Uncategorized October 24, 2017

Bellingham, WA Real Estate Update

Thinking of buying or selling Bellingham, WA real estate? Knowing the current market conditions can help guide you as far as what to expect like what is a comparable listing price, if your buying budget lines up with the current  average sold price for the area, how many days are homes sitting on the markets and so much more. Of course, when you work with a Bellingham, WA realtor, they can give you all this info as well as work as your advocate as you navigate the market. So how is the current market looking? Let’s take a look!

The good news for sellers is that sold prices for real estate in Bellingham, WA have continued to go up. The average is up 9.3% from this time last year at $381,482 (this is also up last month from $378,767) while the median is up 8.8% at $335,000. Which is also up from last month as well as this time last year. The median percentage of list price is officially at 100%. This basically determines a buyer’s negotiation power when it comes to their offer price. In this particular area, homes are getting asking. So be prepared and speak with your Bellingham, WA realtor about what is an appropriate offer number. New listings are down minimally at 1.8%, homes for sale are down 13.7%, pending sales are down 5.7% and closed sales are down 4.9%. We can chalk this up to real estate in Bellingham being in a seller’s market thanks to a 3.2 month supply. Us Bellingham, WA Realtors look for a 6 month supply in order to consider the market balanced. The median days on market is also just 11 days. As a seller, this means you can expect (in most cases) a quick offer. A buyer should also expect to move quickly and not wait. Time is of the essence in this market! These numbers are for Bellingham, WA real estate as a whole. So you may be hearing about the folks that just bought a gorgeous new construction home in a sought after neighborhood and paid a high price point. These numbers include all the single family residential from the affordable small fixer upper to the gorgeous multi million dollar home with water views. If you are interested in a specific neighborhood or area, let me know. As a Bellingham, WA realtor, we have access to stats from the NWMLS that can tell us what exactly is happening throughout every single area in Washington State. Looking to buy or sell in the area? I would be happy to help!