Here’s a quick look at the Bellingham Real Estate Market Report for January 2023 for residential home sales.
The number of residential sales for the month was 33 which is down 7 from January 2022 and down 17 from last month.
The average sales price of $786,040 is up 26% compared to last January and up 4% compared to last month. The market is changing pretty rapidly, interest rates are still high.
There is now 3 months’ 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 relatively low. There are 83 homes and 36 condos and 5 manufactured homes in parks, for sale in Bellingham a city of almost 94,000 people, on the day I write this. There are 6 homes on the market under $400,00 and as of today, the least expensive is $289,000 for a 504 Sq Ft manufactured home near Emerald Lake.
I believe the market will stay strong here in Bellingham, it still is right now.
Interest rates are rising again, bringing potential changes to the market. There is still a shortage of homes for sale but it is declining with the Holidays and slow winter season.
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