Last month I compared our market to ping pong balls, sometimes up, sometimes down, sometimes both…just depends on the area. In October
Bellingham unit sales up from October 2010 (to 75 homes from 65) & almost equal to last month (to 75 homes from 77).
Ferndale unit sales down from October 2010 (to 14 homes from 27) & down further from last month (to14 homes from 37).
Birch Bay/Blaine unit sales down a bit from October 2010 (to 13 homes from 15) & down a lot from last month (to13 homes from 28).
Ferndale unit sales dropped substantially from October 2010 (to 14 homes from 27) & from last month as well (to 14 homes from 37).
Lynden managed to about break even – up 3 homes from 2010 and down 3 from September.
But how about the prices, you say. They were bouncing too, with average sale prices in Bellingham and Birch Bay/Lynden down in the double digits from September while Ferndale, Sudden Valley and Nooksack Valley saw double digit increases. If we compare to October 2010, Ferndale and Mt Baker home sale averages were up by double digits, while Birch Bay/Blaine and Lynden were down by those amounts and Bellingham and Sudden Valley were close to holding their own. Want more specifics?
Bellingham prices October 2011 to 2010: average -3.7%; median -12.1%
Whatcom County prices October 2011 to 2010: average -15.8%; median -18.8%
Bellingham prices October to September 2011: average -12%; median -2.4%
Whatcom County prices October to September 2011: average +.4%; median -1.9%
The Bellingham market moved even more strongly into the lower price points, with 64% of the sales below $300,000. Obviously, as prices have dropped, more homes have moved into this category, but it is interesting to note that 4 of the past 6 months have had over 60% of sales at or below $300,000. This is atypical, even as far back as 2006. It certainly isn’t because it is now easier for buyers in the lower price ranges to get loans! During the frenzy, this part of the market was heavily dependent on sub-prime loans. Now, standards for even FHA loans are higher.
There are several speculative explanations for the shift:
Prices for homes at all price points have fallen, moving more of the inventory below $300,000.
As prices have fallen, fewer owners of lower priced homes have been able to sell and take sufficient equity out of their current home to move into the next bracket.
As prices have fallen in areas traditionally providing our incoming purchasers (California, Seattle), our market has localized so our buyers have local incomes and less equity.
Buyers (and lenders) are more aware of the hazards of “over-buying”, so they are purchasing more conservative homes.
The table below shows the change in market distribution from last October
October 2010 Price Ranges in $1000’s
Total 2010 October $ Sales
Total Units Sold
Average Sales Price
% of Market
Changes in October Year to Year Distribution of Residential Sales in Bellingham
<300
$7,380,000
34
$217,059
50.7%
300 to <500
$8,739,727
24
$364,155
35.8%
>500
$3,508,000
6
$584,667
9.0%
>750
$2,731,000
3
$910,333
4.5%
October 2011 Price Ranges in $1000’s
Total 2011 October $ Sales
Total Units Sold
Average Sales Price
% of Market
Unit Change
Average Price Change
<300
$10,575,540
48
$220,324
64.0%
41.2%
1.5%
300 to <500
$7,895,576
20
$394,779
26.7%
-16.7%
8.4%
>500
$2,828,005
5
$565,601
6.7%
-16.7%
-3.3%
>750
$2,805,000
2
$1,402,500
2.7%
-33.3%
54.1%
To read the complete article visit The Johnson Team Real Estate’s Real Estate Update Page. 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.
Believe it or not the forecast is looking good for this weekend, if you do not have anything planned below are a couple of ideas to fill your schedule on Saturday, April 30th.
Everson Garden Club Plant Sale- Taking place from 9am to 2pm at the Everson Elementary School. Bring your plant pots for recycling and reusing for your new plants.
Pregnancy, Baby and Kids Expo- 10am to 6pm at the Ferndale Events Center. Booths and vendors with crafts and products for expectant mothers, babies and children. Bouncy house, face painting and other entertainment for the kids. For more details go to www.nwspectacularevents.com
Ferndale Farmer’s Market: Open every Saturday from April 30th to October from 9am to 3pm at the corner of Main and Cherry Streets.
