May 2008 StatisticsMay 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.
Posts
11 comments:
Thanks for coming through with the stats! Pretty good news, I suppose, but the huge inventory is a little troubling. In your pessimistic moments, do you think Walla Walla was insulated enough (or deep enough in denial) that the nationwide slowdown hasn't fully hit and we're still looking at a sharp downturn before things get better? What's the foreclosure rate in town, by the way?
Ryan
Thanks for the comments, Ryan. I wouldn't be surprised if prices did take a small to moderate dip (given the huge inventory it's amazing that they're remaining steady), but I don't think we'll take a big hit. The core of our market is the 125K-250K price range- those are local buyers and they still need and can afford housing (and are still buying!).
Where we are feeling the impact from the rest of the nation is with our out of town buyers. If you live in California, Portland or Seattle and want to move to Walla Walla that's great, but you probably still have to sell your home first in one of those markets.
I don't know what the actual local foreclosure rate is but I'm guessing it's got to be very low. In fact, I don't know of any homes that have recently gone through the whole process and been sold on the courthouse steps. We are seeing some short sales but not the foreclosures.
Thanks for posting the updated stats. Thought I'd add a note to your commentary on sales volume. While the May sales numbers are up (relative to April), they are still 24% below average for May sales in recent years. In June, sales numbers are more than 50% below average, relative to previous years' June sales. Is this change in volume due primarily to loss of out-of-town buyers, or are some local buyers also holding out?
Is there any way to get from where we are today (record high inventory and large decline in sales) to a neutral market without a price decline?
--Brian
I'm looking forward to seeing the July stats. Are they available yet?
No new posts? Is the market that bad?!
Thanks for the reminder, Brian. July and August stats should be available next week.
You have stop posting the most recent market conditions. I wonder how the year finished in your market?
It's really too bad this blog isn't updated more often. I am writing a round up of Eastern WA real estate markets and was looking for a good source in Walla Walla.
Just checking back again. I am wondering how your market is doing now? Is your inventory any better, have sales picked up?
You're a year behind on your stats. Everything alright?
After almost a year with no new posts I'm back! Check out the latest stats on the main page...
Post a Comment