Here’s a quick look at the Bellingham Real Estate Market Report for October 2022 for residential home sales.
The number of residential sales for the month was 62 which is down 22 from October 2021 and down 18 from last month.
The average sales price of $698,349 is down 23% compared to last October and down 16% compared to last month. The market is changing pretty rapidly, interest rates are up yet again.
There is now 2 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, but the highest it has been in the past 2 years
There is still not much new construction in single-family homes.
Inventory is still relatively low. There are 141 homes and 51 condos and 7 manufactured homes in parks, for sale in Bellingham a city of almost 94,000 people, on the day I write this. There are 4 homes on the market under $400,00 and as of today, the least expensive is $338,900 for a house that was damaged by a fire and marketed as the “value is mostly in the land,” it is on a busy street in the Roosevelt neighborhood.
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 improving. 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.
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