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.
In June, Whatcom County real estate markets showed the effect of accelerated sales due to the homebuyer tax credits. Sales numbers dropped from 10% to 40% in all markets except Birch Bay/Blaine (up 4%) and Lynden (up 40%) over June of 2009. Average sales numbers in the county as a whole were down 25% and were lower than any month since February of this year.
The tax credit benefits showed up in more sales for the total of the first 6 months (except in Bellingham), due to strong sales earlier in the year. Birch Bay/Blaine & Lynden were particularly strong in the 2nd quarter, with sales up 53% in Birch Bay/Blaine and up 75% in Lynden over the same period last year. In June, Lynden numbers were still strong (up 40%), and Birch Bay Blaine was up 4%.
The strong volume in Birch Bay/Blaine and Lynden helped move average sale prices up a bit over the first half of the year (2.6% and 1.7% respectively), and Birch Bay/Blaine managed to move the median up a bit, with an increase in the measurement of 2.1%. The county as a whole saw average sale prices drop by 4% and the median drop by 7%.
As prices drift lower, homes move into different price categories, which shows up in changes to the distribution of sales through price ranges. For the 6 months ending June 2009, 53.4% of the sales in Bellingham were under $300,000. For the 6 months ending June 2010, 62.6 % of the sales in Bellingham were below $300,000. The upper end, above $750,000, maintained the same number of units sold, but the range from $300,000 to $500,000 was particularly hard hit. For the complete article on what is currently happening in the Bellingham Real Estate Market and what we think the future holds. Visit The Johnson Team Real Estate Market Update Page.
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