Bellingham's Median Sales Price for Homes Tops $400,000 in 3Q
October 03, 2017
The median sales price of a Bellingham home surpassed $400,000 in a quarter for the first time, according to a local real-estate broker.
Bellingham’s median sales price was $405,242 in the recently completed third quarter, up 9.3 percent from the third quarter of 2016, according to Troy Muljat, managing broker of Bellingham-based Muljat Group Commercial. Muljat prepared the report based on data from the Northwest Washington Multiple Listing Service.
However, Bellingham also experienced a sharp downturn in home sales of 20.4 percent to 292. Muljat attributed the drop to a continuing lack of inventory in homes on the market.
“As a result, homes that are reasonably priced are being sold much quicker than usual,” Muljat said. “The average time on the market for a home in Bellingham was only 22 days, half as much time as a year ago.”
Bellingham’s trends influenced third-quarter numbers for all of Whatcom County, which saw its median price rise 9.1 percent to $352,222 and the number of homes sold fall 8.7 percent to 817.
“Some local homeowners are hesitant to place their homes on the market because the low inventory makes them uncertain they can find another place to buy,” Muljat said.
But Muljat noted that some communities are bucking those trends. Lynden’s median price soared 22.8 percent to $386,906 and its home sales shot up 21.4 percent to 85. Home sales also rose in the Nooksack Valley and Mt. Baker areas.
The median sales price, average sales price, number of units sold and average days on the market (DOM) before a sale for the county and individual communities for the third quarter of 2017, with percentage comparisons to the third quarter of 2016, follow.
Whatcom County – Median price, $352,322, up 9.1 percent; average price, $377,737, up 6.2 percent; units sold, 819, down 8.7 percent; DOM, 43, down 19.8 percent.
Bellingham – Median price, $405,242, up 9.3 percent; average price, $463,370, up 7.8 percent; units sold, 292, down 20.4 percent; DOM, 22, down 49.3 percent.
Birch Bay/Blaine – Median price, $297,447, up 3.9 percent; average price, $337,065, down 0.1 percent; units sold, 117, down 11.4 percent; DOM, 72, down 13.1 percent.
Ferndale – Median price, $341,785, up 9.4 percent; average price, $375,386, up 13.5 percent; units sold, 130, down 11.0 percent; DOM, 47, up 11.5 percent.
Lynden – Median price, $386,906, up 22.8 percent; average price, $400,039, up 18.2 percent; units sold, 85, up 21.4 percent; DOM, 54, down 11.7 percent.
Bellingham’s median sales price was $405,242 in the recently completed third quarter, up 9.3 percent from the third quarter of 2016, according to Troy Muljat, managing broker of Bellingham-based Muljat Group Commercial. Muljat prepared the report based on data from the Northwest Washington Multiple Listing Service.
However, Bellingham also experienced a sharp downturn in home sales of 20.4 percent to 292. Muljat attributed the drop to a continuing lack of inventory in homes on the market.
“As a result, homes that are reasonably priced are being sold much quicker than usual,” Muljat said. “The average time on the market for a home in Bellingham was only 22 days, half as much time as a year ago.”
Bellingham’s trends influenced third-quarter numbers for all of Whatcom County, which saw its median price rise 9.1 percent to $352,222 and the number of homes sold fall 8.7 percent to 817.
“Some local homeowners are hesitant to place their homes on the market because the low inventory makes them uncertain they can find another place to buy,” Muljat said.
But Muljat noted that some communities are bucking those trends. Lynden’s median price soared 22.8 percent to $386,906 and its home sales shot up 21.4 percent to 85. Home sales also rose in the Nooksack Valley and Mt. Baker areas.
The median sales price, average sales price, number of units sold and average days on the market (DOM) before a sale for the county and individual communities for the third quarter of 2017, with percentage comparisons to the third quarter of 2016, follow.
Whatcom County – Median price, $352,322, up 9.1 percent; average price, $377,737, up 6.2 percent; units sold, 819, down 8.7 percent; DOM, 43, down 19.8 percent.
Bellingham – Median price, $405,242, up 9.3 percent; average price, $463,370, up 7.8 percent; units sold, 292, down 20.4 percent; DOM, 22, down 49.3 percent.
Birch Bay/Blaine – Median price, $297,447, up 3.9 percent; average price, $337,065, down 0.1 percent; units sold, 117, down 11.4 percent; DOM, 72, down 13.1 percent.
Ferndale – Median price, $341,785, up 9.4 percent; average price, $375,386, up 13.5 percent; units sold, 130, down 11.0 percent; DOM, 47, up 11.5 percent.
Lynden – Median price, $386,906, up 22.8 percent; average price, $400,039, up 18.2 percent; units sold, 85, up 21.4 percent; DOM, 54, down 11.7 percent.
