Real Estate Market Report/Conditions for Bellingham, WA for May, 2008

The following is a quick analysis of the Residential Bellingham real estate market.

• Currently Active Listings: 675
• Average List Price $504,264   Days on the Market:  101
• Median List Price: $379,000   Days on the Market:   66
• Sold in May: 79
• Average List Price: $350,531 
• Average Sales Price: $344,042
• Ratio of List to Price: 98.1%    Days on the Market: 127
• Median ListPrice: $309,950
• Median Sales Price: $300,000   Days on the Market: 63
• Ratio of List to Price: 98.6%
• Pending Sales Last Week: 23

  Condo Analysis for Bellingham

• Currently Active Listings: 328
• Average List Price $276,026   Days on the Market:  179
• Median List Price $214,900    Days on the Market:  92
• Sold in May: 32
• Average List Price: $210,866
• Average Sales Price: $205,436   Days on the Market: 186
• Ratio of List to Price: 97.4%
• Median List Price: $204,975
• Median Sales Price: $198,975   Days on the Market: 129
• Ratio of List to Price: 97.1%
• Pending Sales Last Week: 21

Buyers:Interest rates are still low making now is a good time to get in the market. There are still plenty of homes to choose from and lots have been on the market a long time so there are some motivated sellers out there who need to sell their homes. More homes will most likely be coming on the market in the coming months as spring and summer arrive.

Sellers: There is still 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:

• The most important thing you can do is 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
• Have 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 Bellingham real estate or living in Bellingham visit my website at BellinghamProperty.com or give me a call. 

 

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.

This is a very interesting way to look at the market, as of today:

Average List Price $502,920 Days on the market 102

Median List Price $379,000Days on the market 69

Price Range	Active Listings	Monthly Absorbtion Rate	Pending Past week	Months to sell Current Inventory
Up to $199,999	21	3.8	3	5.5
200,000-299,999	209	37.9	7	5.5
300,000-399,999	142	24.1	2	5.9
400,000-499,999	104	12.2	0	8.5
500,000-599,999	45	4.5	4	10.0
600,000-699,999	44	2.6	2	16.9
700,000-799,999	30	1.8	0	16.6
800,000-899,999	19	1.8	0	10.5
900,000-999,999	12	.8	0	15
1,000,000-1,999,999	40	1.3	1	30.7
2,000,000+	7	.1	0	70
Totals	673	90.9	18	7.4

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.

This is a very interesting way to look at the market, as of today:

Average List Price $498,953 Days on the market 104

Median List Price $370,000Days on the market 71

Price Range	Active Listings	Monthly Absorbtion Rate	Pending Past week	Months to sell Current Inventory
Up to $199,999	23	3.9	0	5.9
200,000-299,999	208	38.3	7	5.4
300,000-399,999	138	25.8	8	5.3
400,000-499,999	100	13.0	1	7.7
500,000-599,999	46	4.9	0	9.4
600,000-699,999	45	2.5	2	18
700,000-799,999	32	2.1	0	15.2
800,000-899,999	20	1.8	1	11.1
900,000-999,999	11	.8	0	13.8
1,000,000-1,999,999	38	1.5	0	25.3
2,000,000+	6	.1	0	60
Totals	667	95.8	19	7.0

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.

This is a very interesting way to look at the market, as of today:

Average List Price $493,975 Days on the market 105

Median List Price $371,230 Days on the market 69

Price Range	Active Listings	Monthly Absorbtion Rate	Pending Past week	Months to sell Current Inventory
Up to $199,999	19	3.9	0	4.9
200,000-299,999	200	38.3	11	5.2
300,000-399,999	146	25.8	7	5.7
400,000-499,999	96	13.0	1	7.4
500,000-599,999	46	4.9	1	9.4
600,000-699,999	41	2.5	1	16.4
700,000-799,999	30	2.1	1	14.3
800,000-899,999	17	1.8	0	9.4
900,000-999,999	12	.8	0	15
1,000,000-1,999,999	36	1.5	0	24
2,000,000+	5	.1	0	50
Totals	648	95.8	22	6.8

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.

This is a very interesting way to look at the market, as of today:

Average List Price $493,159 Days on the market 106

Median List Price $379,000 Days on the market 71

Price Range	Active Listings	Monthly Absorbtion Rate	Pending Past week	Months to sell Current Inventory
Up to $199,999	18	3.9	0	4.6
200,000-299,999	180	38.3	7	4.7
300,000-399,999	136	25.8	5	5.2
400,000-499,999	98	13.0	2	7.5
500,000-599,999	46	4.9	1	9.4
600,000-699,999	44	2.5	1	17.6
700,000-799,999	32	2.1	1	15.2
800,000-899,999	16	1.8	0	8.9
900,000-999,999	10	.8	0	12.5
1,000,000-1,999,999	32	1.5	0	21.3
2,000,000+	5	.1	0	50
Totals	617	95.8	17	6.4

 

It must have been six months ago now that my clients put in an offer on a home that was listed as a short sale. The home was listed for $260,000, our offer of $250,000 was accepted by the seller and had to be approved by the lender. Well, after 2 1/2 months of waiting my clients decided to walk. After talking with the listing agent about this listing, I came to find out the same thing had occurred with two other offers.

Several months go by and I get a call for my client one day telling me that they have seen the home they tried to purchase at a foreclosure web site for $211,000. So I started to investigate, with the help of the original listing agent I found the lender who owned the property and without much trouble I was able to actually talk to a human being. Yes the home had been foreclosed on. No the home was not on the market yet and no price had been determined as of yet. Everything had been turned over to third party REO department of another company. After contacting them they had told me the name of the listing agent who would be dealing with the property. I contacted that listing agent who said they had not decided on a price yet and it would be on the market in a few weeks. I asked him to please contact me as soon as it was on the market as I had client ready to purchase the property.

