September became the fourth month in a row in the Walla Walla Valley to post year-over-year monthly gains in listing inventory.  With approximately 2.5 months of inventory, Walla Walla’s market is still best categorized as a seller’s market.  However, annual inventory gains indicate the market is moving towards balance.  Should this trend continue, it will take pressure off increasing prices.   This year, Walla Walla’s median sales price has increased 7% over last year.

Closed home sales slowed a bit during the month.  While a slow down is typical for this time of year in the Walla Walla Valley, there are signs that the market should stay busy throughout the rest of the year.  Historically, low interest rates have kept buyers active.  The number of pending sales – homes under contract but not yet closed – grew 30% over September of last year.  And strong buyer activity is expected to continue.  Lawrence Yun, NAR chief economist, commented that “with interest rates expected to remain low, home sales are forecasted to rise in coming months and into 2020.”  We anticipate a busy fourth quarter for the Walla Walla Valley’s real estate market.

September’s Listings: 309*

Monthly listings declined 3% from the previous month but remained 12% higher than the number of homes available for sale during September of last year.

September’s Closed Sales: 63*

The months home sales slowed 13% from the previous month and ended 7% below the number of closings during the same period a year ago.  With one quarter to go, closed sales are 9% off last year’s pace.

September’s Median Sales Price: $269,900*

The months median sales price settled 7% from the previous month but was 5% higher than September of last year.

Click here for September’s charts.

*WWMLS WA Data

Monthly home sales slowed a bit in the Walla Walla Valley as many focused on back to school activities.  However, both pending sales and the number of homes listed for sale increased.  The number of pending sales – homes under contract but not yet closed – grew 6% over the previous month.  While annual home closings are 10% behind last years pace, the number of pending sales are 28% higher than August of last year.  This indicates that the market should be quite busy for the remainder of 2019.

So far, this year’s median price has increased 6% over the previous year.  However, interest rates remain historically low and most brokers expect favorable conditions for both buyer and sellers to continue through the fall.

August’s Listings: 320*

Monthly listings grew 6% over the previous month and 13% above the number of homes available in August of last year.

August’s Closed Sales: 70*

Monthly closings fell 24% off of the previous month’s pace and 18% below the number of closing for the same period a year ago.  The number of pending sales indicate busier closing months are ahead.

August’s Median Price: $261,600*

August’s Median Price jumped 9% over the previous month and 11% above August of the previous year.

Click here for the FULL MONTHLY REPORT FOR AUGUST

*WWMLS WA data

Sales activity picked up momentum in July and posted the most monthly closings of the year.  Pending sales – homes under contract but not yet closed – increased by 20% indicating that the brisk activity will continue as summer draws to a close.

Growing listing inventory and favorable interest rates were contributing factors for the jump in activity.  For the second month in a row, our valley experienced year-over-year monthly gains in the number of homes available for sale.  By month’s end, there were 15% more homes listed for sale than were available 12 months ago.

While there are signs that the market is moving towards balance, the seller’s market remains.  Most economists consider 4-6 months of inventory to be a balanced market.  Yet the cities of Walla Walla and College Place remained around 2 months of inventory.  Overall, the gain in listings was a welcome sign and we expect the active market to continue into fall.

July’s Listings: 305

Listings increased by 6% over the previous month and ended 15% above the number of homes available in July of last year.

July’s Closed Sales: 87

Sales jumped 40% over the previous month and 5% above the number of closings that occurred in July of 2018.

July’s Median Price: $267,700

The median sales price settled slightly from the previous month but was 3% above the median sales price of July 2018.  On the year, Walla Walla’s median price has increased 5% above the previous year.

Click here for the FULL MONTHLY REPORT FOR JULY.

*WWMLS WA Data

Walla Walla Valley’s pending homes sales continued to increase in June, a positive sign from the month’s minor sales dip. This increase in contract signings mirrored the national trend. Lawrence Yun, National Association of Realtors chief economist, credits lower-than-usual mortgage rates, “Rates of 4 %, and in some cases even lower, have created extremely attractive conditions for consumers. Buyers, for good reason, are anxious to purchase and lock in at these rates.”

While the number of listings increased during the month, there is still a need for more inventory. Demand for homes in the valley continued to exceed inventory, especially for homes under $600,000. Through the first 6 months of the year low inventory has contributed to reduced sales and increased prices. At the mid-year mark, home closings have slid 15% and median sales prices have increased 4% when compared to the previous year.

All said, we are experiencing a good real estate market and we expect strong consumer confidence about buying a home in our valley to continue through the summer. Buyer activity will be fueled by low interest rates and a moderate increase in listings.

June’s Listings: 286*

The number of homes listed for sale grew by 8% over the previous month and 8% over the number of homes available last June.

June’s Closed Home Sales: 62*

The month’s closed home sales dipped 6% below the previous month’s totals and 27% below the number of homes sales for the same period a year ago. At the midpoint of the year, home closings are 15% off last year’s pace.

