The State of the Bellingham and Whatcom County Real Estate Market

Real Estate snapshot

The following details breakdown the figures from the chart above.

  • 34 homes (54%) sold either at or greater than the list price.
  • 4 homes sold up to $5,000 over the list price.
  • 15 homes sold in excess of $5,000 over the list price.
  • 1 home sold in excess of $65,000 over the list price.
  • While the average days on market was 43 days, 25 homes pended within 5 days of the list date
  • There are currently 100 homes in Bellingham that are pending. Of the 100, 39 homes pended within 5 days or less of their list dates.

So my take away is this:

  • Bellingham inventory will remain low with no end in sight.
  • Interest rates have dropped on 2-28-2019 at 4.375% for a 30 year fixed with 5% down to 3-28-2019 with an interest rate of 4.125% for a similar loan. This will continue to fuel sales.
  • Based on the number of people coming through my open houses & the number of buyers from out of area, we will continue to see demand out stripping supply with prices continuing to increase.
  • For buyers hoping to compete in this marketplace, it’s imperative to have your financing in place & be prepared to compete with buyers who are willing to write offers without some of the usual contingencies.
  • For sellers, it’s important to note that while several of these homes pended in record time at sometimes head shaking prices, there were still 19 homes that took in excess of 40 days to go pending with several pending in excess of 100 days of their list date. That said, this is definitely a seller’s market. However, even in this market, one has to price appropriately, stage a home so that it’s presented in its best light & make it readily available to be shown.

Certainly if you or your friends have questions about the market in general or about a specific property, do not hesitate to give us a call at 1-888-713-3056 or email us at Info@JohnsonTeamRealEstate.com.  We’d be happy to help any way that we can.

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