end of the quarter on par with the beginning of the year.

 

First Quarter’s Average Listings: 193

Number of homes available for sale during the first quarter averaged 9% less than the number available during the first quarter of last year.

 

First Quarter’s Closed Sales: 155

Closed sales during first quarter increased by 20% over closed sales recorded during the first quarter of last year.

 

First Quarter’s Median Sales Price: $298,900

The first quarter’s median sales price increased 12% over the median price for the same quarter a year ago. 6% higher than 2019’s median price.

 

How housing will be impacted due to COVID-19 remains to be seen. Understandably, some buyers and sellers are choosing to wait for these challenging times to pass. Others are choosing to cautiously proceed with their plans to buy or sell.

Windermere brokers are committed to safely helping their clients move their lives forward during these challenging times. To do so, we are following Washington State Governor Jay Inslee’s “Stay Home, Stay Healthy” order that allows certain real estate activities to occur under the following restrictions:

  • In-person customer meetings are prohibited except where necessary to view a property or sign documents
  • No open houses
  • Property viewings, inspections, and walkthrough must be arranged by appointment
  • Limits of no more than two people on-site at any one time, exercising social distancing at all times

To minimize personal contact, we strongly encourage using virtual tours, video chat, and other forms of technology to view homes, stay connected to your broker, and conduct business.

 

Click here for the full first-quarter real estate activity report.


Posted on April 14, 2020 at 9:33 AM
Firm - Windermere Walla Walla | Posted in Market Trends |

Virtual Buying & Selling

Virtual home buying and selling tools

We continue to work cautiously with buyers and sellers while following our Governors guidelines for delivering essential real estate services.  Our community’s safety is our utmost goal. To best serve our clients and communities we have many virtual home buying and selling tools available.

Whether you are buying or selling, there are many ways we can continue to work with you and put our virtual tools to work for you. 

Windermere continues to be All In for you!

 

VIRTUAL HOME BUYING

1. Virtual Consult

We will schedule a virtual meeting to learn what you are looking for.

2. Favorites

We will email you listings matching your criteria right when they hit the market.

3. Virtual Tours

We’ll send you virtual tours of any home that you like.

4. Electronically Sign

Sign all documents with the click of a button and from the comfort of your own home.

5. Earnest Money

Wiring funds has never been easier or more secure

6. Inspection

Receive a digital inspection report detailing the property so you can get to know it.

7. Closing Time

Local title companies will coordinate a safe and secure closing with you.

8. Welcome Home

Welcome home! We’ll deliver your keys directly to you.

 

VIRTUAL HOME SELLING

1. Virtual Broker’s Open

We will invite local brokers to view a virtual tour of your property.

2. Just Listed Digital Ad

Your home will be advertised across top websites online.

3. Staging

We will work with you to stage your home for success to appeal to the most buyers.

4. Photography

Your home will be thoroughly photographed to best show the layout and features.

5. Online Exposure

Your property will appear on the top real estate sites with more than 300 million combined views.

6. Virtual Open House

We will invite potential buyers to view your home virtually.

7. Check In & Review

You can review offers digitally and sign online at home.

8. Successful Closing

Receive your closing documents via email and leave a review.

Contact an agent to learn more about virtual home buying and selling tools!

 


Posted on April 6, 2020 at 11:56 AM
Firm - Windermere Walla Walla | Posted in Covid-19 Resources |

How “Stay Home, Stay Healthy” Impacts Real Estate

On March 28, 2020, Washington State Governor Jay Inslee amended his statewide “Stay Home, Stay Healthy” order to allow certain real estate activities to operate in the coming weeks. It’s important to understand that this change does not mean that real estate is returning to business as usual. Rather, there are protocols that brokers and their clients must follow as mandated by the order.

Our commitment during these challenging times is to safely help our clients continue moving their lives forward. To do so, here are the guidelines we must follow:

 

WHAT WE CAN AND CANNOT DO IN THE COMING WEEKS:
  • Open houses are not allowed under any circumstances
  • In-person meetings with clients are prohibited, except when necessary to view a property or sign documents
  • When deemed necessary, home showings of active listings are by appointment only
  • Only two persons allowed in a home at a time, including the representing broker
  • Scheduled inspections and appraisals for pending transactions can continue
  • Buyer walk-throughs for pending transactions prior to closing are permitted
  • We can provide keys to buyers at closing
  • Photographers, videographers, and stagers are considered non-essential
  • All real estate activities must meet social distancing, appropriate health standards, and worker protection measures
  • Moving companies may operate using social distancing and other protective measures

