Whatcom County Home Sales Take Needed Breath in 2022
January 04, 2023
Jan. 3, 2023
Whatcom County home sales in 2022 experienced an unusual year that ended up close to “normal,” according to a local real estate report.
The median price of a Whatcom County home sold in 2022 rose 9.2% to $600,000, a good increase in any year except in comparison to 2021, when it soared 24.3%, according to Peter Ahn, co-owner of Bellingham-based The Muljat Group. The racehorse pace of 2021 continued for the first half of 2022, but mortgage rates that eventually doubled and hit a peak around 7% for a 30-year loan cooled off the housing market here and elsewhere, according to Ahn, who prepared a report based on data from the Northwest Washington Multiple Listing Service.
Prices pulled back some from their 2022 highs and the number of Whatcom County home sales dropped even more, falling 10.4% to 2,928, the fewest sales in the county since 2014.
Ahn said a 30-year fixed mortgage rate was around 3% at the start of 2022 but steadily began to rise. When the 30-year rate went above 5% in late summer, the dramatic effect it had on monthly home payments put the brakes on home sales and resulted in some price adjustments, he added.
“Homeowners would be overjoyed with appreciation around 10% in any other year,” Ahn said. “The reality is that the home market can’t sustain 20% increases for long. We still have plenty of people wanting to live in Whatcom County, there’s more housing inventory and the 30-year mortgage rate has dipped somewhat to around 6.5%, so we now have more of a balanced market for buyers and sellers.”
Bellingham continues to lead the county in median home sales price ($712,000, up 13%), followed by Ferndale ($629,900, up 18%) and Lynden ($595,250, up 6.3%).
The median sales price, average sales price, number of units sold and average days on the market (DOM) before a sale for Whatcom County and individual communities for all of 2022, with percentage comparisons to all of 2021, follow.
Whatcom County – Median price, $600,000, up 9.2%; average price, $655,432, up 9.1%; units sold, 2,928, down 10.4%; DOM, 25, unchanged.
Bellingham – Median price, $712,000, up 13.0%; average price, $820,572, up 10.6%; units sold, 899, down 6.3%; DOM, 18, up 5.9%.
Birch Bay/Blaine – Median price, $539,100, up 11.2%; average price, $623,424, up 6.2%; units sold, 352, down 17.4%; DOM, 30, up 30.4%.
Ferndale – Median price, $629,900, up 18.0%; average price, $643,276, up 11.9%; units sold, 483, down 20.9%; DOM, 24, up 33.3%.
Lynden – Median price, $595,250, up 6.3%; average price, $649,151, up 9.8%; units sold, 264, down 7.7%; DOM, 23, down 8.0%.
Mount Baker – Median price, $370,000, up 2.8%; average price, $386,710, down 4.8%; units sold, 365, down 0.5%; DOM, 40, down 25.9%.
Nooksack Valley – Median price, $515,000, up 6.2%; average price, $559,937, up 11.6%; units sold, 252, down 2.6%; DOM, 30, up 87.5%.
Sudden Valley – Median price, $571,000, up 14.2%; average price, $596,615, up 12.2%; units sold, 162, down 18.2%; DOM, 20, up 66.7%.
Whatcom County home sales in 2022 experienced an unusual year that ended up close to “normal,” according to a local real estate report.
The median price of a Whatcom County home sold in 2022 rose 9.2% to $600,000, a good increase in any year except in comparison to 2021, when it soared 24.3%, according to Peter Ahn, co-owner of Bellingham-based The Muljat Group. The racehorse pace of 2021 continued for the first half of 2022, but mortgage rates that eventually doubled and hit a peak around 7% for a 30-year loan cooled off the housing market here and elsewhere, according to Ahn, who prepared a report based on data from the Northwest Washington Multiple Listing Service.
Prices pulled back some from their 2022 highs and the number of Whatcom County home sales dropped even more, falling 10.4% to 2,928, the fewest sales in the county since 2014.
Ahn said a 30-year fixed mortgage rate was around 3% at the start of 2022 but steadily began to rise. When the 30-year rate went above 5% in late summer, the dramatic effect it had on monthly home payments put the brakes on home sales and resulted in some price adjustments, he added.
“Homeowners would be overjoyed with appreciation around 10% in any other year,” Ahn said. “The reality is that the home market can’t sustain 20% increases for long. We still have plenty of people wanting to live in Whatcom County, there’s more housing inventory and the 30-year mortgage rate has dipped somewhat to around 6.5%, so we now have more of a balanced market for buyers and sellers.”
Bellingham continues to lead the county in median home sales price ($712,000, up 13%), followed by Ferndale ($629,900, up 18%) and Lynden ($595,250, up 6.3%).
The median sales price, average sales price, number of units sold and average days on the market (DOM) before a sale for Whatcom County and individual communities for all of 2022, with percentage comparisons to all of 2021, follow.
Whatcom County – Median price, $600,000, up 9.2%; average price, $655,432, up 9.1%; units sold, 2,928, down 10.4%; DOM, 25, unchanged.
Bellingham – Median price, $712,000, up 13.0%; average price, $820,572, up 10.6%; units sold, 899, down 6.3%; DOM, 18, up 5.9%.
Birch Bay/Blaine – Median price, $539,100, up 11.2%; average price, $623,424, up 6.2%; units sold, 352, down 17.4%; DOM, 30, up 30.4%.
Ferndale – Median price, $629,900, up 18.0%; average price, $643,276, up 11.9%; units sold, 483, down 20.9%; DOM, 24, up 33.3%.
Lynden – Median price, $595,250, up 6.3%; average price, $649,151, up 9.8%; units sold, 264, down 7.7%; DOM, 23, down 8.0%.
Mount Baker – Median price, $370,000, up 2.8%; average price, $386,710, down 4.8%; units sold, 365, down 0.5%; DOM, 40, down 25.9%.
Nooksack Valley – Median price, $515,000, up 6.2%; average price, $559,937, up 11.6%; units sold, 252, down 2.6%; DOM, 30, up 87.5%.
Sudden Valley – Median price, $571,000, up 14.2%; average price, $596,615, up 12.2%; units sold, 162, down 18.2%; DOM, 20, up 66.7%.
