Here’s a quick look at the Bellingham Real Estate Market Report for May 2020 for residential home sales.
The number of residential sales for the month was 57 that is 24 less than May 2019 and the same as last month.
The average sales price of $595,968 is down 1% compared to last May and down 1% compared to last month.
The number of homes for sales last month was 118, there are now 2.1 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 2.1 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 only 113 homes for sale the day I write this. Any home priced right is still snapped up quickly often with multiple offers. There is only 1 home on the market under $300,00 and as of today at $214,999 for a manufactured home on a .85 acre lot a little outside of town.
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 a shortage of homes for sale. 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.
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