Uncategorized January 24, 2018

Lynden, WA Real Estate Update

If you are in the market to buy or list Lynden, WA homes for sale, making sure you have up to date information on the market is crucial to your success. Knowing the average and median sold price along with days on market can go a long way as both a buyer and a seller. As a buyer, you can use these details to your benefit and craft a competitive offer. As a seller, you can use the area comps to figure out what to list at based on what is being spent on comparable real estate in Lynden, WA.  Of course, the first (and most important) thing to do is align yourself with a Lynden, WA realtor. In addition to guiding you through the entire process, they can help you navigate potential scenarios like a bad inspection report, funding issues or even what maintenance vendor to hire for a specific repair. A sellers market can be very competitive which can cause stress for those trying to buy or sell. As a buyer, you could find yourself 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 moving a long! 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 from both this time last year AND last month. The average sold price for homes for sale in Lynden, WA is $364,803. The median is up 19% at $334,500. The average price per square foot is also up 13.8% at $190. These two stats combined mean 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 0.6% at 99.3%. As this inches closer and closer to 100%, this means more Lynden, WA homes for sale are getting asking price. This of course depends on the property and is usually seen when it comes to hot buys, which is real estate in Lynden, WA that is 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 19%. Pending sales are up 13.5% and closed sales are up 19.3%. The median days on market are down 30% at 21 days. The average days on market is down 34.7% at 47. 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. 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!