Bellingham Real Estate Market Report – May 2018
Here’s a quick look at the Bellingham Real Estate Market Report for May 2018 for residential home sales.
The number of residential sales for the month was 98 that is 3 more than May 2017 and 34 more than last month.
The Average sales price of $521,081 is up 14% compared to last May and up 2% from last month.
The number of homes for sales went up last month, there are now 1.4 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 1.4 months). The number is still pretty small relative to years past.
There is still not much new construction in single-family homes.
Inventory is finally climbing a bit again but still low at 155 homes for sale the day I write this. Any home priced right is still snapped up quickly often with multiple offers. There are only 9 homes on the market under $300,00 and as of today the least expensive home on the market is $220,000. 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