Market Update

Summer of 2019 Recap + Market Update

Just a quick check-in after a busy summer (phew!) with an update on some of my favorite projects this summer.

I had the opportunity to help two families move away for better jobs, one family move here for a better job, two sets of first-time home buyers, one couple purchasing their first home together, one couple that’s new to Washington, and one new investor. I love helping people make transitions in their lives!

Sold / Summer 2019

The market continued to be strong in summer of 2019. Residential real estate in Bellingham hovered around approximately 1.6 months of inventory all summer — which is still considered a seller’s market. (A balanced market is considered 6 months of inventory.) Five out of 8 of the above properties were multiple offer situations. Successful buyers, especially in the Bellingham area, acted swiftly and strategically.

In August, the median sales price of all residential in Bellingham was $407,2500. If we look at single-family homes only (remove the condo market) that number jumps to $437,250. (In January that number was $420,000, so we have had steady appreciation throughout 2019.)

Average days on market in Bellingham hasn’t peaked above 32 days all year. As one might imagine, properties under $400,000 had even lower average days on market, between 25 and 27. Anecdotally however, many listings pended within one week.

I’m currently feeling a bit of a slowdown, but it’s hard to say how much is seasonal and how much is a true softening of the market. Unemployment is historically low. Interest rates are still low, and based on how many out-of-state buyers have been calling me, I feel like Bellingham is officially on the map as a super desirable place to live.