First Quarter 2022 Summary
With the first quarter of 2022 in the books, it’s a good time to share what’s really happening in Walla Walla-area real estate.
The two takeaway keywords are price and velocity.
In 2019, the average number of days on market was 113, today it’s 26. From 2019 to today, the average sold price increased by more than $100,000. In gathering the information below, I’ve deliberately included 2019 in order to show a pre-pandemic baseline as well as to demonstrate the overall trend.
2021 as Inflection Point
In 2021, we moved definitively from being a market where you list high and finally settle on a price, to a market where competition drives prices upward. If you are thinking about selling a property, your agent needs to formulate a pricing strategy in order to garner the most offers and highest selling price. Put simply: if your listing agent isn’t focused on pricing strategy, you are working with the wrong listing agent.
Inventory is Cyclical
Available inventory has followed a very clear cycle for the past four years, both in and outside of the pandemic. As one might expect, few people want to sell their homes during major end-of-year holidays or during the winter. Meanwhile, the number of available homes hits a predictable peak right before back-to-school time in September. Some of the anxiety buyers are feeling now is simply the time of year.
There are opportunities in the Walla Walla Valley, but it may require creativity. For example, Milton-Freewater remains very affordable. College Place tends to be slightly more affordable than Walla Walla, plus doesn’t have a moratorium on non-owner occupied short-term rentals. There are homes within walking distance of Main Street in Walla Walla that are affordable, but require someone willing to undertake upgrades and improvements rather than buying the home move-in ready. That’s the key: savvy buyers need to collaborate with their real estate agent and be ready to use creative, strategic tactics to compete.
If you’d like to learn more about the opportunities and changes in our Walla Walla Valley-area housing market — I’m licensed in both Washington and Oregon — don’t hesitate to reach out to me via text, email, or phone any time. (509)540-5027 | jeff@jeffstrickler.com