May/June Statistics

May 2008 Statistics
May 2008 Charts
June 2008 Statistics
June 2008 Charts
(needs rotating- sorry)

Highlights:

*Number of listings is HIGH
*Number of sales is INCONSISTENT (up for May, down for June)
*Sales price is UP

Analysis:

While the news may say prices are falling, it just isn't happening here in Walla Walla. Both mean and median sale prices made slight increases in both May and June.

Inventory remains very high (actually an all time high). but closings are down in June after a healthy uptick in May.

A quick glance at the pending sales numbers (37 for June) reveals that the numbers are not likely to improve much in July. Look for another month of high inventory, steady prices, and seasonally below average closings.

What does it all mean?

Well, I'm actually going to take something positive away from these two months. Though we're not exactly plowing ahead, the local market continues to appear well insulated against the declines being seen in other parts of the country. For me, that's good enough for now.

If you need to sell be smart and realistic. If you're in a position to buy you're in luck- you've got a lot to choose from.

If you need help with either don't hesitate to get in touch.

Back from Vacation

Just getting back on my feet after a wonderful vacation. Sorry for the delay in getting the stats out there, but it was nice hearing from a few of you. Apparently they were missed!

-Mark

Q: Where Should I Buy? A: Near A Starbucks

The basic idea here is that Starbucks, Home Depot and a few other specific companies are very growth oriented and do heavy, heavy research on the markets into which they expand.

If they're going to do all the hard work you may as well take advantage, right?

I thought it was a pretty interesting idea that makes a lot of sense, especially if you're not very familiar with the market yourself.

You can read the full text of the Newsweek article HERE.

Walla Walla in the NY Times

Making a not so surprising splash (I was contacted for info used in the story) in the Great Homes and Destinations section, Walla Walla lands in the pages of the New York Times today. The subject? You guessed it: wine.

The focus of the story is actually on how the wine boom has led to a good number of people buying second homes in Walla Walla, something I've seen first hand.

You can find the full text of the article HERE.

April Statistics

April 2008 Statistics
April 2008 Charts

Highlights:

*Number of listings is HIGH
*Number of sales is DOWN (significantly)
*Sales price is UP (actually the highest ever for April)

Analysis:

Like I said last month, it looks like prices in the valley are actually going to hold steady. Median sales price was actually the highest ever for the month of April, but I wouldn't look for that trend to continue.

The number of listings shooting upwards again is no surprise- it's just that time of year.

The most interesting thing that I pulled out of these charts was just how low the number of closing fell for the month. If that were to continue it would definitely be quite worrisome, but at this point I don't think it's cause for concern.

The pending sales numbers (47 right now compared to 35 a month ago) indicate that the May figure should jump up again. Look for sales numbers in May to be better than April but still low compared to the last couple years.

So where does this leave us in the grand scheme of things?

Well, I've been saying it for a while now but I'm sticking with my call: GREAT time to buy and an okay time to sell, if you have reasonable expectations.

March Statistics

March 2008 Statistics
March 2008 Charts
2008 Quarter 1 Statistics

Once again I'm slow, but here are your March 2008 Walla Walla valley stats.

Now for some analysis...

*Number of listings is HIGH
(but lower than last month, which is noteworthy as this is the time of year when inventory usually builds)
*Number of sales is DOWN
*Sales price is DOWN

What does all this mean?

Basically we're just to the right of a balanced market, with the pendulum swinging a little closer right now to buyers than sellers. Transalation: great time to buy, okay time to sell.

I don't think we're going to actually see prices make a real drop in Walla Walla, but it looks like they may have leveled off for now.

If you're a seller you MUST have a good price- there's just too much else out there for buyers to choose from. Once you have your price right then it's all about effective marketing.

Buyers should be rejoicing with so much to choose from and interest rates that are still very low historically.

Remember to keep in mind that this is just a snapshot of one month- it will be interesting to look at the April stats in just a few days to see if these trends continue.