Luckily for my client I was going through the hot sheets when I saw the property had comeback on the market at $225,000. We immediately wrote an offer that was excepted very quickly. Due to many circumstances the deal was not easy to close, but after several months it finally did. My client is now happy owner of home and they saved $25,000,

Here’s the part I don’t understand. Why he did the lender not accept our offer on the home for $25,000 more, when it was being sold under short sale. Instead they foreclosed on the property. They ruined the previous homeowners credit by foreclosing and they cost themselves $25,000 plus the holding costs of the property for at least a several months.

Does anybody have any ideas why lender’s do this? It worked out great for my client but not for the people who lost their home or the lender for that matter, go figure.

 

Real Estate Market Report/Conditions for Whatcom County, WA for April, 2008

The following is a quick analysis of the Residential Whatcom County real estate market.

• Currently Active Listings: 1706  
• Average List Price $436,883   Days on the Market:  107
• Median List Price: $344,763 Days on the Market:   69 
• Sold in April: 174
• Average List Price: $330,724
• Average Sales Price: $322,037
• Ratio of List to Price: 97.3%    Days on the Market: 103
• Median ListPrice: $289,900
• Median Sales Price: $281,500   Days on the Market: 71
• Ratio of List to Price: 97.1%
• Pending Sales Last Week: 45

  Condo Analysis for Whatcom County

• Currently Active Listings: 520
• Average List Price $288,038    Days on the Market:  182
• Median List Price $216,400   Days on the Market:  104
• Sold in April: 45
• Average List Price: $202,162
• Average Sales Price: $196,571  Days on the Market: 195
• Ratio of List to Price: 97.2%
• Median List Price: $192,995
• Median Sales Price: $175,000  Days on the Market: 48
• Ratio of List to Price: 90.6%
• Pending Sales Last Week: 12

Buyers:Interest rates are still low making now is a good time to get in the market. There are still plenty of homes to choose from and lots have been on the market a long time so there are some motivated sellers out there who need to sell their homes. More homes will most likely be coming on the market in the coming months as spring and summer arrive.

Sellers: There is still 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:

• The most important thing you can do is 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
• Have 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  Whatcom County or Bellingham real estate or living in Whatcom County or Bellingham visit my website at BellinghamProperty.com or give me a call. 

 

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.

This is a very interesting way to look at the market, as of today:

Average List Price $495,977 Days on the market 106

Median List Price $387,000 Days on the market 68

Price Range	Active Listings	Monthly Absorbtion Rate	Pending Past week	Months to sell Current Inventory
Up to $199,999	15	3.9	0	3.8
200,000-299,999	163	38.3	12	4.3
300,000-399,999	127	25.8	8	4.9
400,000-499,999	96	13.0	2	7.4
500,000-599,999	39	4.9	0	8.0
600,000-699,999	43	2.5	2	17.2
700,000-799,999	29	2.1	0	13.8
800,000-899,999	15	1.8	0	8.3
900,000-999,999	12	.8	0	15
1,000,000-1,999,999	31	1.5	0	20.7
2,000,000+	5	.1	0	50
Totals	608	95.8	25	6.3

 

Real Estate Market Report/Conditions for Bellingham, WA for April, 2008

The following is a quick analysis of the Residential Bellingham real estate market.

• Currently Active Listings: 603  
• Average List Price $495,924   Days on the Market:  105
• Median List Price: $389,000   Days on the Market:   67
• Sold in April: 77
• Average List Price: $385,719 
• Average Sales Price: $376,136 
• Ratio of List to Price: 97.5%    Days on the Market: 103
• Median ListPrice: $325,000 
• Median Sales Price: $298,475   Days on the Market: 78
• Ratio of List to Price: 103.4%
• Pending Sales Last Week: 23

  Condo Analysis for Bellingham

• Currently Active Listings: 328
• Average List Price $282,750    Days on the Market:  206
• Median List Price $209,900    Days on the Market:  107
• Sold in April: 30
• Average List Price: $222,371
• Average Sales Price: $216,655    Days on the Market: 237
• Ratio of List to Price: 97.4%
• Median List Price: $197,495
• Median Sales Price: $194190,655   Days on the Market: 56
• Ratio of List to Price: 96.5%
• Pending Sales Last Week: 9

Buyers:Interest rates are still low making now is a good time to get in the market. There are still plenty of homes to choose from and lots have been on the market a long time so there are some motivated sellers out there who need to sell their homes. More homes will most likely be coming on the market in the coming months as spring and summer arrive.

Sellers: There is still 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:

• The most important thing you can do is 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
• Have 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 Bellingham real estate or living in Bellingham visit my website at BellinghamProperty.com or give me a call. 

 

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.

This is a very interesting way to look at the market, as of today:

Average List Price $497,001 Days on the market 110

Median List Price $389,500 Days on the market 71

Price Range	Active Listings	Monthly Absorbtion Rate	Pending Past week	Months to sell Current Inventory
Up to $199,999	16	5.3	2	3.0
200,000-299,999	172	40.6	4	4.2
300,000-399,999	127	27.6	7	4.6
400,000-499,999	104	13.6	2	7.6
500,000-599,999	46	5.5	1	8.3
600,000-699,999	44	2.6	1	16.9
700,000-799,999	27	2.1	1	12.6
800,000-899,999	16	1.6	0	10
900,000-999,999	10	1	0	10
1,000,000-1,999,999	31	1.4	0	22.1
2,000,000+	5	.16	0	31.3
Totals	597	99.3	18	6.0