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Walla Walla Real Estate Update – September 2019
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
Walla Walla Real Estate Update – May 2019
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 Real Estate Update – April 2019
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
Walla Walla Real Estate Update – January 2019
The Walla Walla Valley’s real estate market got off to a slow start this year. Home closings were 19% below last year’s pace and listing inventory remained historically low. However, there were some encouraging signs; buyers continued to write contracts during the month and the pipeline of pending sales – homes under contract but not yet closed – increased by 41%. This is a good forward-looking indicator of future sales.
In addition, we are expecting Walla Walla’s listing inventory to grow during the first quarter of the year. As mentioned in our year-end report, 23 counties in Washington state are already reporting annual listing inventory gains. And although Walla Walla is often more steady than other markets, our area usually trends with the state.
January’s Listings: 219*
The month ended with the same number of listings as the previous month and 6% below the number of homes listed for sale a year ago.
January’s Closings: 42*
Closings declined by 22% from the previous month and fell 19% below the number of closings for January of last year.
January’s Median Sales Price: 233,000*
The median price fell 6% below the previous month but was 5% higher than the median price for January of last year.
*WWMLS WA Data
Click here for THE JANUARY 2019 MARKET REPORT
Walla Walla Real Estate Update – October 2018
With just two reporting months left in the year, 2018 is poised to be the second busiest real estate year in Walla Walla’s MLS history. 2016 currently holds the record for the most annual MLS home sales and 2017 holds the record for the second most. Through October of this year, home sales were 4% ahead of the pace from a year ago, but there were signs that the market is slowing a bit. October’s pending sales – homes under contract but not yet closed – declined by 14%.
Lawrence Yun, National Association of Realtors’ chief economist, reported that most of the country experienced “another month of rising inventory on a year-over-year basis”. However, this trend has not occurred in the Walla Walla Valley where inventory has remained low. At months end, year-over-year listings were 9% less than October of 2017.
Low inventory levels continued to put upward pressure on prices and the current seller’s market continued for homes under $600,000. Through October, the annual median sales price had increased 9% over the previous year to $248,481.
We continue to experience a moderately active market with buyers and sellers looking to make a move before year-end.
October’s Listings: 271*
The number of listings declined 2% from the previous month and was 9% below the number of homes available a year ago.
October’s Closed Sales: 67*
Monthly home sales stayed even with the previous month but were 13% below the same month of last year. As mentioned above, annual homes sales were still 4% ahead of last year’s pace.
October’s Median Price: $259,500*
The months median sales price increased by just $2000 over the previous month but was 14% higher than the same month of last year.
Click Here to View the Full Year to Date Statistic Charts
*WWMLS WA Data
Walla Walla Real Estate Update – September 2018
Walla Walla Valley home sales slowed in September which is typical during this time each year as many buyers focus on summer vacations and back to school activities.
Inventory declined during the month and remained 8% below the number of homes listed for sale a year ago. Low inventory levels have been caused, in part, by sellers who were excited about the prospect of receiving good offers on their property but were reluctant to list for fear of not being able to find their next home.
In spite of low inventory levels, Walla Walla has experienced a strong market through the first nine months. At month end, annual closed sales were 6% ahead of last years pace. The seller’s market continued to put upper pressure on prices. Year-to-date, Walla Walla’s median price has increased by 9% over the previous year.
We expect activity to pick up this fall prior to the Holiday Season as both buyers and sellers look to make changes and/or additions to their real estate holdings before year end.
September’s Listings: 277*
The month ended with 2% fewer listings than the previous month and 8% fewer than the number of homes listed for sale 12 months ago.
Septembers Closed Sales: 67*
Closed home sales declined 21% from the previous month. But as mentioned above, this is typical for the month of September. Closed sales were just 6% off the total for September of last year.
September’s Median Price: $257,500*
The months median price had a slight drop of 1.3% from the previous month but was significantly up from last September’s median sales price of $209,500.
View the full Monthly Statistic Charts
*WWMLS WA Data
Walla Walla Real Estate Update – August 2018
Hot weather and smoky skies did not slow home sales in August. The month tied June for the most monthly home sales of the year in the Walla Walla Valley. But a decline in pending sales and an increase in listing inventory suggested the market had slowed just a bit. Pending sales – homes under contract but not yet closed – stayed even with the previous month but were down 18% from the pace set earlier in the summer. However, at month end, annual sales were still 7% ahead of last years pace.
Listing inventory grew during the month to the highest level in 10 months, but remained historically low for our market. The number of homes listed for sale was down 6% from the number available 12 months ago.
As reported in previous months, low inventory continued to put upward pressure on price. The month’s median price was 13% higher than in August of last year. However, rising interest rates and home prices have not yet damped buyer’s demand for Walla Walla valley homes and our year is on track to be the 2nd most active annual market in our MLS’s history.
