Uncategorized January 24, 2018

Bellingham, WA Real Estate Update

If you are thinking of listing or buying homes for sale in Bellingham, WA, staying up to date on the current market conditions can offer wonderful insight that you can utilize to your advantage. Stats like average and median sold price along with days on market, percentage of list price and price per square foot can help guide you on crafting a competitive offer as well as which one to accept. Regardless of whether you are selling or buying homes for sale in Bellingham, WA, working with a qualified Bellingham, WA Realtor is key. We provide past and present market information that can help you navigate our current area 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 11.1% from this time last year at $393,763. This is up about $3,000 compared to last month. Meanwhile, the median is up 11.3% compared to this time last year at $345,000, also up about $3000 from last month. The median percentage of list price is still sitting at 100% as it has been for the past couple months. 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 makes a competitive offer. New listings are up by 1.3%, Bellingham, WA homes for sale are down 8.3%, pending sales are down 2.7% and closed sales are down 4.7%. We can chalk this up to real estate in Bellingham being in a seller’s market thanks to a 3.3 month supply. Us Bellingham, WA Realtors look for a 6 month supply in order to consider the market balanced. Anything less than 4 is a seller’s market, which we are clearly in. The median days on market is also just 11 days while the average is 43. 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. 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 Bellingham, WA homes for sale? I would be happy to help!