Bellingham Real Estate Market Report – November 2017
Here’s a quick look at the Bellingham Real Estate Market Report for November 2017 for residential home sales.
The number of residential sales for the month was 82 that is 8 less than November 2016 and the 4 less than last month.
The Average sales price of $474,922 is up by 21 % compared to November 2016 and up 12% from last month.
The number of homes for sales went down last month, there are now 1.8 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 1.8 months). There is still not much new construction in single-family homes.
Inventory is down again and is still extremely low at 139 homes for sale the day I write this. Any home priced right is still snapped up quickly often with multiple offers. There are only 15 homes on the market under $300,00 and as of today the least expensive home on the market is $219,000. This is making it extremely difficult for first-time buyers.
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 slightly on the rise again, and my guess is they will continue to rise.
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
How HOT is Your Bellingham Neighborhood?
Everyone is talking about Bellingham homes selling like hotcakes with many having multiple offers and at prices that we’d only dreamed of. So everyone knows that home values are rising like crazy… but by exactly how much in your neighborhood? I looked at a variety of Bellingham neighborhoods, from Alabama Hill to York to find out how much the average home sales price rose from 2016 to 2017. Take a look at the list below to see how quickly single-family home prices are rising (or surprisingly decreasing in some neighborhoods)… and if you are in the hottest Bellingham neighborhood!
Comparison of Home Values by Bellingham Neighborhood
Average Sales Price : Percentage Change from the 3rd quarter of 2016 to 2017
And the winner is….
Cornwall Park with a 36% increase in the average home sales price from last year. W-O-W!
Next on the list was a tie between Emerald Lake and Geneva with a 31% increase and then South Hill with a 30% increase. York and Columbia were next.
For a better understanding of the average sales price by neighborhood and the percentage increase year-over year, please see the chart below. This is based on a quarterly report.
If there is an Bellingham neighborhood that we didn’t include that you would like to add in my next update, please let me know! Also, if you are curious about your home’s current value, you can get an instant value of your home with our nifty new tool.
Average Home Sales Prices by Bellingham Neighborhood
|# Sold||2017||# sold||2016||Change||% change|
Data from the NWMLS, statistics can be decieving especially if there are small number of sales in that neighborhood.