The first month of the year held its own against real estate
sales in December as well as a year ago (in January of
2006). The number of residential units sold in Bellingham
was off just 6% from December sales and up a resounding
33% since last year. The price at which they sold dropped
slightly against both comparable periods (1.3%), and
those which sold had been on the market substantially
longer (77% longer than last year and 31% longer than
those which sold in December).
Inventory levels are still much
higher (523 units at the end of January 2007 compared with
404 at the same time in 2007) and the number of homes with
pending sales are down considerably (150 compared to 189
in 2006).
Whatcom County as a whole posted
gains in January 2007 over January 2006 in both units and
prices. January 2007 declined from December about 10% in
total units sold, but managed to post a slight increase
in pricing.
Interest rates are up slightly
due to positive economic forecasts, but it is still possible
to get a 30 year fixed rate loan for 6%. While that is
a bit higher than recent years, historically it is a very
good number.
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