Walla Walla Real Estate Update – October 2020

Housing Trends for the Walla Walla Valley

The Walla Walla Valley Real Estate Market remained very active during the month of October. Here are the highlights:

Best Home Closing Month of the Year – October became the busiest home closing month of the year and brought the year-to-date closing total to within 4 closings of last year’s pace during the same period. In addition to local buyers, Walla Walla continues to see more buyers from outside the area who are attracted by the valley’s lifestyle.

Interest Rates Set Record Low – again! Freddie Mac reported that during October, the 30-year fixed-rate mortgage averaged a record low of 2.80%. A year ago, the rate for the same loan was 3.69%. These low rates continued to fuel strong buyer demand.

Inventory hits record low – Prices Surge – With so many buyers and so few listings, the Walla Walla Valley is experiencing one of the strongest seller’s markets ever seen. Buyers continue to find themselves in multiple offer scenarios where they often have to outbid other buyers to get the property. As a result, prices continued to surge with the median sale price hitting a record-high of $350,000 in October. Our year-to-date median sales price is now $300,699, a 12% increase above the 2019 median sales price.

Walla Walla Valley Home Stats for October

Available Listings:                      168
Listings dropped 11% from the previous month and ended 41% below the number of homes listed for sale in October of last year when there were 118 more listings available.

Closed Sales:                              87
Closed home sales increased 19% over the previous month and ended up 4% above the number of closings that occurred in October of last year.

Median Sales Price: $350,000

The median price increased 7% over the previous month and hit a new record monthly high. October’s median price also increased by 28% higher than the median price for October of last year.

 

Learn More

Click here for the full October report.

Watch economic updates with Chief Economist Matthew Gardner

*WWMLS WA Data

 


Posted on November 11, 2020 at 4:30 PM
Firm - Windermere Walla Walla | Posted in Market Trends |

Walla Walla Real Estate Update – September 2020

September Real Estate Update

Housing Trends for the Walla Walla Valley

Walla Walla’s housing market has made a strong recovery since the outbreak of COVID-19 struck this past spring. Here is a look at 3 key trends we have seen for the year.

Strong Buyer Demand – Historically low interest rates – below 3% – continued to fuel strong buyer demand in the Walla Walla Valley, and rates should remain low for a while.  Lawrence Yun, National Association of Realtors’ chief economist, notes “the Fed intends to hold its short-term funds rate near 0% for the foreseeable future, which should, in the absence of inflationary pressure, keep mortgage rates low and aid home buyers continuing to enter the marketplace”.

Low Inventory Levels – The historically low inventory in the Walla Walla Valley doesn’t necessarily mean there haven’t been new listings. Approximately 570 new listings have come on the market so far this year but buyers have snatched them up immediately, leaving inventory at the low level it was when the year started. However, for our market’s momentum to continue, we need more inventory. At month’s end, there were 121 fewer homes listed for sale than were available 12 months ago.

Price Appreciation – Low housing supply coupled with high buyer demand continues to put upward pressure on home prices. At month-end, the year’s median sales price was 10% higher than the previous year. Price increases have been offset by low-interest rates but affordably will become more of an issue should prices continue to rise.

The bottom line, Walla Walla’s real estate market continued to be a bright spot in the economic recovery. Through September, closed home sales had climbed within 1.5% of last years pace

Walla Walla Valley Home Stats for September

Available Listings:                      188
Listings declined 2% from the previous month but were significantly lower than a year ago. September’s listings were 39% lower than September 2019.

Closed Sales:                              71
The month’s closings increased 6% over the previous month and were 2% higher than the closings that occurred in September of last year.

Median Sales Price: $326,000

The median price jumped 7% over the previous month and was 21% higher than the median price for September of last year. Our year-to-date median price has increased by 10% over the previous year.

Learn More

Click here for the full September report.

Watch weekly economic updates with Matthew Gardner – Windermere Chief Economist

*WWMLS WA Data

 


Posted on October 15, 2020 at 12:15 PM
Firm - Windermere Walla Walla | Posted in Market Trends |

Walla Walla Real Estate Update – August 2020

What’s Happening in the Local Market?

The year 2020 will certainly be one to remember, with new realities and norms changing the way we live. This year’s real estate market is certainly no exception; challenging what many thought possible. Here’s a look at four key areas that are defining the Walla Walla Valley’s real estate market this year.

Housing Market Resilience – The economy was put on pause this spring due to the Covid-19 health crisis. Yet, Walla Walla’s market quickly rebounded to pre-pandemic levels. At the end of August, closed home sales were within 2.5% of last year’s numbers and buyer demand remained at an all-time high.

Record-Breaking Mortgage Rates – Historically low mortgage rates are another 2020 game-changer. Low rates have been one of the big motivating factors for bringing buyers back into the market. The average rate reached all-time-lows on multiple occasions this year and they continue to hover in record-low territory.

