Absorbtion Rates for Bellingham

Here are some interesting statistics I have begun compiling.

Absorption rate is average number of homes sold per month over a particular period of time. The months to sell is a reflection of the absorbtion rate, how long it will take to sell the current inventory at the said absortion rate.

Absorbtion Rates for Bellingham

Price Range	Active Listings	Monthly Absorbtion Rate	Pending This Week	Months to sell Current Inventory
Up to $250,000	86	24	2	6.5
250,000-300,000	128	25	4	3.6
300,000-400,000	193	32	2	6
400,000-500,000	112	14	2	8.2
500,000-600,000	53	6	1	8.7
600,000-700,000	38	3	2	14
700,000-800,000	31	3	1	11.5
800,000-900,000	21	2	1	9.5
900,000-1,000,000	14	1	0	14
1,000,000-2,000,000	28	2	0	16
2,000,000+	7	.2	0	35

Consultant hired to study Chuckanut Ridge proposal

A Seattle consultant has been hired to study the environmental impacts of a proposed 739-unit housing development on Chuckanut Ridge. They will provide information  to the city to determine what it will require of developers. The decision is being criticised by a group opposed to the Fairhaven Highlands project. Responsible Development says the Fairhaven Highlands project would harm an important and sensitive wetland habitat on Chuckanut Ridge. 

Developers Horizon Bank and David Edelstein will pay $50,000 for the consultant to create the environmental impact statement and up to $25,000 to reimburse a city planner’s time in managing the project..

The consultant ESA Adolfson estimated 489 hours would be needed to develop the environmental impact statement.  The next closest estimated 979 hours. This is also drawing criticism from Responsible Development, objecting to the consultant because it was recommended by the developers and its time estimate was less than half of the next closest bid.

Planning Director Tim Stewart said the time estimate doesn’t matter much because the contract will have to change anyway if the city discovers the study’s scope should need to be widened. “In my opinion, they’re probably the best firm to do this work,” Stewart said.

Joe’s Garden

Joe’s Garden was founded by Joe Bertero, in 1927. Joe was a native  of Italy, He and his wife Ann started what has become a Bellingham institution.  The small farm changed hands in the 1980’s but kept the name. It is an oasis in the city,sSeveral acres of vegetablesand berries surrounded by homes and condos. You can see Joe’s produce in many local markets just marked as Joe’s, everyone in town knows what that means, fresh locally grown Bellingham’s own. If you want to visit Joe’s they are on the corner of 30th Street and Taylor Ave.

Enjoy Fresh & Local

Bellingham Market Report Graph Residential Real Estate – August 2007

Bellingham Market Report Graph Residential Real Estate – August 2007

Very interesting graph we have here,

The median price is very close to where it was last month, but is up 2.3% over last year. While the average price has gone down 9.5% for the month and the year.

If you would like any more information about Real Estate or Real Estate statistics visit my website at BellinghamProperty.com

Bellingham Real Estate Market Report – September 5, 2007

Real Estate Market Report/Conditions for Bellingham, WA for Septeember 5, 2007

The following is a quick analysis of the Residential Bellingham real estate market by Michael Eisenberg of Fairhaven Realty.

• Currently Active Listings: 692  Average List Price $484,932   Days on the Market:  99
• Sold in August: 142   
• Average Sales Price: $360,175
• Average List Price: $367,287
• Ratio of List to Price: 98%
• Average Days on the Market: 95
• Median Sales Price: $310,988
• Pending Sales Last Week: 24

  Condo Analysis for Bellingham

• Currently Active Listings: 368  Average List Price $254,893   Days on the Market:  204
• Sold in August: 51   
• Average Sales Price: $203,571
• Average List Price:$206,191
• Ratio of List to Price: 95.7%
• Average Days on the Market: 205
• Median Sales Price: $191,000
• Pending Sales Last Week: 14

After the report from The Office of Federal Housing Enterprise Oversight that said that home prices in Whatcom County during the second quarter increased 5.1 percent compared to last year, we’re seeing a decrease in average price for the monthcompared to lst year of 9.5%, but if we look at the median price there is an increase in price of 2.3%…………..Amazing what these different numbers say.

Buyers: now is a good time to get in the market, there are plenty of homes to choose from and lots have been on the market a long time, especially condos.

Sellers: There is a lot of competition right now and if you don’t want your home to sit on the market without an offer here are a few bits of Advise:

• Price your home right, have your real estate agent do a CMA and price your home aggressively, that is in the lower range of similar homes if you want a quick sale
• Hava a pre-inspection done to your home and fix any problems
• Give your home curb appeal
• Offer a Home Warranty if it is an older home
• Get rid of clutter, start clearing out your things, even if you have to put them in storage.
• Think about staging your home, get advise from a staging professional or at least your agent.

If you would like some info about real estate or living in Bellingham visit my website at BellinghamProperty.com or give me a call. 

Whatcom County home prices are still going up

Whatcom County home prices are rising at a faster rate than the national average according to a federal study.

The Office of Federal Housing Enterprise Oversight reported that home prices in Whatcom County during the second quarter increased 5.1 percent compared to last year. The national average appreciation for the same period was 3.2 percent, while the Washington state average was 9.1 percent.

According to the OFHEO, the nation’s average 3.2 percent annual change was the lowest since 1996-97.

“House prices were basically flat in the second quarter despite tightening credit policies, rising foreclosure rates and weakening buyer sentiment,” said James B. Lockhart, OFHEO director. “Significant price declines appear localized in areas with weak economies or where price increases were particularly dramatic during the housing boom.”

According to the report home appreciation in Washington was higher than every state except Utah (up 15.3 percent) and Wyoming (up 12.8 percent). Nevada (down 1.5 percent), Michigan (down 1.4 percent), California (down 1.4 percent), Massachusetts (down 1 percent) and Rhode Island (down 1 percent) saw the greatest declines.

The way I see it here is Whatcom County is that there are a lot more homes on the market compared to last year and they are taking longer to sell, it is an interesting time and there are lots of choices out there for buyers.

Eco House to open in Bellingham

Bellingham’s Wellspring School is expanding this year with the addition of environmentally friendly building Eco House.

After several years of planning, renovating, and landscaping to three room house which will have solar generated electricity, a greenhouse, rain barrels and terraced garden will be ready for students. Even the flooring and paint used in the building our environmentally friendly.

The school which was founded by Laurie Riskin and Bill Snow came up with the idea after looking at what other cultures have been doing to help the environment. Eco House will be used for science classes with the garage being used for art. The school plans to open the facility to the public for workshops on sustainable systems, organic gardening, technology, and alternative power as well as the use of “green” products and LEAD architectural designs. Riskin and Snow hope that Eco House will be a model for the community.

In pursuit of their goals, WellSpring is researching grants to assist in the project development and seeking support and contributions from the “Green Building Industy”, local businesses, trades, and patrons of the environmental movement in the form of consultation, building supplies and materials, volunteer labor, and financial donations.