Here’s a quick look at the Bellingham Real Estate Market Report for May 2022 for residential home sales.
The number of residential sales for the month was 100 which is up 18 from May 2021 and up 25 from last month. This was a banner month considering inventory is still relatively low but slowly climbing.
The average sales price of $938,405 is up a whopping 35% compared to last May and up 21% compared to last month. This is a record-high sales price for Bellingham!
There is now 1 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 still pretty low, but getting better every day now. There are 111 homes and 24 condos and 2 manufactured homes in parks, for sale in Bellingham a city of almost 94,000 people, on 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 $500,00 and as of today, the least expensive is $495,000 for a small home on a large lot in the Birchwood neighborhood and $495,000 for a townhouse in the Barkley neighborhood.
I believe the market will stay strong here in Bellingham, it still is right now.
Interest rates are rising a bit. There is still a shortage of homes for sale but it is getting better. 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 for 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