Monthly, the Belligham Police Department puts together what they call the “Block Watch.” The Block Watch is a wonderful newsletter updating Bellingham residents on community and police issues. This month’s Block Watch features articles on Graffiti, Medical Identity Theft, and Emergency Preparedness. To view this month’s Bellingham Police Department Block Watch click here.
Check back next month for the newest issue of Block Watch! If you have any crime prevention issues in Bellingham you are welcome to contact Katrin Dearborn at the Bellingham Police Department (360) 788-8660.
With last night’s storm now behind us I am reminded about needing to prepare our home for a possible power outage. With a baby in the house it’s more important that ever that my husband and I take some time to prepare for storms to keep our family safe and happy during harsh Winter storms. Below are tips courtesy of the American Red Cross on how to prepare your home for winter:
- Assemble essential supplies, including: flashlight, batteries, portable radio, at least one gallon of water, and a small supply of food.
- Only use a flashlight for emergency lighting. Due to the extreme risk of fire, do not use candles during a power outage.
- Use the phone for emergencies only. Listening to a portable radio can provide the latest information. Do not call 9-1-1 for information – only call to report a life-threatening emergency.
- Do not run a generator inside a home or garage. If you use a generator, connect the equipment you want to power directly to the outlets on the generator. Do not connect a generator to a home’s electrical system.
- Turn off electrical equipment you were using when the power went out. Leave one light on so you know when the power comes back on.
- Avoid opening the refrigerator and freezer.
-If you use medication that requires refrigeration, most can be kept in a closed refrigerator for several hours without a problem. If unsure, check with your physician or pharmacist.
-Stay focused on the risks of smoke and carbon monoxide. Buy a carbon monoxide alarm if you do not already have one. They are available at most hardware stores. If you have one, check the battery to make sure it is working. If the alarm sounds: get to fresh air by going outside. Contact the fire department before you go back inside your home.
This month’s Money Magazine has named Bellingham as the United States fifth best college town for retirees. For those who may not live here Bellingham is nestled between Seattle, Washington and Vancouver, British Columbia yet still welcomes you with an amazing small town feel despite it’s amenities of a larger town.
Bellingham is home to Western Washington University. WWU is nationaly recognized for excellence and has been voted best regional public University in the Northwest and #2 in the Unites Stated. With an enrollment of approximately 13,000 students. It is just large enough to offer various specialty programs and classes yet still retain a small school feeling where it is easy to be welcomed and make friends. WWU also welcome retirees who choose to return to college for personal enrichment classes through their Academy of Lifelong Learning.
Money Magazine noted, “Bellingham offeres easy access to two major metro areas, it’s a district community in its own right, with a nationally recognized hospital, international airports and state college.” The nationally recognized hospital is Bellingham’s St. Joseph Hospital which is home to a state of the art cardiovacular facility and other medical services.
Other lures that attract retirees to Bellingham is the lack of a state income tax, mild seasons, strong community arts, farmers markets, harbors and parks. To search for a retirement home in Bellingham visit our Bellingham Real Estate Property Search. Money magazine notes that the city of Bellingham’s median home price is $258,450.
Believe it or not the forecast is looking good for this weekend, if you do not have anything planned below are a couple of ideas to fill your schedule on Saturday, April 30th.
Monthly, the Belligham Police Department puts together what they call the “
With last night’s storm now behind us I am reminded about needing to prepare our home for a possible power outage. With a baby in the house it’s more important that ever that my husband and I take some time to prepare for storms to keep our family safe and happy during harsh Winter storms. Below are tips courtesy of the American Red Cross on how to prepare your home for winter:
This month’s Money Magazine has named Bellingham as the United States fifth best college town for retirees. For those who may not live here Bellingham is nestled between Seattle, Washington and Vancouver, British Columbia yet still welcomes you with an amazing small town feel despite it’s amenities of a larger town.
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