Whatcom County Home Sales Still see Double-Digit Gains
July 09, 2018
Whatcom Co. Home Sales Still See Double-Digit Gains
July 5, 2018
Sales of Whatcom County homes recorded double-digit gains again in the second quarter compared to a year ago, but there are signs a market peak may be nearing, according to local real-estate broker Troy Muljat.
The median sales price of a Whatcom County home was $384,900 in the second quarter, up 13.2 percent from the second quarter of 2017, according to Troy Muljat, owner and president of Bellingham-based Muljat Group Realtors. Muljat prepared the report based on data from the Northwest Washington Multiple Listing Service.
Double-digit increases in the median price were seen throughout the county, Muljat said: Bellingham, $452,900 (up 14.9 percent); Lynden, $404,000 (up 13.2 percent; and Ferndale, $385,000 (up 11.9 percent). The average sales price in Bellingham went up 11.7 percent to $516,669, topping $500,000 for the first time.
Faced with higher prices and gradually rising mortgage rates, the number of Whatcom County homes sold in the second quarter declined to 853.
“The market does feel like it’s hitting a ceiling,” Muljat said. “Sales were down over 10 percent year over year in Bellingham and almost 4 percent in Whatcom County. The market is waving a bit of a warning flag with a decrease in sales.”
He also noted that a low inventory of homes for sale, a trend in the county market for a couple years, is increasingly populated by higher-end properties.
“In the Bellingham market on July 5, there are more homes for sale over $1 million (27) than homes under $400,000 (21),” Muljat said. “The 132 Bellingham homes on the market have a staggering average asking price of $886,029 and the median asking price is $657,450.
“I anticipate that with the substantial increase in asking prices that sales will remain flat to slightly down while sale prices continue rising. Also, rising interest rates continue to be a cloud on the horizon.”
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 second quarter of 2018, with percentage comparisons to the second quarter of 2017, follow.
Whatcom County – Median price, $384,900, up 13.2 percent; average price, $414,403, up 11.0 percent; units sold, 853, down 3.9 percent; DOM, 45, down 6.3 percent.
Bellingham – Median price, $452,900, up 14.9 percent; average price, $516,669, up 11.7 percent; units sold, 266, down 10.7 percent; DOM, 30, down 7.2 percent.
Birch Bay/Blaine – Median price, $321,000, up 13.8 percent; average price, $350,510, up 8.0 percent; units sold, 97, down 9.3 percent; DOM, 43, down 12.2 percent.
Ferndale – Median price, $385,000, up 11.9 percent; average price, $395,310, up 20.5 percent; units sold, 143, up 23.3 percent; DOM, 48, down 0.4 percent.
Lynden – Median price, $404,000, up 13.2 percent; average price, $425,294, up 14.0 percent; units sold, 79, down 19.4 percent; DOM, 49, up 17.9 percent.
Mount Baker – Median price, $232,500, up 36.8 percent; average price, $251,232, up 19.1 percent; units sold, 84, up 3.7 percent; DOM, 55, down 66.0 percent.
Nooksack Valley – Median price, $313,500, up 8.5 percent; average price, $322,197, down 1.6 percent; units sold, 36, down 14.3 percent; DOM, 45, up 7.1 percent.
Sudden Valley – Median price, $349,000, up 10.5 percent; average price, $381,991, up 20.5 percent; units sold, 58, down 10.8 percent; DOM, 31, up 58.2 percent.
July 5, 2018
Sales of Whatcom County homes recorded double-digit gains again in the second quarter compared to a year ago, but there are signs a market peak may be nearing, according to local real-estate broker Troy Muljat.
The median sales price of a Whatcom County home was $384,900 in the second quarter, up 13.2 percent from the second quarter of 2017, according to Troy Muljat, owner and president of Bellingham-based Muljat Group Realtors. Muljat prepared the report based on data from the Northwest Washington Multiple Listing Service.
Double-digit increases in the median price were seen throughout the county, Muljat said: Bellingham, $452,900 (up 14.9 percent); Lynden, $404,000 (up 13.2 percent; and Ferndale, $385,000 (up 11.9 percent). The average sales price in Bellingham went up 11.7 percent to $516,669, topping $500,000 for the first time.
Faced with higher prices and gradually rising mortgage rates, the number of Whatcom County homes sold in the second quarter declined to 853.
“The market does feel like it’s hitting a ceiling,” Muljat said. “Sales were down over 10 percent year over year in Bellingham and almost 4 percent in Whatcom County. The market is waving a bit of a warning flag with a decrease in sales.”
He also noted that a low inventory of homes for sale, a trend in the county market for a couple years, is increasingly populated by higher-end properties.
“In the Bellingham market on July 5, there are more homes for sale over $1 million (27) than homes under $400,000 (21),” Muljat said. “The 132 Bellingham homes on the market have a staggering average asking price of $886,029 and the median asking price is $657,450.
“I anticipate that with the substantial increase in asking prices that sales will remain flat to slightly down while sale prices continue rising. Also, rising interest rates continue to be a cloud on the horizon.”
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 second quarter of 2018, with percentage comparisons to the second quarter of 2017, follow.
Whatcom County – Median price, $384,900, up 13.2 percent; average price, $414,403, up 11.0 percent; units sold, 853, down 3.9 percent; DOM, 45, down 6.3 percent.
Bellingham – Median price, $452,900, up 14.9 percent; average price, $516,669, up 11.7 percent; units sold, 266, down 10.7 percent; DOM, 30, down 7.2 percent.
Birch Bay/Blaine – Median price, $321,000, up 13.8 percent; average price, $350,510, up 8.0 percent; units sold, 97, down 9.3 percent; DOM, 43, down 12.2 percent.
Ferndale – Median price, $385,000, up 11.9 percent; average price, $395,310, up 20.5 percent; units sold, 143, up 23.3 percent; DOM, 48, down 0.4 percent.
Lynden – Median price, $404,000, up 13.2 percent; average price, $425,294, up 14.0 percent; units sold, 79, down 19.4 percent; DOM, 49, up 17.9 percent.
Mount Baker – Median price, $232,500, up 36.8 percent; average price, $251,232, up 19.1 percent; units sold, 84, up 3.7 percent; DOM, 55, down 66.0 percent.
Nooksack Valley – Median price, $313,500, up 8.5 percent; average price, $322,197, down 1.6 percent; units sold, 36, down 14.3 percent; DOM, 45, up 7.1 percent.
Sudden Valley – Median price, $349,000, up 10.5 percent; average price, $381,991, up 20.5 percent; units sold, 58, down 10.8 percent; DOM, 31, up 58.2 percent.
