Understanding Micro Markets in Real Estate

By
Real Estate Sales Representative with Windermere Real Estate / Whatcom Inc.

It is important to understand that there are many micro markets in real estate. When someone says that home prices are down 10% are they talking about homes across the US, within the state, in the city of Bellingham, or in your neighborhood? While real estate is affected at a broad level, it is also highly sensitive to the neighborhood.

Cornwall Park BellinghamIt is not necessarily a bad time to sell your home. It really depends on your micro market. Let’s look at Bellingham as an example. There are currently 512 homes on the market within the city. Over the last 6 months the average days on market for homes in Bellingham that have sold is 105 days. Based on these figures you might think that your home in Bellingham will take 4 months to sell, but that is not necessarily the case. Let’s look a couple of niche markets within the Bellingham real estate market.

Cornwall Park is a pretty established and popular neighborhood. Most of the homes were built in the 1920’s. The average price pint in the Cornwall Park Neighborhood is under $300k and lower than the average in Bellingham. This makes the Cornwall Park Neighborhood an ideal location for first time home buyers. Over the last 6 months the average days on the market for the neighborhood was only 39 days. If you currently own a home in the Cornwall Park Neighborhood and wanted to upgrade to a larger, now is a perfect time. Where would be a good place to buy a home in Bellingham right now?

The Barkley Neighborhood might be a good place to target. Most of the homes in the Barkley Neighborhood are priced over $300k. On average, the homes in the Barkley Neighborhood are larger and newer than homes in the Cornwall Park Neighborhood. Over the last 6 months the average days on the market for the Barkley Neighborhood was 134 days. While it looks like it might not be a good time to sell a house in Barkley, it does look like a good time to buy one.

It is important to know your mirco market when making decisions about buying and selling your house. Don’t rely on national media or your local newspaper to sway decision to buy or sell. You should be contacting a real estate professional that knows your micro market. Original Article

 

Ryan Martin, Windermere Real Estate/Whatcom, Inc.

Your Bellingham Real Estate Professional

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Real Estate Market Trends
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Washington Whatcom County Bellingham
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micro markets

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Rainmaker
275,209
Colleen Lane
Kennewick Richland (and West) Pasco WA Homes For Sale - Kennewick, WA
Realtor(r) 509.438.9344 www.LaneRealEstateTeam.com

We are also seeing different markets in terms of price points.  Different areas are experiencing different price points.  In other words, homes at a certain price range are selling quickly in one of our cities, while the same price range are not selling in another city. 

 

Apr 29, 2009 10:21 AM #1
Rainer
113,497
Ryan Martin
Windermere Real Estate / Whatcom Inc. - Bellingham, WA
Bellingham Commercial RE Broker

Some neighborhoods are simply selling faster than others. We just sold a 1,500 sq.ft. house for $350k in 1 week based on the neighborhood. If that home was just a couple of block away it would have sat on the market for months at $300k.

Apr 30, 2009 04:18 AM #2
Rainmaker
1,244,953
Steven L. Smith
King of the House Home Inspection, Inc. - Bellingham, WA
Bellingham WA Home Inspector

Ryan,

It is pretty interesting to follow it all. Not being a realtor, I do not have my nose to it like you do, but I see many different buyers and types of properties.

Apr 30, 2009 04:27 AM #3
Rainer
113,497
Ryan Martin
Windermere Real Estate / Whatcom Inc. - Bellingham, WA
Bellingham Commercial RE Broker

There are certainly deferment buyers for different properties, but some neighborhoods are simply more popular than others. In example, the neighborhood that I live in. Last summer the average days on market was only 20 days, while the average number of days for the city of Bellingham was over 100.

Apr 30, 2009 04:30 AM #4
Rainer
215,890
Gail MacMillan
Titusville, FL

Morning Ryan,

This is excellent information for buyers and sellers in your local market.  It helps put things into a hyper-local perspective and downplay the national media....which is much too broad to rely on when out house-hunting.  That's why the public needs informed Realtors like you :-)

May 07, 2009 01:54 AM #5
Rainer
113,497
Ryan Martin
Windermere Real Estate / Whatcom Inc. - Bellingham, WA
Bellingham Commercial RE Broker

Thank you Gail. I keep a close eye on our micro markets in Bellingham.

May 07, 2009 09:27 AM #6
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Rainer
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Ryan Martin

Bellingham Commercial RE Broker
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