The Rise and Rebound: Welcome County Spring Housing Market Update
Aldo from the Levain Real Estate Team with Windermere has got some exciting news to share about Whatcom County's real estate market! In this month's market report for May, he will address the burning question on everyone's minds: Has the market officially hit rock bottom? But before we dive into the stats, make sure to hit that like and subscribe button, and don't forget to enable notifications for our latest videos. Now, let's get right into it.
Many people were skeptical, expecting prices to continue their downward spiral. However, things have taken an unexpected turn as we entered the spring market. The average active list price has actually gone up by three percent, reaching an impressive $860,000 compared to last year. Not only that, but the average sold price has also experienced a three percent increase, currently standing at $680,000. It's worth noting that this growth occurred while we were still in high demand, with multiple offers flooding the market. This shift signifies a significant development.
Now, the burning question for most homeowners is, "How long will it take to sell my house?" Well, the average time on the market has increased to 46 days, nearly three times longer than last year's 19 days. However, there's some good news. We've seen a considerable drop in days on the market from the previous month, and we anticipate further decreases in June, likely returning to the mid-30s range.
Let's talk inventory. The number of homes actively for sale has increased, with approximately 380 homes on the market right now. While this might sound like a significant jump from last year's count of under 200 homes, it's important to remember that two months of inventory is still considered strong. Although there is more inventory available, the rising sales and increased demand indicate that it might not be enough to satisfy the market's appetite.
So, has Whatcom County's real estate market officially bottomed out? In my opinion, based on the recent statistics and trends, the answer is a resounding yes. Home sales are on the rise, prices are climbing, and inventory is increasing. If you were waiting for a crash, unfortunately, it's already behind us. The prime opportunity to secure exceptional deals was likely in the earlier months of the year when interest rates were higher, offering potential savings of $30,000 to $50,000 on home prices.
One exciting development to note is the return of multiple offer scenarios, particularly in the highly sought-after Bellingham area. While we may not witness the intensity of last year's market frenzy, selling a house in many Bellingham neighborhoods could put you in a multiple offer situation. Although this trend has yet to fully extend to Lynden, Ferndale, or Blaine, it's anticipated to arrive by fall. People are willing to pay a premium to be a part of the vibrant Bellingham community, especially in key neighborhoods.
That wraps up our real estate market report for May in Bellingham and Whatcom County. If you have any further questions or want more details, please don't hesitate to reach out to us. Feel free to leave your inquiries in the comments below. This may report was brought to you by Levain Real Estate Team in Bellingham - stay tuned for more updates!