Here’s a quick look at the Bellingham Real Estate Market Report for September 2019 for residential home sales.
The number of residential sales for the month was 67 that is 22 less than September 2018 and 32 less than last month.
The average sales price of $516,059 is down 3% compared to last September and down 7% from last month.
The number of homes for sales last month to 105 there are now 1.9 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 1.9 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 147 homes for sale the day I write this. Any home priced right is still snapped up quickly often with multiple offers. There are only 5 homes on the market under $300,00 and as of today the least expensive home on the market is $240,000 for asmall house in the Roosevelt Neighborhood.
Interest rates are down. But first time home buyers are still finding it hard to find an affordable home.
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.
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