June’s Median Sales Price: $278,500*

The month’s median price declined 4% from the previous month but was 8% higher than the median price for June of last year.

Click here for the FULL MONTHLY REPORT FOR JUNE.

*WWMLS WA Data

More sellers listed their homes for sale in May which brought a much-needed boost to the Walla Walla Valley’s listing inventory.  The number of listings grew 14% over the previous month and essentially equaled the number of homes available for sale 12 months ago.  Closed homes sales declined a bit from the previous month but remained quite active.  Yet at month’s end, annual homes sales were still 13% behind last year’s pace.

The valley’s median price jumped significantly from the previous month as more upper priced properties sold.  However, this year’s median price has increased by just 3% over last year.  Favorable interest rates continued to fuel buyer demand and new contract formation continued to be strong in May.  The number of pending transactions – homes under contract but not yet closed – increased 30% over the previous month.  This forward-looking indicator shows that the active market is continuing into the summer months.

May’s Listings: 264*

The month’s listings grew 14% over the previous month and equaled the number listed in May of last year.

May’s Closed Sales: 65*

Closed home sales slowed 7% from the previous month and 2% below the number that closed in May of last year.

May’s Median Price: $289,000*

The month’s median sales price took at 15% leap over the previous month but was just 4% above the median sales price for May of last year.

Click here for full a Monthly Statistics Report.

*WWMLS WA Data

Walla Walla valley’s real estate market sprung back to life in April. Homes sales surged 52% and listing inventory grew 9% over the previous month. However, given the slow first quarter, year-to-date sales remained 16% behind last years pace and the trend of year-over-year listing declines continued. At month’s end, there were 8% fewer homes listed for sale than were available 12 months ago.

However, there were signs that the market will stay active as we head into summer. Buyer demand remained strong and the number of purchase and sale agreements increased. Pending sales, a forward-looking indicator for homes under contract but not yet closed, grew 12% over the previous month. We also expect to see listing inventory grow during May as sellers look to take advantage of the busy market.

April’s Listings: 232*

The month’s listing inventory grew 9% over the previous month but remained 8% below the number of homes available a year ago.

April’s Closed Sales: 70*

Home sales surged 52% ahead of the previous month but were 11% behind the number that closed during April of last year.

April’s Median Price: $252,000*

The month’s median price was 2% higher than the previous month and 11% higher than the median price for April of last year.

Click here for the full monthly charts.

*WWMLS WA Data

Windermere Real Estate / Walla Walla’s 11th Annual Windermere Foundation Bowling Fundraiser event. This year was a record year with $10,000 raised to assist low-income and homeless families throughout the Walla Walla Valley!

Thank you to all of our sponsors and participants for making this the best year yet, and for being an integral part of the Windermere Foundation!

Through the first part of the year, there were more buyers on the market than listings in the Walla Walla Valley.  Some buyers delayed their purchase decisions because they were unable to find what they were looking for.  At the first quarter end, both listings and sales had fallen 18% behind last years pace.

The low inventory continued to put upward pressure on price.  The median price for this year’s first quarter was 9% higher than the first quarter of last year.

However, buyer demand remained strong and there were signs that home sales were increasing.  Pending homes sales – those under contract but not yet closed – grew by 4% over the previous month.  There were also signs that more listing inventory was on the way.  Many sellers wanting to sell their homes this year have waited till spring to list.  And the buyers can’t wait.  We expect an active real estate market in the second quarter of the year.

Listings: 212*

Listing grew a modest 2% over the previous month but remained 18% below the number of homes available 12 months ago.

Closed Home Sales: 46*

Home sales increased 12% over the previous month but declined 20% below the number of closings in March of last year.

Median Price: $247,500*

The median decreased 5% from the previous month but was 4% higher than the median price for March of last year.

Click here for the full Monthly Charts

*WWMLS WA Data

Walla Walla’s real estate market experienced an icy month.  Both listings and sales continued to decline and harsh winter conditions are partly to blame.  Many brokers reported that their sellers who wanted to list homes in February were waiting for the snow to melt so they could prepare their homes for market.  In addition, slippery roads combined with the prospect of additional homes coming on the market caused some buyers to delay their purchase decisions.  Through the first two months, closed home sales fell 17% behind last years pace.

Everyone is ready for spring!  And Walla Walla’s real estate market is poised to get very busy.  Warm weather will certainly bring listings to market and buyer demand for homes in the Walla Walla Valley will remain strong.  Our local economy, favorable mortgage rates, and small-town lifestyle will continue to make owning a home here a very desirable investment.  Like pretty much everyone, we are ready for the snow to melt!

February’s Listings: 208*

The month ended with 5% fewer listings than the previous month and 10% below the number of homes listed for sale a year ago.

February’s Closings: 34*

Monthly closings slid another 19% from the previous month and ended 15% below the number of closings in February of last year.

February’s Median Sales Price: $263,750*

Median prices increased 13% over the previous month and 18% above the median price for February of last year.

Click here for monthly charts.

*WWMLS WA Data