August Real Estate Market Update for Bellingham, WA area!
Hello, everyone! It's Aldo from the Levain Real Estate Team here in Bellingham, and today I'm excited to take you on a thrilling journey through the August real estate market in Bellingham and Whatcom County. Strap in because we've got some twists and turns to explore!
Let's kick things off with some stats, shall we? The average active list price is on the rise, up by a solid three and a half percent from last year. But hold on to your hats, the average sold price is down about 1.4 percent from last year, although it's rebounding with a 2.5 percent increase from last month. The real estate market is anything but predictable!
Now, if you're selling your home, you're probably wondering how long it's going to take. Well, the average days on the market have doubled since last year, now sitting at about 33 days. But fear not, we've still got homes flying off the shelves in the first week or two, especially here in Bellingham. Just remember, the right pricing strategy is key to a successful sale.
Next up, inventory! It's been a hot topic lately, and here's the scoop: inventory is down about 13.5 percent from last year. Combine that with fluctuating interest rates, and you've got a recipe for rising home prices. Buying a house might not be as easy as it was last year, so if you're on the hunt, be prepared for a bit of a search.
Now, let's talk interest rates – they've been on a wild ride, fluctuating between six and seven percent. The Fed recently hiked them again, and we're looking at rates around seven percent, possibly dipping to six and a half percent soon. But don't let that scare you away from selling your house. We're still seeing homes selling over list price, and competitive bidding wars are not uncommon. Plus, plenty of folks are moving into Bellingham from out of state, creating demand.
For the buyers out there, listen up! If you can handle higher interest rates, don't wait around for them to drop. The price you pay for a house today won't change, but those interest rates can. I've had clients do the math, and even with a 6.8 percent rate, they're saving a hefty chunk each month compared to waiting for rates to drop.
In conclusion, remember this: there's no perfect time to buy or sell – it's about being ready when the time is right for you. So, if you're feeling unsure or have questions about the market, don't hesitate to reach out to us. We're here to help you navigate the real estate adventure, whether it's over a Zoom call, a face-to-face meeting, or even grabbing a beer. Your real estate journey starts here! 🏡✨