The State of the Bellingham Real Estate Market

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The following details breakdown the figures from the chart above.  If you look at the 74 homes sold in the past 30 days, exactly half sold below the list price.  Of the remaining sales, 18 sold at the list price & 17 sold above the list price.   Of those selling for greater than the list price,

  • 5 sold at up to $2000 over the list price,
  • 4 sold between $2001 & $5000 over the list price
  • 2 sold between $5001 & $10,000 over the list price
  • 6 sold in excess of $10,000 over the list price

So the take away is this:

  • Inventory continues to remain low with no end in sight
  • Interest rates, while tipping the scales in Dec @ 5.249% for a 30 year fixed with 5% down are today 4.957% for the same loan
  • There is still competition among buyers as evidenced by the breakdown in the above sales, although it appears buyers are not willing to pay as much over list price as they have previously.
  • Moving into 2019, interest rates and inventory will determine where prices are headed.
  • 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, but at a slower rate

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.  We’d be happy to help any way that we can. We wish you the best in 2019!!

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