Walla Walla Valley July Housing Update
As we enter the second half of 2022, I hope this finds you enjoying summer (despite the record-high temps) and maybe a vacation or two. This is also a great time to discuss the housing market!
In the Walla Walla Valley, we’ve sold 50 fewer homes in the first six months of the year compared to that same time in 2021. That’s the equivalent of a month of sales missing from the market! This should signal to buyers that despite increased interest rates, there is more choice and less competition than we’ve seen in the past two years.
In terms of days on market over the past six months, we’re back to 2019 norms—with houses taking nearly two months to sell on average. This doesn’t mean that we are seeing significant price drops, however, as the median asking price is now nearly $600K, meaning that our local homebuyers are really struggling. For example, back in 2019 a sub-$300K starter home was common. At present, we have just eight properties listed in that range.
One trend pushing up inventory and days on market is, in fact, high prices. Many of the recent homes that debuted on market would have been pricey a year ago and today don’t reflect the realities of our current market.
Trends show continued growth for our region and sellers should not feel panicked. It’s still a great time to sell your home or investment property, but effective pricing and marketing is critical to a successful and timely sale. Buyers are more cautious, selective, and price conscious than they were a year ago. Pricing at the top—or above—market is a sure way for a property to sit on the market rather than appeal to savvy, motivated buyers. Marketing really does make a difference and should be a critical talking point for any agent you interview. Any agent can list your home—but staging, professional video and photography, and a combination of social media, online, and print marketing will make the difference in your home standing out above its competition and selling more quickly.
If you would like more information about what’s happening in our market or would like to discuss buying or selling a home or property in southeast Washington or northeast Oregon, don’t hesitate to reach out. And if you have a friend, family member, or colleague who would appreciate this information, please pass this info along!
Jeff Strickler | 509.540.5027| jeff@jeffstrickler.com
