Bellingham
and Whatcom County Real Estate Sales – More of
the Same
Real estate sales numbers in both Bellingham and Whatcom
County continued to drop in August 2008, with 40% fewer
home sales than in August of 2007. Average prices, on
the other hand, varied widely from one area to another,
with the average home in Bellingham selling for 14% more
than a year ago, while the average home sale in Lynden
dropped by almost 20%. These numbers actually provide
an excellent example of why it is important to look beyond
the averages if we want a true picture of what the market
is doing. For example, in August 2007, no homes in Bellingham
sold for $1,000,000 or more and only one sold in the
$900,000 range. In August 2008, one home sold for $3,300,000
and two others sold for more than $900,000. Those differences
have a dramatic influence on the average. The median
price in Bellingham increased 0.2%. For Whatcom County
as a whole, average home prices were up 4.1%, while the
median sales price dropped by 3.3%.
| Bellingham Home Sales |
August 2007 |
August 2008 |
% Change Year-to-Year |
| Units Sold |
145 |
86 |
-40.7% |
| Avg List |
$366,362 |
$428,052 |
18.8% |
| Avg Sold |
$359,316 |
#409,448 |
14.0% |
| Median Sold |
$309,000 |
$309,500 |
0.2% |
| DOM |
76 |
75 |
-1.3% |
| % of List |
98% |
96% |
|
| Whatcom County Home Sales |
August 2007 |
August 2008 |
% Change Year-to-Year |
| Units Sold |
312 |
185 |
-40.7% |
| Avg List |
$342,013 |
$363,702 |
6.3% |
| Avg Sold |
$334,171 |
$348,031 |
4.1% |
| Median Sold |
$290,450 |
$281,000 |
-3.3% |
| DOM |
91 |
85 |
-6.6% |
| % of List |
98% |
96% |
|
Overall inventory levels are remaining stable, with 684
single family homes available for sale in Bellingham
in mid August of this year compared to 679 in mid August
of 2007.
So how is the market if you want to sell your house
Actually, not bad, and you control the market for your
particular house. Almost 33% of homes sold in the Bellingham
real estate market are on the market 30 days or less
before an offer is accepted. This is a slightly higher
percentage than last year. These houses sold at 97.86%
of list price, compared to 99.84% of list price last
year. There are buyers, but they are only buying the
best. If you want to sell, your house must offer the
best location, the best condition and the best value
for the dollar. If you don’t have the best location
and condition, you had better make up for it in price,
and you had better do it sooner rather than later. Houses
that were on the market over 120 days only sold at 93.5%
of list price (typically after several reductions from
the original).
So how is the market if you want to buy a house Very
good, provided you don’t dilly dally when you find
a good value. If it’s a great buy and you can’t
make a decision, you will lose it. You still have good
interest rates, you have better choices than you’ve
had in years, and you really can get more house for your
money. I talk to many people who are waiting to buy at
the bottom of the market. The only problem is that they
won’t know where that was until we are on the upswing.
So what is coming There are as many opinions on that
as there are experts, and in a year some of them will
look like geniuses and some will look like dunces. I
just come back to the basics:
1. Real estate is a long-term investment
2. Buy what fits your needs, not just because it is a “good
deal”. If it doesn’t meet your living and
financial needs, it isn’t a good deal for you.
3. If you are looking for a place to live, there is a
cost in waiting. If you want to talk about what that
is, give me a call.
In the meantime, we will keep monitoring the market
and reporting our observations. For weekly updates on
current activity, check the blog at www.johnsonteamrealestate.com/blog.
If you would like information about any specific areas,
feel free to call us at (360) 527-8766 or email Lylene and
we will get right back to you.
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