INTRODUCTION

Here are the results of May in the Columbia Basin Region.

MILTON-FREEWATER, OR

May 2020 is a Neutral market! The number of for sale listings was up 2.5% from one year earlier and up 10.8% from the previous month. The number of sold listings decreased 10% year over year and decreased 50% month over month. The number of under contract listings was up 55.6% compared to previous month and down 12.5% compared to previous year. The Months of Inventory based on Closed Sales is 4.6, up 15% from the previous year. The Average Sold Price per Square Footage was up 1.7% compared to previous month and up 17.1% compared to last year. The Median Sold Price decreased by 10.4% from last month. The Average Sold Price also increased by 23.9% from last month. Based on the 6-month trend, the Average Sold Price trend is “Neutral” and the Median Sold Price trend is “Depreciating”. The Average Days on Market showed a downward trend, a decrease of 65.8% compared to previous year. The ratio of Sold Price vs. Original List Price is 96%, an increase of 3.2% compared to previous year.

HERMISTON, OR

May 2020 is a Neutral market! The number of for sale listings was up 6.7% from one year earlier and up 5.6% from the previous month. The number of sold listings decreased 31% year over year and decreased 29.3% month over month. The number of under contract listings was down 2.7% compared to previous month and down 26.5% compared to previous year. The Months of Inventory based on Closed Sales is 3.3, up 56.6% from the previous year. The Average Sold Price per Square Footage was down 1.3% compared to previous month and up 19.4% compared to last year. The Median Sold Price decreased by 12.2% from last month. The Average Sold Price also decreased by 18.9% from last month. Based on the 6-month trend, the Average Sold Price trend is “Neutral” and the Median Sold Price trend is “Depreciating”. The Average Days on Market showed a downward trend, a decrease of 25.6% compared to previous year. The ratio of Sold Price vs. Original List Price is 99%, an increase of 1% compared to previous year.

WALLA WALLA, WA

May 2020 is a Seller’s market! The number of for sale listings was down 32.4% from one year earlier and down 3.8% from the previous month. The number of sold listings decreased 19.7% year over year and increased 23.9% month over month. The number of under contract listings was up 84.9% compared to previous month and up 24.1% compared to previous year. The Months of Inventory based on Closed Sales is 2.2, down 15.4% from the previous year. The Average Sold Price per Square Footage was up 4.9% compared to previous month and up 4.9% compared to last year. The Median Sold Price decreased by 7.1% from last month. The Average Sold Price also increased by 0.7% from last month. Based on the 6-month trend, the Average Sold Price trend is “Neutral” and the Median Sold Price trend is “Neutral”. The Average Days on Market showed a downward trend, a decrease of 39.3% compared to previous year. The ratio of Sold Price vs. Original List Price is 97%, an increase of 2.1% compared to previous year.

TRI CITIES, WA

May 2020 is a Seller’s market! The number of for sale listings was down 10.5% from one year earlier and down 3.8% from the previous month. The number of sold listings decreased 17.5% year over year and decreased 4.7% month over month. The number of under contract listings was up 40.5% compared to previous month and down 1.1% compared to previous year. The Months of Inventory based on Closed Sales is 1.3, up 8% from the previous year. The Average Sold Price per Square Footage was up 4.3% compared to previous month and up 8.2% compared to last year. The Median Sold Price increased by 3.8% from last month. The Average Sold Price also decreased by 2% from last month. Based on the 6-month trend, the Average Sold Price trend is “Neutral” and the Median Sold Price trend is “Appreciating”. The Average Days on Market showed a downward trend, a decrease of 5.3% compared to previous year. The ratio of Sold Price vs. Original List Price is 100%, an increase of 1% compared to previous year.

Summary

The common theme in our areas above is the number of listing are down, as builders were not able to add to inventory at a normal pace thus far with Covid-19, Sellers were afraid to list. Buyers are still moving to the area for jobs or to take advantage of low interest rates. The common theme here is prices are rising, average days on market decreased because buyers had to make a quick decision if they were going to get a home.

Finally, buyers were offering and sellers accepting between 97% to 100% of the listing prices.

If you are considering selling or are simply curious about the value of your home, we would be happy to meet you and discuss the current market. We have buyers in all price ranges for your home. We would appreciate the opportunity to meet with you and discuss the opportunities and advantages of working with a John L Scott Real Estate Agent.

Stay Safe and Stay Healthy.

Cordially,

Dennis Gisi Owner/Broker®