October saw an interesting shift in the trend toward sales of more expensive homes, with just 10 homes over $500,000 selling as compared to sales of 17 in October of 2007. As a result, the average price of a home that sold in Bellingham during the month dropped 13%. An overall decline in county prices of 7.1% also reflected this shift, but not necessarily an actual decline in home prices.
As a whole, October did not perform particularly well for real estate sales relative to last year. The only meaningful increase was in the number of homes sold in Ferndale – up 52.4% over last year (from 21 to 32), although Bellingham sales were off by just 1 unit. The actual numbers indicate one of the weaknesses of a monthly analysis: the numbers tend to be relatively small, which means that minimal changes can cause large percentage swings. Other than Ferndale, sales numbers were down in all areas, resulting in a decline for the county as a whole of 10.3%.
As a reality check, however, note that 31.7% of the homes that closed in Bellingham in October found their buyer in 30 days or less and received almost 99% of their asking price. More than half sold in less than 60 days, even though the average days on market were 83. The houses that are the best still sell quickly and at top dollar.
If you would like information about any specific areas, feel free to call us at (360) 527-8766 or email Lylene and we will get right back to you.