February Statistics

February 2008 Statistics
February 2008 Charts

February statistics are out but what are they saying?

* Number of listings is still HIGH
* Number of sales is NORMAL
* Sales price is STEADY

Basically it's still a great time to buy and selling's not so bad either, as long as you're realistic on price and have an effective marketing campaign ready.

Selling your home might take a little longer than in the past couple years, but in Walla Walla the sky is not falling (and neither are the prices!)- your home will sell but it's not a time to be greedy. If you're asking too much you better get used to the FOR SALE sign in your yard- it'll be there a while.

By the way, sorry for the delay in getting these out. I'll blame it on technical difficulties (problems uploading to my server).

January Statistics

January 2008 Statistics
January 2008 Charts

The new year may have begun but the local real estate market is still in the midst of a seasonal slow period.

Compared to past years inventory is high, sales are down but prices still are not falling. In fact the median sales price for January ($225,000) was the highest for any single month ever in Walla Walla.

By the way, worth pointing out as we head into a new year is that statistics now include all properties in the Walla Walla MLS (places like Touchet, Waistburg, etc. are now included).

What does this mean?

While the cities of Walla Walla and College Place will continue to drive the market, the statistics now paint a better picture of what's happening in the entire valley. Unfortunately this makes comparisons to years past a bit less accurate, but it won't affect month to month comparisons from this point on.

Neighborhood Profile: Whitman College

This is the first edition of a new feature on this blog, the neighborhood profile. The goal here is to spotlight a few local niches and share some very specific market statistics drawn only from that area.

First up: Whitman College

Close proximity to our prestigious hometown liberal arts college is almost always considered a very good thing, and the neighborhoods surrounding Whitman do indeed boast some of Walla Walla's most charming and beautiful tree-lined streets. That being said, let's look at the numbers...

Geographic area: 1/2 mile radius around Whitman College
Number of 2007 home sales: 46
Average list price: $214,865
Median list price: $186,950
Average sale price: $208,942
Median sale price: $186,700
Low sale price: $109,900
High sale price: $520,000
Average number of days on market: 115
Average size: 1918 sq. ft.

Sales by month:

ANALYSIS

Off hand I might have predicted a higher average sales price for this area (which turns out to be a little below Walla Walla's overall average). However, with such a range in prices ($109,900 to $520,000!) it's clear that this area includes a diverse selection of housing options.

That's it for this first neighborhood profile. If you have an area you'd like to see spotlighted feel free to let me know.

Dump this House! How to Sell Fast

This brief article offers a few tips on how to sell your home quickly, no matter what market you're in.

It's actually very good advice.

Tips range from the essential, such as why you shouldn't keep making small price reductions, to the highly creative, like putting your home on eBay or renting a local billboard.

You can read the full article HERE.

December + 4th Quarter + Year End Statistics

December 2007 Statistics
December 2007 Charts
4th Quarter 2007 Statistics
Year End 2007 Statistics

Year end statistics for 2007 in the Walla Walla Valley are out.

Looking at sales of single family residential homes from 2006 to 2007...

• Average sales price increased 11.8% ($215,448 to $240,928)
• Number of sales fell 12.1% (629 to 553)

What is the outlook for 2008? Well, with inventory still very high and Fed Chairman Ben Bernanke promising additional rate cuts it looks like it's going to be a great time to BUY.

Seriously, let's think about it. Prices are holding steady or rising, there's so much to choose from, interest rates are great, and the Walla Walla buzz just keeps on buzzing. I predict that a few years from now we'll look back at 2008 and remember it as a year of great opportunity.

Walla Walla in the Wall Street Journal

That's a lot of W's...

Walla Walla's wine industry continues to receive national attention- this time in the Wall Street Journal. In the Journal's January 4 edition the story, "How a College's Budding Vintners Helped Walla Walla Create a Buzz" graces the front page of the Marketplace section.

The article covers the success of the Enology and Viticulture Program at the Walla Walla Community College. To read the full text of the article click HERE. You can also watch a short video HERE.