Walla Walla housing market rebounding from 2008 slump

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The number of existing Walla Walla and College Place homes sold in the third quarter marked a high so far for this year, and the average selling price was the highest since late 2010.

Numbers provided by Windermere Real Estate compiled from Multiple Listing Service statistics show that 48 homes were sold in the area in September and 123 found buyers over the July-September quarter. As of Sept. 30, there were 329 homes on the market, with 78 sales pending.

The quarterly sales marked a continuing growth in the number of homes sold this year and were the highest since 125 homes were sold in the second quarter of 2010, according to the data.

Average prices, weakened by the national real estate bust in 2008, also showed gains.

Existing homes in Walla Walla and College Place fetched an average price of $207,968 over the third quarter of this year, the highest price for any quarter since $210,628 was recorded at the end of 2010.

Year to year for the Walla Walla Valley, the average price of $197,577 over the past nine months already tops the $193,829 average for all of last year. The previous high since the real estate crash in 2008 was in 2010, when the average price of a home in the Valley was $208,882, the data showed. The average price of a home before the crash was $227,248 in 2007.

The number of lots and land sold in Walla Walla and College Place — an indicator of new construction — grew to 37 so far this year, compared to 24 over 2011 and 20 the previous year.

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