Uncategorized December 18, 2017

Lynden, WA Real Estate Update

If you are thinking of buying or listing Lynden, WA homes for sale, informing yourself of the current market conditions can be very helpful. Whether it is the average sold price, the average days on market or the percentage of list price, these details go a long way in ensuring you have success as a seller or a buyer. These details can offer guidance on what to list at or how much to offer based on what is being spent on comparable Lynden, WA homes for sale.  Of course, the best thing to do is align yourself with a Lynden, WA realtor. In addition to guiding you through the process, they can help you navigate potential scenarios like a bad inspection report, funding issues or even what maintenance person to hire. Additionally, a sellers market can be very competitive which can feel stressful for those trying to buy or sell. As a buyer, you could be up against multiple offers while a seller might be trying to figure out which offer to take. This can feel like a lot of pressure to both parties. Typically this year sees a little cool down, however, due to low inventory and high buyer demand, the local market is still hot! Utilizing a qualified Lynden, WA realtor is recommended for a successful transaction. So how is real estate in Lynden, WA doing? Let’s take a look!

The good news for seller’s is that the sold price for Lynden, WA homes for sale are up for both the median and the average. The average sold price for Lynden, WA real estate is up 10.8% at $362,379 while the median is up 18.7% at $332,250. It is important to note that these prices are up compared to this time last year as well as just last month. This has been a consistent trend in Lynden, WA real estate for the past few months. The average price per square foot is also up 15.2% at $189. This is up compared to this time last year as well as by a couple dollars from last month. This means that in most scenarios, homes for sale in Lynden, WA have more value compared to this time last year. The median percentage of list price (which basically determines a buyer’s negotiation power) is up 0.8% at 99.4%. As this inches closer and closer to 100%, this means in most scenarios, homes are getting asking price. In some cases, homes for sale in Lynden, WA may get over. This of course depends on the property and is usually seen when it comes to hot buys, which are considered homes for sale in Lynden, WA that are listed at a very competitive price (about 5% less than market value). The good news for buyers is that new listings are up 1.8%, however the amount of homes for sale is down is 18.3%. Pending sales are up 19.5% and closed sales are up 14.4%. The median days on market are down 32.2% at 21 days. The average days on market is down 36.8% at 48. The month supply is still very much in a seller’s market at 2.9. This is down 29.3% compared to this time last year, and down a little bit even compared to last month. In fact we have seen it continue to go down a little bit each month for the past few months. In order for a market to be considered balanced, it needs a 6 month supply. Whether or not Lynden, WA real estate will catch up with that need over the course of the next few months remains to be seen. If you are looking to list or buy homes for sale in Lynden, WA, working with a qualified Lynden, WA realtor is the best bet for a positive experience.

Looking for a Lynden, WA realtor? I would be happy to help!