A look at Sept ‘09 real estate numbers in Whatcom County
Tags:Bellingham, Bellingham Herald, Blaine/Birch Bay, closed sales, Ferndale, Interest Rates, Lynden, Mount Baker, Nooksack Valley, pending sales, September 2009, Sudden Valley
There have been several interesting trends happening in the local housing market as of late. Here’s a look at some of those trends, both for the month of September and year-to-date (compared to 2008 numbers).
Pending Sales Up
In September, Whatcom County’s pending home sales climbed 16.5% over the same results from a year ago (from 254 Pending Sales in Sept. 2009 to 218 in Sept. 2008). September’s performance brings a 9% increase in Pending Sales for the year so far (over 2008).
There are several factors leading to this increase in the number of Pending Sales we’re seeing locally: (1) low interest rates, (2) the first-time home buyer tax credit, and (3) lower home prices.
Closed Sales Down
Fewer Pending Sales are becoming Closed Sales locally, as Whatcom County Closed Sales are down 11.5% this year. The greatest obstacle to closing Pending Sales comes from the bank-owned and short sale properties. Lenders on short sales are taking anywhere from two to four months to make a decision on approving or denying the sale.
Despite the challenges with bank-owned and short sale properties, momentum is picking up in the market. Over the past few months, Closed Sales more closely match 2008 results.
Median Prices Down
The median sales price for a Whatcom County home is $260,000 this year: down 7% from the same time in 2008. In September, the median price slipped 9% (compared to September 2008). The following chart shows year-to-date median home prices in Whatcom County, by city.
The pace of local home sales is slowly but steadily absorbing the excess inventory of homes on the market. We are now at eight months of supply of homes for sale, which is still a buyer’s market, but the lowest since this time last year. The return to a better balanced market will bring back longer-term sustainability in Whatcom County.
Importance of Price
Of all the positive forces in the market, however, none is bigger than price. Where a home is well-priced, we are seeing it move in record time. When the home is not well-priced, it languishes on the market months longer. Even then, it sells only after reducing to the appropriate price.
Home sellers can save themselves a lot of headaches by pricing their home right, the first time.
Whatcom County Numbers By Community (year-to-date)
Here’s a year-to-date breakdown of the median price, average price, number of units sold and days on market for each area in Whatcom County:
Bellingham: Median Price, $260,000 (down 7%); Average Price, $295,000 (down 3%); Units Sold, 662 (down 10%); DOM, 96 (down 3%)
Lynden: Median Price, $266,000 (down 9.5%); Average Price, $281,000 (down 13.5%); Units Sold, 109 (down 26%); DOM, 115 (down 9.5%)
Blaine/Birch Bay: Median Price, $221,000 (down 10.5%); Average Price, $266,000 (down, 3.5%); Units Sold, 187 (down 13.3%); DOM, 126 (up 15.5%)
Ferndale: Median Price, $265,500 (down 8.5%); Average Price, $287,500 (down 7.5%); Units Sold, 188 (down 11%); DOM, 103 (down 3.5%)
Sudden Valley: Median Price, $240,000 (down 10.8%); Average Price, $249,000 (down 9.8%); Units Sold, 106 (up 2%); DOM, 118 (up 9%)
Mount Baker: Median Price, $130,000 (down 21%); Average Price, $152,000 (down, 17.8%); Units Sold, 80, (down, 20%); DOM, 93 (down 6%)
Nooksack Valley: Median Price, $215,000 (down, 11.5%); Average Price, $231,000 (down, 16%); Units Sold, 67 (down, 16%); DOM, 82 (down 15.5%)
