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“More certainty” and “more stability” in the market contributed to a boost in activity during January, according to officials from Northwest Multiple Listing Service. Brokers reported an increase of nearly 27 percent in pending sales from December and a 28 percent jump from twelve months ago.

Two other indicators of activity fell – inventory and sales prices. There were 3,915 fewer active listings of single family homes and condominiums in the entire MLS system compared to a year ago, a drop of about 10 percent. Sales prices area-wide for January closed sales declined about 4.8 percent from figures a year-ago ( the NWMLS service area covers 21 counties).

For Whatcom County, in January, pending sales of residential homes were down 7 percent while closings were up 5.5 percent. Our listing inventory of residential homes was up 26 percent compared to January, 2009. Prices were down about 3 percent for the entire county.

Currently, there is about 13.5 months of inventory ( ratio of houses for sale to houses sold). January, 2009 was 14.6 months of supply. Economists consider a supply of six months to be a balanced market. One month can be deceiving but due to the increase in listings and reduced closing the supply number is somewhat skewed. A first quarter analysis will be telling. The absorption rate was 7.4 percent as compared to 6.8 percent from January, 2009. The absorption rate analyzes how many homes have sold of the existing inventory in a month.

Nearly 80 percent of the residential sales were under $350,000 which is about the same compared to the same time last year.

In its annual statistical summary,  the Whatcom County real estate market reported 3,775 sales for a total value of $995,134,398. There were 2229  residential sales totaling $668,812,479, plus 414 condominium sales totaling $78,500,000.

 2009 sales ( units) continued their downward trend. All sales throughout Whatcom County were down about 10%.

 The residential resale market was the only category up by 1%. New construction sales decreased by 33%, condominiums were down 26% and land sales down 18%. These are unit sales.

 The median price declined about 6.5%( $258,000) for a residential resale home in Whatcom County. New construction prices were down about 12% ($263,000) and the median price of a condominium was unchanged at $191,000.

 Among other highlights in the annual CBMA summary:

 1.     Residential and Condominium listings decreased 8%.

2.     The highest residential sale was $2,500,000 in Point Roberts.

3.     The highest condominium sale was $740,000 in Bellingham.

4.     There were a total of 17 residential sales above $1,000,000.

5.     Nearly 75% of all residential sales were below $350,000.

 Residential sales:  Units compared to 2008

 Bellingham down 9%, median price $289,000

Ferndale down 10%, median price $260,000.

Blaine/Birch Bay up 1%, $224,000.

Sudden Valley down 3%, $231,500.

Lynden down 1%, $269,000.

Mt Baker/Deming down 14%, $135,000.

Everson/Nooksack up 17%, $215,000