Bellingham Real Estate Market Update

After a rather scary July in the Whatcom County housing market, August brought a number of pleasant surprises:

  • More homes sold in Bellingham & Whatcom County as a whole than in any other month this year.  This is the first time in 6 years that has happened in Bellingham and only the second for the entire County.  June and July typically see the highest number of sales.
  • August sales matched 2010 sales in Bellingham and were up almost 21% for the County as a whole.
  • Lynden sales were incredible…up 183% over last year and higher than any year of the past 6.
  • Ferndale sales weren’t too bad either, doubling from last year and the highest since 2007.

            And then there was the pricing story:

  • Average sale prices in Bellingham dropped 5.8% from 2010 and 9.2% from July of this year.
  • Average sale prices in all of Whatcom County dropped 6.1% from 2010 and 2.2% from July of this year.
  • Lynden prices held the best, with the average actually increasing 3.8%.
  • Sudden Valley was hit the hardest, with both median & average prices down by 35% or more.

So what the heck is going on?  Let’s start by going back to the sales distribution numbers for Bellingham. Note the 61.4% of sales <$300,000.  Last year it was 50.6%, in 2009 it was 42.4%.

August 2010 Price Ranges in $1000’s

Total 2010  August $ Sales

Total Units Sold

Average Sales Price

% of Market

Changes in  August Year to Year Distribution of Residential Sales   in Bellingham

 

<300

$9,037,800

42

$215,186

50.6%

300 to <500

$10,889,405

29

$375,497

34.9%

>500

$6,111,950

10

$611,195

12.0%

>750

$1,645,000

2

$822,500

2.4%

 

August 2011 Price Ranges in $1000’s

Total 2011  August $ Sales

Total Units Sold

Average Sales Price

% of Market

Unit Change

Average Price Change

 

<300

$11,188,700

51

$219,386

61.4%

21.4%

2.0%

300 to <500

$8,794,901

23

$382,387

27.7%

-20.7%

1.8%

>500

$4,195,600

7

$599,371

8.4%

-30.0%

-1.9%

>750

$1,695,000

2

$847,500

2.4%

0.0%

3.0%

 

For the complete article on the state of the Bellingham and Whatcom County Real Estate Market’s visit Bellingham Real Estate Update Page   to read more!

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