Breaking Down Bellingham, WA Real Estate: An In-Depth Look at the February Market Report
Jasmin with the Levain Team at Windermere Real Estate in Bellingham and Whatcom County is here to go over the current market trend! As a real estate expert, it's important to stay updated on the market trends to better serve our clients and help them make informed decisions.
In the first two months of 2023, the real estate market in Bellingham and Whatcom County has shown an increase of 13% in the average sold price compared to last year. This is a promising trend, especially considering the decrease in average sold price that was seen from March through September last year.
One of the biggest changes in the market is the increase in inventory. The months of inventory has increased from less than one month last year to 3.6 months now. This means that buyers now have three times more options to choose from, which is great for them but might take a little longer for sellers to sell their homes. Currently, there are 369 homes on the market, compared to 151 homes last year.
However, the number of homes pending is the same as last year, which is a good sign for the market's stability. The average days on market has increased to 61 days, which is two and a half times more than it was last year.
Overall, the market is showing signs of activity, with buyers becoming more active and putting in more offers.. Although it might take a little longer for a house to sell due to the increased inventory, it's important for sellers to be patient and know that this is normal in a healthy market.
If you have any questions or would like to know more about the market, don't hesitate to reach out to us. We are here to help and provide you with the best possible real estate services.
Thanks for reading, and stay tuned for our next market report.