Snowline Market Report for 2009
The National real estate market has taken some strong hits over the last two years, while the gated community of Snowline near Mt Baker has done fairly well. Earlier this year a past client of mine told me that he had lost a great deal of wealth in the stock market, but the vacation cabin that he had purchased from me was going to save him. While he recognized that he was not selling at the peak of the market, the equity that he had gained over just 5 years was the best investment that he had made since 2004.
Snowline Market Snapshot and Review
Before reviewing 2009, let’s look at the current market. At this time there are 9 cabins for sale in Snowline with an average days on market of 186 and average price of $337,857. There is a strong diversity in price among that available properties as there are some entry level cabin currently available as low as $175,000 ranging up to $499,000 for larger chalets. Realistically, 9 cabins is a very low inventory for Snowline. There are a total of 319 cabins and undeveloped lots in Snowline, so an inventory of 9 (plus 3 lots) is a very small percentage. This low inventory is a good sign for the overall real estate market in Snowline.
Looking back at 2009 in review, 6 cabins sold over the course of the year. The average days on market for sold cabins was 76 with an average sales price of $288,300. Looking at the days on market for cabins sold vs. available it becomes apparent that many of the cabins that are currently on the market are overpriced. With an average days on market of 186, there is technically an 18 month supply of inventory in Snowline, which is a very negative health indicator of a market, however I feel that these numbers are skewed because both number are so small in relation to the overall supply. In case example, I listed a cabin in February at a very reasonable price there was a bidding war and the cabin actually sold for over the asking price. This means that there are certainly buyers in the market, but they are only buying for the right price.
My Advice to Buyers and Sellers Right Now
For buyers, don’t be afraid to do a little negotiating on some of these cabins that have been on the market for several months. I have represented several buyers in the Mt Baker area this year and some of the sellers have taken strong discounts on cabins, while others have been stubborn. With 9 cabins currently on the market, there is enough inventory for you to find the right Mt Baker get-a-way.
Search the inventory of Mt Baker Cabins for sale
For sellers, selling a cabin in Snowline comes down to pricing it correctly and marketing the property with professional photos. The well priced cabins are selling and the overpriced cabins are not. If you are thinking about putting your Snowline cabin on the market, I strongly advise you to contact me first for a fair evaluation of your property. I will not only give you a realistic price, but I will help you prepare your property for sale.
Ryan Martin – Windermere Real Estate/Whatcom, Inc.
Direct Line: 360-296-7366