The first month of the year held its own against real estate sales in December as well as a year ago (in January of 2006). The number of residential units sold in Bellingham was off just 6% from December sales and up a resounding 33% since last year. The price at which they sold dropped slightly against both comparable periods (1.3%), and those which sold had been on the market substantially longer (77% longer than last year and 31% longer than those which sold in December).
Inventory levels are still much higher (523 units at the end of January 2007 compared with 404 at the same time in 2007) and the number of homes with pending sales are down considerably (150 compared to 189 in 2006).
Whatcom County as a whole posted gains in January 2007 over January 2006 in both units and prices. January 2007 declined from December about 10% in total units sold, but managed to post a slight increase in pricing.
Interest rates are up slightly due to positive economic forecasts, but it is still possible to get a 30 year fixed rate loan for 6%. While that is a bit higher than recent years, historically it is a very good number.