The Walla Walla Real Estate Blog

September 2009 Statistics

noreply@blogger.com (Mark) — Mon, 19 Oct 2009 20:12:00 +0000

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

noreply@blogger.com (Mark) — Sat, 26 Sep 2009 17:43:00 +0000

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!

noreply@blogger.com (Mark) — Thu, 17 Sep 2009 22:58:00 +0000

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

noreply@blogger.com (Mark) — Thu, 17 Sep 2009 22:31:00 +0000

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

noreply@blogger.com (Mark) — Fri, 14 Aug 2009 23:41:00 +0000

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

noreply@blogger.com (Mark) — Mon, 13 Jul 2009 17:45:00 +0000

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!

noreply@blogger.com (Mark) — Mon, 13 Jul 2009 15:03:00 +0000

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

May/June Statistics

noreply@blogger.com (Mark) — Wed, 30 Jul 2008 06:08:00 +0000

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

noreply@blogger.com (Mark) — Wed, 30 Jul 2008 05:49:00 +0000

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

noreply@blogger.com (Mark) — Wed, 04 Jun 2008 20:15:00 +0000

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

noreply@blogger.com (Mark) — Fri, 30 May 2008 22:29:00 +0000

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

noreply@blogger.com (Mark) — Fri, 16 May 2008 23:15:00 +0000

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

noreply@blogger.com (Mark) — Tue, 06 May 2008 23:21:00 +0000

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

noreply@blogger.com (Mark) — Wed, 26 Mar 2008 00:06:00 +0000

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

noreply@blogger.com (Mark) — Wed, 20 Feb 2008 01:02:00 +0000

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

noreply@blogger.com (Mark) — Thu, 17 Jan 2008 01:39:00 +0000

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

noreply@blogger.com (Mark) — Sat, 12 Jan 2008 18:16:00 +0000

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

noreply@blogger.com (Mark) — Fri, 11 Jan 2008 20:05:00 +0000

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

noreply@blogger.com (Mark) — Tue, 08 Jan 2008 19:51:00 +0000

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.

"Rich Dad" Says it's a Good Time to Invest

noreply@blogger.com (Mark) — Fri, 14 Dec 2007 06:45:00 +0000

What does Robert Kiyosaki, author of the best selling "Rich Dad, Poor Dad" series, see in the state of the national real estate market?

Opportunity.

Huge, huge opportunity that's only growing and getting better.

Read more about Robert's interview with Today Show Financial Editor Jean Chatzky here. And if you haven't read the book throw it on your Christmas list- it's worth the read.

November Statistics

noreply@blogger.com (Mark) — Thu, 13 Dec 2007 20:29:00 +0000

November 2007 Statistics
November 2007 Charts

We're all busy this time of year- here's your 15 second market summary:

Number of listings: UP
Number of closings: DOWN
Sales price: STEADY

What does this mean? Our market isn't bad but it isn't the best either. Basically it's more balanced than it has been for the last 5 years.

With interest rates falling it's absolutely a great time to BUY. If you need to sell that that's fine too- you just need to have a good marketing plan and realistic expectations.

WPM 2007 Rental Statistics

noreply@blogger.com (Mark) — Sat, 08 Dec 2007 00:49:00 +0000

Hot off the press, 2007 rental statistics for the Walla Walla Valley. The numbers speak for themselves- another year to be proud for Windermere Property Management!

WPM 2007 Rental Statistics

#1 Google Page Rank

noreply@blogger.com (Mark) — Wed, 05 Dec 2007 05:11:00 +0000

The Walla Walla Real Estate Blog has made its Google debut and is the #1 result when one searches for walla walla real estate blog- congratulations me! :)

As a bonus, it's also a first page result when searching walla walla blog.

Record Results for Care & Share Food Drive

noreply@blogger.com (Mark) — Wed, 21 Nov 2007 01:05:00 +0000

The following is a Walla Walla Union Bulletin Editorial from November 20, 2007:

Food drive shows that WW Valley really does Care & Share

The Valley, led by the Walla Walla Association of Realtors, responded to a call for help from the local food bank.

Last month's record-setting Care & Share Food Drive made it clear the people of the Walla Walla Valley do care and share.

The Valley, led by the Walla Walla Association of Realtors, responded to a call for help from the local food bank. The cupboards were bare at the Blue Mountain Action Council Food Bank following the recall of Castleberry's Brands canned foods because botulism was found in its product. The local food bank had 185 cases on hand - all of which had to be tossed out.

The Realtors set a goal of 36,000 pounds of food - twice what was collected last year. The October food drive came close to the mark as it brought in an impressive 27,000 pounds of canned food and dry goods.

Well, employees at the Home Loan Center in Walla Walla kept the drive going and collected another 2,830 pounds in food and about $1,500 in cash. That money will be used to purchase food and it will put the food drive over the 36,000-pound goal, said Gail McGhee, the food bank manager.

The incredible success of this year's Care & Share Food Drive is a testament to the spirit and generosity of this community. It shows that when there is a real need for neighbors to help neighbors that the people of the Valley respond.

A great many people who might have gone hungry this winter will now have food for their families.

Folks throughout the Valley should be proud of all they've done to help those in need.

"Get the Facts Straight"

noreply@blogger.com (Mark) — Wed, 14 Nov 2007 20:31:00 +0000

TV Spot - "Get the Facts Straight"
Why Washington Is Different

I found these this morning and thought they looked pretty good. It's true- Washington and Walla Walla are still great markets and it's important for people to know that.