The Bellingham
market has been providing most of the good news regarding
real estate sales and values thus far this year, and
the 3rd quarter was no exception. Even though the pace
dropped dramatically (down 24%) in September, the number
of units sold overall in the 3rd quarter still increased
almost 4% over 2006, with average prices up 1.8%, the
median up 3.3% and days on the market also up, to an
average of 89.
The lackluster September sales numbers were forecast
by the dramatic drop (29%) in pending sales in August,
and this looks likely to continue for a bit, as pending
sales in Bellingham in mid September were down 22% from
the same week last year. Speculation is that this is
the result of the widespread reporting on difficulties
in the financial markets and increasing foreclosure rates.
While the reality of these issues is having a major impact
in other markets, here the impact seems to be one of
perception rather than substance.
Much of the county outside Bellingham is experiencing
softer sales, shown in the county numbers of unit sales
down 2.5%, even though average and median sale prices
are up 1.5% and 1.0%, respectively. The Ferndale and
Lynden markets strengthened a bit in the 3rd quarter,
but the Sudden Valley and Birch Bay/Blaine markets remain
very soft.
While the mortgage market has tightened up and several
mortgage brokers in town have closed their doors, there
is still a wide selection of loan products available.
Credit scores are more important than they were, but
available products include Washington State Bond money
for first time homebuyers, 5-15-80 products for those
consumers with some downpayment (even in the form of
a gift), “jumbo” loans at some very attractive
interest rates, and most everything in between. It is
a really good time to be a buyer.
If you are a seller, remember that over 25% of the homes
that closed in Bellingham in September found their buyer
in less than 31 days and received over 99% of their asking
price. These were the “special” houses, and
every seller has the power to create that sense about
their home. You are in control if you choose to be.
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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