This year seems to be shaping up as a stable period in the larger market areas but softness continues in most of the county.
Bellingham sales were down just two units from April 2006 and Ferndale was up three. Year to date, Ferndale was up one unit sale over 2006 while Bellingham sales increased by 14, or 4.4 percent, indicating that these markets are holding their own against last year.
The picture is not so rosy in the rest of the county, with every other area down from April 2006 and year to date. Pending sales as of the end of April indicate that this imbalance will probably continue through May. Bellingham is ahead of last year, Ferndale is slightly off and Lynden is looking a bit stronger. However, Sudden Valley and Birch Bay pending numbers seem to be off significantly from last year.
Inventory levels in Bellingham are still about 20 percent higher than a year ago, but average prices of the homes that sold remain higher than last year – 3.8 percent in Bellingham and 5 percent for the county as a whole.
Average days on market before a sale are up 42 percent over last year for the county as a whole, but this is a good example of how “averages” can mask what is really happening in a market. Of the homes that have sold in Bellingham so far in 2007, 27 percent sold in the first 30 days after being listed for sale, and they sold at 99 percent of list price (typically the original list price). On the other hand, 33 percent of the sales occurred more than 120 days after being listed for sale, and they sold at 93 percent of list price (which had typically been reduced at least once). My conclusion It pays to price property right in the first place.
If you would like information about any specific areas, feel free to call us at (360) 527-8766 or email me Lylene and we will get right back to you.