August’s Listings 284*
The month’s listing inventory grew by 7% over the previous month but there were still 6% fewer homes listed than were available 12 months ago.
August’s Closed Sales: 84*
Monthly closed home sales increased by a single sale over the previous month and were within 1 closing of the number that closed in August of last year.
August’s Median Price: $261,000*
The month’s median sales price held level with the previous month but was 13% higher than the median price for the same month of last year.
View the full Monthly Statistic Charts
*WWMLS WA Data
Walla Walla Real Estate Update – July 2018
Rising interest rates and home prices haven’t slowed buyer activity in the Walla Walla Valley yet. July was the 2nd busiest month of the year for closed home sales. At month end, annual homes sales were 8% ahead of last years pace.
Just enough listings came on the market in July to replenish the inventory that sold. However, the trend of year-over-year listing declines continued. There were 20% more homes listed for sale 12 months ago. The seller’s market continued for homes under $600,000 and listing inventory remained just below the 2 month level for the cities of Walla Walla and College Place.
Prices continued to move upward. At months end, Walla Walla’s median and average sales prices were 10% higher than the same period 12 months ago. Pending sales – homes under contract but not yet closed – declined 18% from the previous month.
While buyer activity remained strong, there were signs that the market is slowing a bit. Pending sales – homes under contract but not yet closed – declined 18% from the previous month. This typically happens in July as people focus on summer activities and vacations. However, we expect the market to remain very active as summer ends and we head into fall.
July’s Listings: 265*
The month’s listings ended on par with the previous month and but dropped significantly from the same period of last year. There were 20% more homes available 12 months ago.
July’s Closed Sales: 82*
Monthly homes sales nearly matched the previous month’s pace and finished 14% ahead of home sales for July of last year.
July’s Median Price: $259,700*
The month’s median price edged up 1% over the previous month as was 10% higher than the median price for July of last year.
Click here for Monthly Charts.
*WWMLS WA Data
Walla Walla Real Estate Update – June 2018
Through the first half of the year Walla Walla’s Real Estate Market has experienced active sales, low inventory, and rising prices. 2017 was the second most active real estate market in Walla Walla’s MLS history but at the end of June, home sales were 6% ahead of last years pace. June was the single busiest month for home closings yet this year.
Inventory remained low but did not experience a month-over-month decline as enough new listings were brought to market during the month to replace those that sold. The seller’s market continued, especially for homes under $600,000.
Year-to-date, Walla Walla’s median price was $241,185 – a 6% increase over the previous years median price. Thus far, rising prices coupled with increasing interest rates have not dampened buyer activity. We expect the active real estate market to continue through the summer.
June’s Listings: 265*
Even after a busy closing month, the month ended with essentially the same number of active listings as the previous month. Listings were down 7% from the number of homes available at the same time a year ago.
June’s Closed Sales: 81*
June’s closings increased 20% over the previous month and equalled the number that closed during June of last year.
June’s Median Price: $257,000*
June’s median price settled 8% from the previous month and was 3% higher than June of last year.
Click here for June’s Charts.
*WWMLS WA Data
Walla Walla Real Estate Update – May 2018
Strong buyer activity continued during the month of May in the Walla Walla Valley. Closed homes sales slowed slightly from the previous month’s pace but May still became the 2nd busiest month of the year. Thus far, annual home sales are 8% ahead of last years pace.
Heading into summer, two important things to watch will be inventory levels and rising prices. While inventory remained low in May, new listings came on the market to replenish those that sold. The month ended with a net listing increase of 6%. Yet, the trend of year-over-year listing declines continued. Walla Walla’s listing inventory was 14% lower than the number of homes listed for sale 12 months ago.
Low inventory levels coupled with strong buyer demand continued to put upward pressure on prices. May’s median price of $279,000 represented a 23% increase over the previous month. The sharp monthly increase was caused by a decrease of homes sold under $200,000 coupled with the the number of home sold in the upper price ranges of our market. The upper priced segment of our market is strengthening. Ten of the homes that closed in May were above $400,000 including two above $800,000.
May’s Listings: 266*
The month ended with 6% more listings than the previous month. However, the trend of year-over-year inventory declines continued. There were 44 more homes for sale in May of last year.
May’s Closed Sales: 67*
The month experienced a 14% decline in closed sales from the previous month and was 7% below May of last year. Yet, year-to-date sales are 8% ahead of last years pace during the same period.
May’s Median Price: $279,000*
The months median price was one of the highest monthly totals ever in Walla Walla. This was due to an increase in the closings of more upper priced homes than in previous months. For the year, Walla Walla’s median price has increased 5% over last year.
Click here for May’s monthly charts.
*WWMLS WA Data
