Throughout 2007, the number of homes sold in Bellingham moved up or down a bit from month to month, but was about 2.5% above 2006 by the end of November. This is in spite of a drop of over 30% in the number of homes sold in November 2007 compared to November 2006. Pending sale indicators are substantially lower than last year at this time, indicating home sales may continue to drop in December.

Both average and median prices have climbed slightly (a bit over 2%) despite the drop in volume, due primarily to the sale of higher priced homes. Average sale price for Bellingham (for those houses which have sold) was $379,258 in November, while the median was $315,000.

The number of homes sold in the County outside Bellingham, on the other hand, has moved consistently down (primarily due to major drops in sales in Sudden Valley and Birch Bay/Blaine) and closed November off approximately 11% in residential sales.

Average prices, on the other hand, increased almost 7% in the County outside Bellingham through November (to $331,519), although the median rose just 1% (to $287,000). Overall, there is not much in these statistics that is surprising, except perhaps for how much better they are than the country as a whole. A number that is somewhat surprising, given the sluggishness of the market, is how fast some homes sell. Of all the homes sold thus far in 2007 in Bellingham, 30% of them sold in 30 days or less and the average sale price was higher than the list price.

This statistic has an important message for both buyers and sellers. For sellers who want to sell, not just live in a house that is for sale: your house must be the best without question - the one that looks the best, smells the best and is the best value. For buyers who want to buy, not just look: when you see that house, you had better be prepared to write the offer and pay the price, or you will lose it. There are lots of homes from which to choose right now and the old adage has never been more true: the best will sell and the others will sit.

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.