September 2009 Statistics

September 2009 Statistics
September 2009 Charts
2009 Quarter 3 Statistics

Highlights:

*Number of listings is HIGH
*Number of sales is MEDIUM
*Sales price is DECLINING

Analysis:

The third quarter has been strong for real estate in the Walla Walla Valley. We actually had 15% more closings than the third quarter of 2008 (keep in mind that's pre-2008 financial meltdown, so it actually is impressive).

The one figure that we're unfortunately unable to ignore is that average/median sales price comes in at near a 4 year low.

Outlook:

With pending sales numbers seasonably high look for a strong finish for 2009. We'll keep an eye on sales price but I wouldn't be surprised to see a little rebound next month.

Walla Walla: the New Aruba

Aruba, Boston, Monterey, Orlando, San Antonio... Walla Walla?

That's right, Walla Walla makes the cut as one of Shermans Travel's top 10 easy fall weekend getaways. Start at the beginning and see the whole top 10 here on MSNBC or jump straight to Walla Walla.

Buyers: Act Before It's Too Late!

What am I talking about? The first time homebuyer tax credit of course. Here's a short video with some of the key details:



Pretty sweet deal, isn't it? If you need more information here's some further reading.

For those in a position to buy this really is a time of great opportunity. If you think you might be ready go ahead and get in touch and find out.

August 2009 Statistics

August 2009 Statistics
August 2009 Charts

Highlights:

*Number of listings is HIGH
*Number of sales is STEADY
*Sales price is STEADY/SLIGHT DECLINE

Analysis:

August was another strong summer month for real estate in the Walla Walla Valley. Our 57 closings (same as July) is one our strongest months in the last two years.

The trend line for sales price has decreased marginally (barely) but is still relatively steady when you flatten out the month-to-month fluctuations.

Inventory remains very high.

Outlook:

While this isn't the glory days of 2002-2007 it's not a bad time to buy or sell a home. In fact, if you're buying, it's a great time to be in the market. With plenty of homes to choose from, low interest rates and special incentives (ie- first time homebuyer tax credit) it's not hard to argue that it really is a great time to be looking for a new home.

For sellers it's all about realistic expectations and patience. Your house will sell if it's properly priced and properly marketed, you just might have to be patient.

If you're looking to either buy or sell and I can be of some assistance please don't hesitate to get in contact.

July 2009 Statistics

July 2009 Statistics
July 2009 Charts

Highlights:

*Number of listings is HIGH
*Number of sales is INCREASING
*Sales price is STEADY


Analysis:

Unfortunately I don't have much time for analysis this month as I'm trying to squeeze in as much as I can before leaving for New Orleans and New York early next week. A couple quick thoughts:

-It's good to see our month-to-month closings rising steadily (up or even for last six months!)

-Average and median sales price is still holding steady with a small variance each month- in this climate I'll take it

Outlook:

That's it for July- feel free to leave a few thoughts of your own. I'll be back in a couple weeks with fresh statistics and the latest insight into the Walla Walla real estate market.

June 2009 Statistics

June 2009 Statistics
June 2009 Charts
2009 Quarter 2 Statistics

Highlights:

*Number of listings is HIGH
*Number of sales is MEDIUM (getting better!)
*Sales price is STEADY

Analysis:

Here in Walla Walla we're in the heat of summer (very literally), which is traditionally one of the busiest times of the year in the real estate market. What are things like this year? Well, there is some good and some... less good. It really depends on your perspective and where you fit into the market.

With 594 homes on the market in June inventory is very near an all time high.

The number of monthly closings has steadily increased since the beginning of the year—and was in fact better than June of last year—but is still far below the highs we saw in 2006 and 2007.

Probably the biggest surprise is sales price, which remains unexpectedly steady.

So what does all this mean? If we look below the surface you can see the story of two markets. Lets break things down into two groups- homes under $300,000 and homes $300,000 and over.

Group 1 - homes under $300K
Number active on market: 311
Total year-to-date sales: 141
Percentage year-to-date sales vs. number active on market: 45.3%

Group 2 - homes $300K and over
Number active on market: 138
Total year-to-date sales: 25
Percentage year-to-date sales vs. number active on market: 18.1%

The difference is pretty clear- affordable homes are still selling while the market for higher priced homes is more stagnant. If we lower the cutoff sales price to $225,000 the difference increases- 53.0% for homes under $225K vs. 21.7% for homes $225K and up.

What does this mean? Some difference in these figures should be expected- we're obviously going to sell more $150K starter homes than $500K estates. Still, I think it shows that our market for affordable homes is reasonably healthy. The decline in the number of sales of higher priced homes is evidence of the real estate downturn in the rest of the country (fewer people selling in higher priced markets and moving to Walla Walla).

Now is this anaylsis statistically sound? No- for one we're completely ignoring pending sales (most should convert to sales, some will go back to active on market). Is it observationally interesting? Yes- I think so at least.

Outlook:

High inventory and low interest rates mean it is still a great time to buy a home. Selling a home for a good price is also still very possible- it just depends on your situation and where you fit into the market. If you need help with buying or selling don't hesitate to get in contact.

I'm Back!

After almost a year with no new posts I'm happy to say I'm back!

Judging by the comments and feedback I've received there are still quite a few of you out there who are looking for a consistent source of good real estate information for the Walla Walla Valley. That is a niche I plan to fill.

Your fresh statistics are just minutes away...

-Mark