Uncategorized August 22, 2017

Whatcom County Real Estate Market Report

If you are interested in selling or buying real estate in Whatcom County, knowing the current market conditions is crucial. As a seller, you want to make sure you price your home for sale in Whatcom County 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 Whatcom County home for sale.  Knowing the current market conditions is why the use of a Whatcom County 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 Whatcom County real estate market.

Both the median and average home prices for Whatcom County real estate went up compared to last month as well as this time last year. The median increased by 9.3% and is now $295,000. The average increased by 11.8% and is now $329,707. Both the median and average days on the market went down. The median decreased by 37.5% which puts homes from active to pending in 20 days. The average has gone down 18.9% which puts homes going from active to pending on average at 60 days. 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 99% of the listing price. This basically means that homes are getting very close to asking and in some cases, over. Pending homes for sale in Whatcom County are up 0.8%, which isn’t a huge increase. Closed homes are up 4.5%, which is up a little bit compared to not only this time last year, but also last month. Price per square foot is up 11.3% at $197. The amount of new listings is actually down a bit by 1.1% which isn’t a huge decrease, but we also need the inventory. If you are looking for real estate in Whatcom County we think you will agree with that statement. Now, we are right on the cusp of a buyers and sellers market with a month supply of 4.3. Additionally, the amount of total homes for sale has had a 17% decrease, which we don’t love. Whatcom County realtors hope that folks thinking of selling their real estate in Whatcom County will do so soon so that we can satisfy buyer needs. If you are looking for stats specific to certain towns within Whatcom County, give me a call at 360-410-0848. My team and I would love to help!