Continued Home Price Appreciation – One of Walla Walla’s key drivers for home price appreciation this year is our historically low inventory. At the end of August, the number of homes listed for sale had fallen 40% from the number of homes available for sale 12 months ago. Although sellers are making their way back into the market, buyers are scooping up homes faster than they are coming up for sale. This strong demand has pushed prices higher. Through August, the Walla Walla Valley’s median sales price had increased 9% over 2019’s median price.

Increased Affordability – Even as home prices continue to rise, affordability is working in favor of today’s homebuyers with the low interest rates off-setting rising home prices.

All in all, the Walla Walla Valley remains an attractive place to own a home.

Walla Walla Valley Home Stats for August

August’s Listings: 191*

The month’s listings dropped 3% from the previous month but remained 40% below the number of homes that were available a year ago. A year ago, there were 129 more homes available for sale.

 

August’s Closed Home Sales: 65*

Closings dropped 19% from the previous month and were 16% fewer than the number that closed in August of 2019. Yet closings through the first 8 months of 2020 were only down 2.5% from the same time period of 2019.

 

August’s Median Sales Price: $306,000*

The median price increased 11% from the previous month and was 5% higher than the median price for August of 2019. Year to date, the median price has increased by 9% over the previous year.

 

Learn More

Click here for the full August charts.

Watch weekly economic updates with Matthew Gardner – Windermere Chief Economist

*WWMLS WA Data

 


Posted on September 14, 2020 at 2:58 PM
Firm - Windermere Walla Walla | Posted in Market Trends |

Walla Walla Real Estate Update – July 2020

What’s Happening in the Local Market?

July became the 2nd busiest home-closing month for the year in the Walla Walla Valley showing continued resilience in the local Real Estate Market. This activity was fueled through outstanding opportunities for buyers and sellers.

Buyers have been able to benefit from record-low mortgage rates. The National Mortgage News reported that “purchasing power rose 10% year-over-year with interest rates hitting record lows. Buyers were able to afford $32,000 “more house” as of July 23 than they could the year before with the same monthly payment.” Through the first 7 months of the year, home sales are just 2% off of last year’s pace during the same period.

Sellers were able to benefit from low inventory as there were very few homes competing for buyer’s offers. The National Association of Realtors reports that “there are simply not enough houses on the market for the number of buyers looking to purchase them.” This remained true for Walla Walla. July listing inventory was 36% below the number of homes available for sale a year ago. The Seller’s Market continues putting upward pressure on prices, with the median sales price increasing 7% over the previous year’s. Additionally, we anticipate buyer demand to remain high heading into fall.

Whether you’re thinking about buying or selling a home, there are some key perks available right now. It may be a good time to connect with your Real Estate Broker to discuss how the market may play to your advantage.

 

Walla Walla Valley Home Stats for July

July’s Listings: 196*

Listing inventory dropped 3% from the previous month and was 36% below the number of listings available 12 months ago.

 

July’s Closed Sales: 78*

Closings dropped 5% from the previous month and ended 19% below the number of closings that occurred in July of 2019.

 

July’s Median Sales Price: $276,100*

The median sales price declined 10% from the previous month but was 3% higher than the median sales price for July of 2019.

*WWMLS WA Data

Learn More

Click here for the full July charts.

Watch weekly economic updates with Matthew Gardner – Windermere Chief Economist

 


Posted on August 12, 2020 at 10:18 AM
Firm - Windermere Walla Walla | Posted in Market Trends |

Walla Walla Real Estate Update – June 2020

Walla Walla Real Estate Update for June 2020

 

Walla Walla’s real estate market continued to show resilience through the pandemic as historically low interest rates continued to fuel buyer demand.  With so many buyers looking for homes to purchase and so few houses for sale, there has been a disconnect between supply and demand.  This imbalance has pushed prices upward while driving more bidding wars and multiple-offer scenarios.  At the end of June, there were 29% fewer homes listed for sale than at the same time a year ago.  Thus far, the tight supply has pushed the year-to-date median sales price 9% above the previous year.

Yet buyers have not been swayed.  At the halfway point, closed home sales were 3% ahead of last year’s pace.  The Walla Walla Valley remains a popular place to live. Some would even suggest that living here has become even more attractive this year.  The Business Insider just published an article ranking Walla Walla 8th out of the 17 best cities in the Western US to live in after the pandemic.

 

June’s Listings: 202*

Listings dropped 13% from the previous month and ended 29% below the number of homes listed for sale in June of last year.

 

June’s Closed Sales: 82*

Monthly closings surged 52% ahead of the previous month and were 21% above the number of closed homes sales for June of last year.

 

June’s Median Sales Price: $305,634*

The median price increased 5% above the previous month and was 10% higher than the median price for June of last year.

*WWMLS WA Data

 

LEARN MORE

Click here for the full June charts.

Watch weekly economic updates with Matthew Gardner – Windermere Chief Economist

 


Posted on July 14, 2020 at 10:09 AM
Firm - Windermere Walla Walla | Posted in Market Trends |

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 |