Here’s a quick look at the Bellingham Real Estate Market Report for March 2017 for residential home sales.
The number of residential sales for the month was 61 that is 24 less than March 2016 and the same as last month.
The sales price is up by 11% compared to March 2016. Also up 1% from last month’s average sale price of $467,665.
The low number of homes for sales keeps the average price going up. March is the first time the sale to list price ratio is over 100% coming in at 101%. That bodes well for sellers but is keeping the pressure on buyers.
Inventory is still extremely low keeping the market really hot for this time of year. There is only a 2 months supply of homes on the market right now. Any home priced right is still snapped up quickly often with multiple offers. There are only 10 homes on the market under $300,00 and 1 homes under $200,000.
There are still buyers out there today looking for new homes but there is still a limited amount of homes for them to choose from.
Multiple offers are still very common in this market for any desirable home.
Interest rates are on the rise, but they are still pretty low, but my guess is they will continue to rise.
Buyer’s, get a pre-approval letter from your lender ready to submit 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