Bellingham Real Estate Market Report – November 2017

By
Real Estate Agent with eXp Realty

 

 

Here's a quick look at the Bellingham Real Estate Market Report for November 2017 for residential home sales.

The number of residential sales for the month was 82 that is 8 less than November 2016 and the 4 less than last month.


The Average sales price of $474,922  is up by 21 % compared to November 2016 and up 12% from last month.

The number of homes for sales went down last month, there are now 1.8 months of inventory on the market, (if no new homes came on the market and sales rate was same as it is today, they would all be sold in 1.8 months).   There is still not much new construction in single-family homes.

Inventory is down again and is still extremely low at 139 homes for sale the day I write this. Any home priced right is still snapped up quickly often with multiple offers. There are only 15 homes on the market under $300,00 and as of today the least expensive home on the market is $219,000. This is making it extremely difficult for first-time buyers.

There are still buyers out there today looking for new homes but there is still a limited amount of homes for them to choose from.

Multiple offers are still very common in this market for any desirable home.

Interest rates are slightly on the rise again, and my guess is they will continue to rise.

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

Click Here to find the Value of Your Home

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Rainmaker
1,669,147
Jeremy K. Frost
Keller Williams Realty - Dripping Springs, TX
Associate Broker, CNE, CRS, ePro, PSA

It's always good to get the inside scoop on other markets. Thanks for sharing!

Dec 12, 2017 01:48 PM #1
Rainmaker
1,523,755
Sybil Campbell
Long and Foster REALTORS® 5234 Monticello Ave Williamsburg, Virginia - Williamsburg, VA
REALTOR® ABR, SFR, SRES Williamsburg, Virginia

That is quite an impressive market report Michael.  Thanks for all of the detail about your market.

Dec 18, 2017 08:32 PM #2
Ambassador
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Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

Merry Christmas Michael. Here's to many smooth transactions in 2018!

Dec 24, 2017 12:45 PM #3
Ambassador
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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

I hope you have had a fantastic year. Happy New Year and a prosperous 2018.

Dec 27, 2017 08:22 PM #4
Rainer
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Chris McCullough
Professional Realty Services - Vancouver, WA
CRS, ABR, CNE, SRES, e-Pro

What do you think is driving the surge in prices in the Bellingham area? 

Jan 03, 2018 07:58 PM #5
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Rainmaker
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Michael Eisenberg

Bellingham Real Estate Guy
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