Bellingham Real Estate Market Report – April 2020

By
Real Estate Agent with eXp Realty

To see the extensive Bellingham Real Estate Market Report for April – Click Here

Here’s a quick look at the Bellingham Real Estate Market Report for April 2020 for residential home sales.
The number of residential sales for the month was 57 that is 24 less than April 2019 and 6 less than last month.
The average sales price of $502,942 is down 10% compared to last March and sown 8% last month.

The number of homes for sales last month was 131, there are now 2.2 months of inventory on the market, (if no new homes came on the market and sales rate was the same as it is today, they would all be sold in 2.2 months).   The number is still pretty small relative to years past.

There is still not much new construction in single-family homes.

Inventory is still low, but there are some new single-family projects scheduled for next year. There are only 131 homes for sale the day I write this. Any home priced right is still snapped up quickly often with multiple offers. There are only 2 homes on the market under $300,00 and as of today the least expensive home on the market is $189,000 for a home with a peek-a-boo view of Emerald Lake.

It is a mystery as to what this pandemic we are facing will bring to the economy and the housing market. I believe the market will stay strong here in Bellingham, it still is right now.

Interest rates are down. There is still a shortage of homes for sale. 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.

Yes, multiple offers are still common in this market for any desirable home that is priced right.

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
1,298,937
Joe Manausa
Joe Manausa Real Estate - Tallahassee, FL
Tallahassee Real Estate

Thank you for sharing information about your local housing market. I find it interesting to see the various differences from markets around the US.

May 18, 2020 04:10 PM #1
Rainmaker
182,801
Realtyna Inc
Realtyna - Newark, DE
Realtyna- MLS RETS Integration software & services

Hi Michael Eisenberg, thanks for this update from Bellingham. It's a good example how market dynamics are localized.

May 19, 2020 02:16 AM #2
Rainmaker
599,005
Sally Crane
WMS - Unity, WI
Woodland appraisal support.

Thanks for the update, all the best to you as you get many of these properties listed and sold.

Sally

May 23, 2020 11:20 PM #3
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Rainmaker
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Michael Eisenberg

Bellingham Real Estate Guy
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