Whether you are buying or selling real estate in Lynden, WA, it is crucial to know what the current market conditions are. As a buyer, you just want the reassurance that you didn’t overpay. As a seller you can remain confident that you didn’t price too high or too low. Both of which can backfire. If you price too high, you run the risk of having your property sit too long which can cause potential buyers to assume there is something wrong with it. If you price too low in hopes of starting a bidding war, you could leave some money on the table. At the end of the day, a successful Lynden, WA real estate transaction is when both parties feel satisfied with what they received. So how is the local Lynden, WA real estate market doing? Let’s take a look.
The good news for home sellers is that Lynden, WA real estate sold prices are up-both the median and the average. After a 15.1% increase, the median is sitting at $319,900 while the average is at $336,780, up 7.0% this time last year (and up a bit from last month!). This means that if you have been waiting to list in hopes that prices go up and you can make more at resale, now is a good time. New listings are up 7% which is great for buyers as any bump is appreciated in this kind of tight market. Pending sales are also up 20.9% for real estate in Lynden, WA while closed sales are up 17%. Days on the market are down, substantially, for both median and average. The median is down 43.2% at 21 days while the average is down 45.1% at 45 days. Which basically means homes are getting and accepting offers quickly. The month supply is also down 12.5% at 3.5. In order for the market to be considered “balanced”, the number we need to see is 6, so we are still definitely in a seller’s market. For more information on real estate in Lynden, WA, give me a call. I would be happy to help!