Here’s a quick look at the Bellingham Real Estate Market Report for February 2022 for residential home sales.
The number of residential sales for the month was 49 which is up 13 from February 2021 and down 9 from last month.
The average sales price of $740,410 is up 10% compared to last February and up 20% compared to last month.
There is now a bit less than 1/2 month’s worth of inventory on the market, (if no new homes came on the market and the sales rate was the same as it is today, they would all be sold in 1 month). The number is still pretty small relative to years past.
There is still not much new construction in single-family homes.
Inventory is still extremely low. There are only 46 homes and 8 condos and 4 manufactured homes in parks, for sale in Bellingham a city of almost 94,000 people, the day I write this. Any home priced right is still snapped up quickly often with multiple offers. There are only 10 homes on the market under $500,00 and as of today, the least expensive is $135,000 for a small 740 sq ft new cabin that needs to be torn down, so it is basically a lot. The $450,000, 2260 sq ft fixer in the Alabama Hill neighborhood, that was on the market last month had 33 offers and sold for $700,000.
I believe the market will stay strong here in Bellingham, it still is right now.
Interest rates are rising a bit. There is still an extreme shortage of homes for sale. There is still a lack of new construction homes. The economy is good here, and so is the weather (Compared to other parts of the country.) This all adds up to increasing prices in my mind.
Yes, multiple offers are still common in this market for any desirable home that is priced right.
Buyers, get a pre-approval letter from your lender ready to submit along with your offer if you are in a competitive market that may change soon.
If you don’t have it yet, start gathering the documents you will need to get one, which is usually 2 years of tax returns and 2 or 3 months of pay stubs. Check with your preferred lender or let me know if you need a recommendation to a good lender.
Want to learn more about the market let’s talk! If you have any questions or want to see any Bellingham Real Estate feel free to email me or give me a call at 360-739-6981