Bellingham Real Estate Market Report – May 2019
Here’s a quick look at the Bellingham Real Estate Market Report for May 2019 for residential home sales.
The number of residential sales for the month was 92 that is 7 less than May 2018 and 11 more than last month.
The Average sales price of $603,659 is up 16% compared to last May and up 8% from last month.
The number of homes for sales went up last month to 136, there are now 1.5 months of inventory on the market, (if no new homes came on the market and sales rate was same as it is today, they would all be sold in 1.5 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 should begin to increase with spring here. There are 132 homes for sale the day I write this. Any home priced right is still snapped up quickly often with multiple offers. There are only 4 homes on the market under $300,00 and as of today the least expensive home on the market is $100,000 for a manufactured that need work. This is making it extremely difficult for first-time buyers, but interest rates are down to a 2 year low.
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.
Yes, multiple offers are still common in this market for any desirable home that is priced right.
Interest rates are slightly down and still relatively low.
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