After first looking at the numbers, I considered just republishing the mid-year report…but a closer look showed some changes. Inventory is still down from last year (-38% in Bellingham) and so are the number of pending sales (-14% in Bellingham). While the overall number of sales in Bellingham still hasn’t quite reached 2006 and 2007 levels, this year so far has been much stronger, with an increase of 23% over this time last year.
On the other hand, Ferndale sales have bounced up by 37% over 2006 & by 32% over last year. Lynden is the other star in the county, with sales up 29% over 2006 and by 36% over last year. While some areas are stronger than others, sales are up over last year in all areas, and most are closing in on their high points in 2006 & 2007.
As I mentioned earlier, inventory in Bellingham has continued to fall; for the past 11 months, it has been lower than the same time last year. Other areas are also seeing lower inventory levels, as shown in the table below.
So if inventory is generally down…and sales are generally up…what is happening to prices? You probably guessed: prices are going up. In fact, for the county as a whole, the average sale price is up 4.4% over a year ago, and the median is up 7.4%. So…more of the homes which are selling are at a higher price. And homes are selling faster…16.5% faster than a year ago. We are seeing multiple offers, escalation clauses and sales above list price. But a word of warning if you want to sell: there are still properties that languish on the market (and some never sell), and the average time on the market in the area with the fastest turnover (Bellingham) is 62 days.
The houses which sell quickly are those which are perceived to be the best value. They are in the most desirable areas, in great condition and properly priced, or they are in so-so areas, less than good condition and properly priced. Notice the essential piece: the price has to be right from the beginning for the best sale.
We update this site weekly with everything from interest rates to market conditions. Also, feel free to call us at (360) 303-2734 or e-mail Info@JohnsonTeamRealEstate.com if you want to know more about a specific portion of the market – we track a lot more than we have space to report.
If your neighborhood would like a presentation or a link to your website of up-to-date information on real estate in the neighborhood, we can provide it – just give us a call.
www.JohnsonTeamRealEstate.com also includes a constantly updated list of newly listed properties, as well as the entire listing database of the Northwest Multiple Listing Service, fully searchable to your specifications.