Here’s a quick look at the Bellingham Real Estate Market Report for March 2020 for residential home sales.
The number of residential sales for the month was 55 that is 10 less than March 2019 and 6 less than last month.
The average sales price of $537,951 is down $1,576 compared to last March and sown 8% last month.
The number of homes for sales last month was 111, there are now 2 months of inventory on the market, (if no new homes came on the market and sales rate was the same as it is today, they would all be sold in 2 months). The number is still pretty small relative to years past.
There is still not much new construction in single-family homes.
Inventory is still low, but there are some new single-family projects scheduled for next year. There are only 122 homes for sale the day I write this. Any home priced right is still snapped up quickly often with multiple offers. There are only 3 homes on the market under $300,00 and as of today the least expensive home on the market is $189,000 for a small tear down house on a busy street in the Roosevelt Neighborhood.
I believe that home prices will continue to rise as demand is still strong here in Bellingham. But it is a mystery as to what this pandemic we are facing will bring to the economy.
Interest rates are down. There is still a 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