If you are interested in selling or buying real estate in Bellingham, WA, knowing the current market conditions is crucial. As a seller, you want to make sure you price your home for sale in Bellingham, WA according to the current market demands. If you overprice, your home can sit and be stigmatized by buyers as having something wrong with it. If you under price in hopes of creating a bidding war, you may end up making less money. As a buyer, you want to ensure that you are not over paying for a Bellingham, WA home for sale. Knowing the current market conditions is why the use of a Bellingham, WA realtor is so necessary. We have a tool that comes straight from the NWMLS that provides accurate stats of current market trends. Let’s take a look at the current Bellingham, WA real estate market.
Both the median and average home prices for Bellingham, WA real estate went up compared to last month as well as this time last year. The median increased by 8.3% and is now $325,000. The average increased by 15.4% and is now $384,687. Both the median and average days on the market went down. The average decreased by 17.5% which puts homes from active to pending in 47 days. The median has gone down 40.9% which puts homes going from active to pending on average at 13 days. This is not only down substantially from last year, but even last month. It is important to note that even if 1 property has been sitting too long, it can throw the entire average off. The median percentage of list price saw a small increase with a report of homes getting 100.1% of the listing price. This basically means that homes are getting asking and in some cases, over. Pending homes for sale in Bellingham, WA are down 6.8%, which isn’t a huge increase. Closed homes are down 1.4%, which is up a little bit compared to not only this time last year, but also last month. Price per square foot is up 12% at $214. The amount of new listings is actually down a bit by 1.8% which isn’t a huge decrease, but we also need the inventory. If you are looking for real estate in Bellingham, WA we think you will agree with this. Now, we are definitely in a sellers market with a month supply of 3.1. Additionally, the amount of total homes for sale has had a 17.6% decrease, which we don’t love. Bellingham, WA realtors hope that folks thinking of selling their real estate in Bellingham, WA will do so soon so that we can satisfy buyer needs. If you are looking for stats specific to certain areas within Bellingham, WA, give me a call at 360-410-0848. My team and I would love to help!