Here’s a quick look at the Bellingham Real Estate Market Report for January 2021 for residential home sales.
The number of residential sales for the month was 49 that is 1 less than January 2020 and 37 less than last month.
The average sales price of $650,669 is up 11% compared to last January and up 14% compared to last month.
There is now less than 1 months 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 extremely low. There are only 45 homes and 17 condos for sale in Bellingham a city of almost 95,000 people, the day I write this. Any home priced right is still snapped up quickly often with multiple offers. There is only 4 home on the market under $300,00 and as of today the least expensive is $199.999 for a manufactured home in a park near Lake Padden.
It is a mystery as to what this pandemic we are facing will bring to the economy and the housing market. I believe the market will stay strong here in Bellingham, it still is right now.
Interest rates are down. 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.
Buyer’s, 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