October Market Update

So is our market going up, is it going down, or is it starting to stable out a little bit? This is a great question. I'm gonna answer it for you today. Today Jasmin is bringing you our Whatcom County market report for October. Let's dive right into the numbers.

In Whatcom County, our average for sale price is $624,000. This is an increase of 4% from last year at this time. Additionally, our average sold price is $447,000. This is also only a 4% increase from last year at this time. What is that telling us? We're seeing 4% and 5% in the last couple of months, if you've been watching our videos. What does that tell us? Perhaps that maybe our market is starting to stable out a little bit. We were seeing a year ago and nine months ago, an 8% to 10% increase in values and selling prices.

So what about inventory? Right now in Whatcom County, we have 683 homes on the market. This is a 3% increase from last year at this time. We actually have more inventory and more homes for sale, more options for buyers right now than we did last year. So months of inventory, right now, we have 2.4 months of inventory in Whatcom County. If you don't remember, months of inventory means if we were to stop listing homes today, we would run out of homes for sale in 2.4 months.

For days on the market. Right now our average days on market are 43 days. Meaning that there might be some houses that are selling or taking a little bit longer than 43 days to sell, and then also under 43 days to sell as well. Now again, if you guys remember, nine months ago, even a year ago, the average days on market was under 30 days. We're seeing houses starting to stay on the market a little bit longer. Is this the time of year? Is this because buyers are now starting to take their time instead of making a really quick decision on their purchase? We don't know, we can't answer that. But we are starting to see those days on market increase, which can be a big benefit for buyers.