October Market Review of Housing in Bellingham & Whatcom County
Hey, Bellingham friends and potential homebuyers! Aldo here from the Living in Bellingham YouTube channel, part of the LeVain Real Estate Team. Today, I'm excited to share a deep dive into the current state of our local real estate market. If you're thinking about buying or selling a home in Bellingham or Whatcom County, I've got some key stats and trends to break down for you. Let's dive into the highlights of my October real estate market report.
First things first, let's talk numbers. The average sold price in Bellingham is currently sitting at $642,000, which reflects a modest 2% dip from last year. Keep in mind, we're looking at a month-to-month comparison, specifically October 2023 versus October 2022.
Percentage to List Price:
Now, here's an interesting stat I want to introduce - the percentage to list price. On average, homes are selling at 97% of their original listing price. For you potential homebuyers out there, that means you might snag a 3% discount. Knowing this figure is key for negotiating in our dynamic Bellingham real estate market.
Days on Market:
Time on the market has seen a noteworthy shift, currently standing at 36 days. That's an 80% increase from the previous year, and it underscores the importance of factors like home condition, staging, and effective marketing in determining how quickly a home sells.
Let's talk inventory. We've seen a surge in available homes, and I attribute that to the rise in interest rates, hitting almost 8% in October 2023. Higher interest rates mean fewer transactions, prompting more sellers to list. The months of inventory are at 2.3, signifying how long it would take to exhaust existing housing stock if no new listings were added.
Insights for Buyers and Sellers:
For those thinking about selling, now's a great time, provided there are no major roadblocks. Make sure your home is in tip-top shape, staged beautifully, and any lingering issues are addressed. Despite the increased inventory, a well-presented home is always in demand.
Buyers, on the other hand, are dealing with rising interest rates. My advice? Get creative with financing. Consider options like the 21 buy-down strategy, which can provide some financial relief in those initial years with lower interest rates.
In wrapping this up, the Bellingham and Whatcom County real estate scene is dynamic. Rising interest rates and increased inventory mean both buyers and sellers need to be strategic. If you're in the market, reach out to me and the LeVain Real Estate Team for personalized advice. Whether you're looking to sell or buy, my goal is to help you navigate the current conditions and make informed decisions. Cheers to the Bellingham real estate journey!