Both. Bellingham residential, single family sales numbers were up by 18.4% for the first 2 months of the years and Lynden matched its 2010 sales. Whatcom County residential sales as a whole for the two month period dropped 38 units…down 17.3% from 2010 numbers. Median sale prices were up 8.5% in Bellingham, although the average sale price dropped by 2.8%. As a whole, average prices throughout the county dropped 2.7% and the median was down 1% from the first two months of 2010.
Considering that the first months of 2010 had the bonus from the Homebuyer tax credits, Bellingham did very well. Why is the rest of the county struggling? There are a number of possibilities:
- The most highly serviced areas are typically the most stable in price and demand. In Whatcom County, that is Bellingham.
- The Homebuyer tax credit benefited lower priced home sales the most. Since home prices in general tend to be less outside Bellingham, the county areas could be competing in 2011 against higher relative sales numbers in 2010.
- As shown in the table below, demand for homes in the $300,000 to $750,000 price range in Bellingham increased substantially in 2011, perhaps reflecting increased confidence among the population with steady jobs or more move-up buyers. Anecdotally, we saw more out of area buyers for Bellingham property, and as a group they usually spend more for houses.
- Higher gasoline prices due to the uncertainty in the Middle East may also be keeping buyers closer to the primary service center in the County.
So what does all this mean? Bellingham sales numbers in January and February continued their gradual increase, and since Bellingham is the indicator for an upturn in the Whatcom County housing market, that could bode well for the entire county. One bright spot throughout the county is that inventory levels are lower in all areas than they were a year ago. Typically they tend to rise quickly after the first of the year, but that has not happened in the first two months. Pending sales, on the other hand, are rising. Distressed sale percentages seem to be relatively stable at around 20% of the market in Bellingham. To learn why we are optimistic about the market and where we see the market heading visit the Bellingham Real Estate Update Page for January and February.
For ongoing real estate numbers, go to www.JohnsonTeamRealEstate.com. We update the site weekly with everything from interest rates to market conditions to information from Fannie Mae, the FED and the FDIC. Also, feel free to call us at (360) 303-2734 or e-mail Info@JohnsonTeamRealEstate.com if you want to know more about a specific portion of the market – we track a lot more than we have space to report.
If your neighborhood would like a presentation or a link to your website of up-to-date information on real estate in the neighborhood, we can provide it – just give us a call. www.JohnsonTeamRealEstate.com also includes a constantly updated list of newly listed properties and a list of properties being offered as short sales & foreclosures (REOs), as well as the entire listing database of the Northwest Multiple Listing Service, fully searchable to your specifications.
Curious what 2010 meant for real estate in Bellingham and throughout the smaller communities of Whatcom County? Take a look and the following real estate numbers below to learn what happened with sales prices, number of homes sold, and average days on the market. If you are curious about the current real estate inventory you can visit http://search.johnsonteamrealestate.com to view homes and properties currently for sale.
Below is real estate data put together by Lylene Johnson using information from the Northwest MLS:
Bellingham – Median sales price, $279,000, down 3.3 percent; average sales price, $335,201, down 1.3 percent; total homes sold, 784, down 14 percent; average days on the market, 116, down 2.5 percent.
Lynden – Median sales price, $265,750, down 1.1 percent; average sales price, $286,343, down 0.8 percent; total homes sold, 180, up 17.6 percent; average days on the market, 127, down 11.2 percent.
Ferndale – Median sales price, $253,000, down 2.9 percent; average sales price, $269,568, down 6.2 percent; total homes sold, 255, up 2.4 percent; average days on the market, 143, up 0.7 percent.
Sudden Valley – Median sales price, $239,000, up 3.1 percent; average sales price, $246,690, down 0.4 percent; total homes sold, 125, down 18.3 percent; average days on the market, 120, up 14.9 percent.
Blaine/Birch Bay – Median sales price, $219,000, down 0.9 percent; average sales price, $265,523, up 0.9 percent; total homes sold, 251, down 0.8 percent; average days on the market, 161, down 14.8 percent.
Nooksack Valley – Median sales price, $232,000, up 7.9 percent; average sales price, $239,614, down 1.1 percent; total homes sold, 69, down 36.7 percent; average days on the market, 203, up 36.2 percent.
Eastern Whatcom County - Median sales price, $115,500, down 14.4 percent; average sales price, $125,199, down 15.6 percent; total homes sold, 124, down 0.8 percent; average days on the market, 173, up 11.6 percent.
Whatcom County – Median sales price, $250,000, down 3.1 percent; average sales price, $286,093, down 2.9 percent; total homes sold, 1,842, down 7.9 percent; average days on the market, 136, down 2.2 percent.
It has been an interesting year. They told us the recession was officially over, but our real estate market continued to struggle. The sales numbers at the first of the year reflected the timing of the tax credit extensions, spiking when the deadline was extended and dropping precipitously when the credits ended. The influence of the tax credits made it difficult to judge the health of the real market. While the number of sales in the last quarter of 2010 continued to drop relative to sales in that period of 2009, the lack of a tax credit at that point in 2010 had an impact.
