| Market Data
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Columbia County Total Sales |
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High |
Low |
AVERAGE |
MEDIAN |
TOTAL PRICE |
LISTING COUNT |
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thru 12/31/11 |
LIST PRICE: |
$295,000 |
$27,500 |
$141,947 |
$139,000 |
$7,807,100 |
55 |
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SOLDPRICE: |
$294,900 |
$27,500 |
$130,816 |
$124,500 |
$7,194,900 |
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DOM: |
979 |
1 |
198 |
136 |
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Total 2010 |
LIST PRICE: |
$405,000 |
$10,000 |
$131,778 |
$130,000 |
$7,511,400 |
57 |
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SOLDPRICE: |
$405,000 |
$4,000 |
$124,586 |
$116,000 |
$7,101,450 |
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DOM: |
862 |
0 |
172 |
127 |
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Total 2009 |
LIST PRICE: |
$1,000,000 |
$19,900 |
$164,894 |
$137,450 |
$6,430,900 |
39 |
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SOLDPRICE: |
$735,700 |
$13,000 |
$150,679 |
$131,500 |
$5,876,500 |
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DOM: |
1180 |
185 |
234 |
187 |
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Total 2008 |
LIST PRICE: |
$853,000 |
$39,900 |
$164,202 |
$127,425 |
$9,195,321 |
56 |
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SOLDPRICE: |
$663,872 |
$20,000 |
$148,945 |
$115,200 |
$8,340,383 |
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DOM: |
407 |
17 |
160 |
155 |
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Total
2007 |
LIST PRICE: |
$325,000 |
$29,900 |
$129,931 |
$120,000 |
$8,965,299 |
69 |
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SOLD PRICE: |
$300,000 |
$20,000 |
$122,685 |
$115,600 |
$8,465,277 |
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DOM: |
1057 |
0 |
158 |
112 |
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Columbia County 2011 sales seem to be surpassing 2010 sales in terms of average, median and total sales. Interestingly, the total number of sales looks like it will be very slightly down from 2010. The other major change in 2011 sales is the time it takes to close a deal compared to years past. New federal guidelines for Fannie Mae and Freddie Mac have been wreaking havoc with everyone from our clients to the mortgage brokers, underwriters, and appraisers. What used to take thirty days for an accepted offer to close, has been more like 60 days recently. Far more stringent paperwork has resulted in a lot of frustration, as paperwork has to be resubmitted over and over again to satisfy the new guidelines that underwriters must now meet in order to sell mortgage contracts to the feds. It has not been uncommon to have three or even four extensions written in order to close a deal. Patience is more than a virtue in this environment...it is almost a requirement.
2010 sales surpassed total sales for both 2009 and 2008. We are encouraged to see very significant increases in website viewings, showings, offers and closings compared to last year at this time. The low interest rates, large inventory and current outstanding values are having a positive effect on the real estate market in Columbia County. This is continuing through the fourth quarter of 2011.
Buyers are also realizing that this is an optimum time to buy. They are seeing that interest rates are likely to rise and are feeling a little pressure to take advantage of the low interest rate window, low prices, and foreclosures. The wildly fluctuating stock market and the financial problems in Europe are also swaying people to get their money out of the stock market while they can. Many investors are also looking at lower priced housing to take advantage of the influx of windmill workers looking for rentals for the new phases of windmill construction.
Sales have skyrocketed in comparison to the same time two years ago. There is still a great deal of activity on both the buyer and seller side. There are currently 10 pending or contingent sales which is very high for this tradionally slow time of year.
The national news reports have everyone convinced that home values have been plunging. This has not been the case in Columbia County. With the exception of 2010, average and median prices have been rising or remaining stable. They are now starting to climb back up again, which along with the shortage of rentals, is putting more pressure on buyers to act now, before interest rates and home prices rise further.
We also attribute the higher sales volume to a combination of out of town buyers seeking relatively low cost housing in a stress free environment, along with a stable economy anchored by the school, hospital, Columbia County seat and further bolstered by the Puget Sound Energy windmill projects.
Keep in mind that a small number of total sales is subject to substantial percentage changes with a few large or small sales.
Source: Walla Walla Multiple Listing Service. Only contains Columbia County properties sold (zip code 99328,99359). This information is deemed reliable, but not guaranteed.
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