Our Real Estate Market is ACTIVE!

Bellingham Home ValuesWhatcom County home sales through September have finally beaten the numbers from the boom years of 2006 & 2007, but recently the distribution of those sales has changed.  From 2006 through 2014, 44% to 47% of the home sales were in Bellingham.  In the past 2 years, Bellingham’s share of the sales has dropped to 38% in 2015 and 37% in 2016.

 

Bellingham sales still haven’t matched the boom years of 2006 and 2007, but Whatcom County sales as a whole are up 9.4% from the prior high.  So where have the Bellingham buyers gone?  It looks as though the Ferndale area has been the primary recipient, with the rest spreading throughout the county.

 

Ferndale has shown the greatest increase in market share (from 12% to 16%).  Lynden has been steady, with market share as high as 12% in 2012, but never falling below a steady 8% of market.  Sudden Valley has consistently held 6% to 7% of the total market, and Birch Bay/Blaine has stayed primarily in the 12% range, with bounces as high as 14%.  The Mt Baker area has also maintained market share at 6%, with a bounce or two up to 9%.

 

The big question, of course, is why fewer buyers are now likely to buy in Bellingham, and the likely answers are price point and inventory.  While prices have increased throughout the county, the median sale price for a house in Bellingham in September was $365,000 and the average was $420,695.  The next highest areas were Ferndale, at a median of $309,500 and an average of $321,605 and Lynden at $302,000 for the median and $334,872 on average.

 

As October begins, this is what the market looks like across Whatcom County:

stats-chart

The market is very active, and half of the homes that sell in Whatcom County are on the market just 21 days before they are under contract…in Bellingham, it’s only 13.

For more information on the Bellingham and Whatcom County Real Estate Markets contact Johnson Team Real Estate today at 1-888-713-3056 today or email us at Info@JohnsonTeamRealEstate.com, we’d be happy to help!

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