Residential real estate sales in Whatcom County were a mixed bag over the first half of the year. Bellingham and Ferndale experienced the typical uptick in units sold from March through June and the rest of the county remained quite flat since the first of the year.
At the year’s halfway point, Bellingham was the only area that up overall in terms of number of units sold relative to last year. Whatcom County as a whole has seen a decline of 5.4 percent in the number of units sold with the biggest drops in Sudden Valley and Birch Bay.
Inventory levels in Bellingham on June 30 were about 16 percent higher than they were a year ago, but average prices of those homes that sold in the year’s first half were still up 3.7 percent over last year as a whole. Whatcom County sold prices increased by 3.1 percent while the median rose by 4.9 percent.
These numbers can be deceiving, because the average home in Whatcom County has not increased in price over the past year. It is simply that more expensive homes are selling, and that raises both the average and the median.
Average days on market before a sale are still up 41 percent over last year for the county as a whole, but most county areas have been trending down through the first half.
To summarize, we are seeing quite a stable market. Price is the key to a sale, with 26 percent of all home sales occurring within 30 days of the list date, at 98.59 percent of the list price. On the other hand, 31.5 percent of the sales take over 120 days, and they sell at just 95.25% of list price (not including any price reductions along the way). The basics always stay the same: People want the best value for their money and, when they recognize that value, they can buy very quickly.
If you would like information about any specific areas, feel free to call us at (360) 527-8766 or e-mail Lylene and we will get right back to you. If you know someone who would like these regular updates, just give us their contact information and we would be happy to include them.