 

While real estate brokers now have more latitude during Phase 2, we want you to know that our highest priority is the safety of our brokers, our clients, and our community. To minimize physical contact, we encourage using virtual tours, video chat, and other forms of technology. With these tools, you can continue to view homes, stay connected to your broker, and conduct business. [Learn about the ways were are putting virtual tools to work for our clients]

Despite the challenges, we’re are more focused than ever on taking care of our clients and helping to achieve their real estate goals. We will continue to serve you with outstanding professionalism, attention to detail, and commitment to service.

For additional information please visit the Northwest Multiple Listing Service FAQ.

See how the Walla Walla Real Estate Market has been performing over the last few months – Walla Walla Market Updates


Posted on April 1, 2020 at 11:53 AM
Firm - Windermere Walla Walla | Posted in Community, Covid-19 Resources |

Community Resources during COVID

Local Resources and Connections

Let’s be All In for supporting local businesses, providing resources for those in need, and keeping our community safe and healthy. The following organizations have compiled links and resources to aid businesses and individuals through the changes caused by the spread of COVID-19.

 

 

SHOP LOCAL

Local Curbside, Takeout & Delivery Restaurants Facebook Group – https://www.facebook.com/groups/2805141982933756/

Discover Walla Walla Business Updates – https://discoverwallawalla.net/blog/walla-walla-will

 

COMMUNITY AID

Walla Walla Mutual Aid Network – https://wallawallahelp.org/

City of Walla Walla Volunteer Registration – https://www.wallawallawa.gov/our-city/volunteer

City of College Place – http://www.cpwa.us/residents/covid-19_resources.php

 

BUSINESS AND WORKER RESOUCES

Downtown Walla Walla Foundation – https://www.downtownwallawalla.com/

Small Business Administration – https://www.sba.gov/

Oregon Governor – https://govstatus.egov.com/or-covid-19#forEmployers

Washington Governor –https://www.governor.wa.gov/issues/issues/covid-19-resources

 

EDUCATIONAL SUPPORT

Walla Walla Public Schools – https://www.wwps.org/news/news-events

College Place Public Schools – https://www.cpps.org/o/District/page/covid-19-resources–5

Oregon Department of Education – https://oregonearlylearning.com/COVID-19-Resources/For-Families

Virtual Learning and Entertainment – https://www.cnn.com/style/article/what-to-do-at-home-streaming-art- museums-concerts-coronavirus-trnd/index.html

 


Posted on March 23, 2020 at 4:03 PM
Firm - Windermere Walla Walla | Posted in Community, Covid-19 Resources |

Walla Walla Real Estate Update – February 2020

February real estate activity header image

Walla Walla Valley’s home sales and pending sales experienced annual increases during the month of February despite historically low inventory levels.  Through the first two months of the year, closed home sales were up 18% above last year’s pace and pending sales increased by 23%.  Low interest rates fueled buyer activity. Enough new homes came on the market to replace those that sold, leaving inventory at the same level as the previous month.  However, there were still 8% fewer homes listed for sale than in February of last year.  Thus far in 2020, there have been more buyers than sellers in our market.

At the time of this posting, the coronavirus is creating lots of personal and economic uncertainty.  New listings are arriving daily and buyers are taking advantage of historically low interest rates.  Yet, some buyers have become nervous about the overall economy and some sellers have delayed listing their homes due to these uncertain times.

While it is wise to take the Coronavirus and economic chaos very seriously, may we suggest that this will all pass.  Sooner….or later.  In the meantime, we expect the market to remain tight as our valley and our country works through these challenging times.

 

February’s Listings: 192*

The month’s listings remained the same as the previous month but were 8% below the number of homes listed for sale in February of last year.

 

February’s Closed Sales: 40*

Home sales dropped 13% from the previous month but were 14% higher than the number of homes sales in February of last year.  Year-to-date totals are 18% ahead of last year’s pace.

 

February’s Median Price: $277,500*

February’s median price remained on par with the previous month and was 3% higher than in February of last year.

*WWMLS WA Data

 

Click here for the February real estate activity charts.

Get Economic Updates from Windermere Cheif Economist, Matthew Gardner


Posted on March 16, 2020 at 2:32 PM
Firm - Windermere Walla Walla | Posted in Market Trends |