Then in October, there was an interesting change: overall sales were down from 2009, but up from 2008. In November, they were up still more, and in December they dropped back a bit, but remained above 2008 by 16% in Whatcom County as a whole and almost 27% in Bellingham. These were the first consistent, non-manipulated sales increases in several years. While average and median prices were still down from 2008 levels, in Bellingham 4th quarter average sale prices were up 5.6% and the median dropped just 0.2%.
So what does all this mean? Sales numbers tell us what has happened – and if these continue over the next months, we will know that the light at the end of the tunnel is no longer a train. The market will bottom out and will improve. To see if improvement is likely, and the form it may take, we need to look at interest rates, inventory and pending numbers
One part of the Bellingham real estate market that has been growing is the short sale/REO (bank owned) sector. As shown in the following table, the percentage of Bellingham sales that were REO or sold short in October comprised 26% of the market, compared with just 5% when the MLS began to track these numbers in May of 2009. At the end of October, 36% of the pending sales in Bellingham were on distressed properties. There is no end in sight for the supply of these properties, and that will certainly keep a lid on prices for a period of time. On the other hand, it is the good pricing that is maintaining the overall sales volume.
Sold B’ham Homes Only
Total Sales
Short Sales
% of Total
Bank Owned
% of Total
Total Distressed % of Total
May 2009
84
2
2.4%
2
2.4%
4.8%
June 2009
102
5
4.9%
8
7.8%
12.7%
July 2009
106
4
3.8%
7
6.6%
10.4%
Aug 2009
85
3
3.5%
2
2.4%
5.9%
Sept 2009
89
6
6.7%
4
4.5%
11.2%
Oct 2009
69
7
10.1%
6
8.7%
18.8%
Nov 2009
77
4
5.2%
10
13.0%
18.2%
Dec 2009
65
5
7.7%
5
7.7%
15.4%
Jan 2010
27
3
11.1%
4
14.8%
25.9%
Feb 2010
38
8
21.1%
3
7.9%
28.9%
March 2010
65
6
9.2%
7
10.8%
20.0%
April 2010
67
5
7.5%
5
7.5%
14.9%
May 2010
88
6
6.8%
4
4.5%
11.4%
June 2010
63
4
6.3%
5
7.9%
14.3%
July 2010
68
4
5.9%
6
8.8%
14.7%
Aug 2010
77
3
3.9%
8
10.4%
14.3%
Sept 2010
56
2
3.6%
3
5.4%
8.9%
Oct 2010
65
8
12.3%
9
13.8%
26.2%
If you are thinking of buying or selling, it is critical that you research the type of property, the price range and the specific neighborhood where your interest lies. We are still seeing multiple offers and fast sales; we are also seeing homes that have literally been on the market for years. The market offers a lot of opportunities for buyers in terms of selection and interest rates, but it also requires them to make a decision quickly if they find a great house that’s a great buy. For sellers, it is more critical than ever to price a property correctly when it first goes on the market.
For ongoing real estate numbers, go to www.JohnsonTeamRealEstate.com. We update the site weekly with everything from interest rates to market conditions to information from Fannie Mae, the FED and the FDIC. Also, feel free to call us at (360) 303-2734 or e-mail Info@JohnsonTeamRealEstate.com if you want to know more about a specific portion of the market – we track a lot more than we have space to report.
October 31 of last year was intended to be the final closing date for home purchases eligible for the first time home buyer’s tax credit. That deadline was eventually extended and the program expanded beyond just first time buyers, but the October numbers this year clearly show the impact of that program and that deadline.
The number of homes sold in Whatcom County this October was down 20% from October last year, but it was almost exactly the same as the number sold in 2008. Most areas were close to this pattern, although Ferndale was up slightly against last year and Sudden Valley almost matched 2009. In Bellingham, the drop in number of sales was entirely in the under $300,000 range – all other price points sold at least as many homes as a year ago.
Average and median prices were somewhat influenced by this change in the price distribution of sales, with overall average prices increasing 0.3% countywide and the median dropping just 1.5%. In Bellingham, the average sale price increased 2%, to $333,597, and the median rose to $286,000 (4.8%). As can be seen in the table below, while unit sales held steady or increased in all except the bottom price range, average sale prices dropped in all price ranges.
For the complete article and statistics on the Bellingham Real Estate Market go to the Bellingham October Real Estate Wrap up on The Johnson Team Real Estate Site. We update the site weekly with everything from interest rates to market conditions to information from Fannie Mae, the FED and the FDIC. Also, feel free to call us at (360) 303-2734 or e-mail Info@JohnsonTeamRealEstate.com if you want to know more about a specific portion of the market – we track a lot more than we have space to report.
www.JohnsonTeamRealEstate.com also includes a constantly updated list of newly listed properties and a list of properties being offered as short sales & foreclosures (REOs), as well as the entire listing database of the Northwest Multiple Listing Service, fully searchable to your specifications.
Subscribe by Email
Follow on Twitter
