Here’s a quick look at the Bellingham Real Estate Market Report for May 2021 for residential home sales.
The number of residential sales for the month was 83 that is 27 more than May 2020 and 9 more than last month.
The average sales price of $692,593 is up 27% compared to last May and up 2% compared to last month.
There is now 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 extremely low. There are only 52 homes and 21 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 2 homes on the market under $400,00 and as of today, the least expensive is $389,000 for a townhouse on a small lot in the Roosevelt neighborhood.
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, and now lumber prices are skyrocketing. 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