Uncategorized November 21, 2017

Bellingham, WA Real Estate Monthly Update

Thinking of buying or selling Bellingham, WA real estate? Knowing the current market conditions can offer guidance as far as what to expect. Details like average and median sold prices can give insight on a comparable listing price for sellers while letting buyers know if their budget fits with the current market conditions. If you are looking to list or sell homes for sale in Bellingham, WA, working with a qualified Bellingham, WA Realtor is key. We provide past and present market insight that can help you navigate our current market successfully.  So how is Bellingham, WA real estate doing? Let’s take a look!

The good news for sellers is that prices for homes for sale in Bellingham, WA have continued to go up. The average sold price for Bellingham, WA real estate is up 10.5% from this time last year (and a significant amount just from last month) at $413,638. Meanwhile, the median is up 9.2% at $355,000, also up from last month by about $20,000. The median percentage of list price is still sitting at 100%. This basically determines a buyer’s negotiation power when it comes to their offer price. In this particular area, most homes for sale in Bellingham, WA are getting asking. So be prepared and speak with your Bellingham, WA realtor about what is an appropriate offer number. New listings are down 5.1%, homes for sale are down 17.8%, pending sales are down 10.2% and closed sales are down 6.1%. We can chalk this up to real estate in Bellingham being in a seller’s market thanks to a 2.7 month supply. This is down from 3.2 last a month, making for a 15.6% decrease in just 30 days. 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 9 days while the average is 39. 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 a seller’s market! 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 real estate in Bellingham, WA? I would be happy to help!