Whatcom Home Prices Still Rise, But Sales Drop 27% in 2Q
July 06, 2020
The coronavirus pandemic significantly impacted the number of Whatcom County home sales in the second quarter but not their value, according to local real-estate broker Troy Muljat.
Only 651 homes sold in Whatcom County in the second quarter, down 26.7% from a year ago, according to Troy Muljat, owner and president of Bellingham-based Muljat Group Realtors. However, the county’s median sales price kept climbing, up 4.9% to $425,000, he added. Muljat prepared the report based on data from the Northwest Washington Multiple Listing Service.
Sales volume was down throughout the county in the second quarter, ranging from 16.9% in Lynden to 35.5% in Blaine/Birch Bay. Bellingham sales fell 21.9% from 2019. Gov. Jay Inslee’s stay-at-home order was announced just before the second quarter on March 23, forcing non-essential businesses to close within 48 hours and resulting in high job losses. It continued until Whatcom County entered Phase 2 of Inslee’s Safe Start plan for business reopening on June 5, but the pandemic continues to affect the economy and consumer confidence, Muljat said.
Although Bellingham’s median sales price dipped 2.9% to $487,000, double-digit gains were common in many other county markets, including Nooksack Valley (18%), Lynden (16.1%) and Ferndale (14.1%).
“The low number of homes for sale contributes significantly to the rise in median and average sale prices,” Muljat said. “Record low inventories are continuing to exacerbate the availability of homes in Whatcom County.”
He noted that Whatcom County recorded an 11-month supply of homes for sale in 2011 during the Great Recession (a 6-month supply is considered a balanced market). But inventory steadily declined since then, leveling off just above 2 months since 2017.
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 2020, with percentage comparisons to the second quarter of 2019, follow.
Whatcom County – Median price, $425,000, up 4.9%; average price, $468,942, up 3.9%; units sold, 651, down 26.7%; DOM, 37, down 14.0%.
Bellingham – Median price, $487,000, down 2.9%; average price, $548,223, down 4.7%; units sold, 214, down 21.9%; DOM, 26, down 21.2%.
Birch Bay/Blaine – Median price, $380,000, up 4.6%; average price, $425,999, up 1.1%; units sold, 91, down 35.5%; DOM, 51, down 3.8%.
Ferndale – Median price, $465,900, up 14.1%; average price, $467,913, up 10.4%; units sold, 111, down 24%; DOM, 47, up 20.5%.
Lynden – Median price, $441,000, up 16.1%; average price, $477,449, up 18.7%; units sold, 69, down 16.9%; DOM, 38, down 32.1%.
Mount Baker – Median price, $315,000, up 12.5%; average price, $352,450, up 21.4%; units sold, 45, down 40%; DOM, 45, down 40.0%.
Nooksack Valley – Median price, $380,000, up 18.0%; average price, $402,855, up16.5% percent; units sold, 28, down 26.3%; DOM, 30, down 16.7%.
Sudden Valley – Median price, $375,000, down 3.6%; average price, $398,847, down 4.2%; units sold, 51, down 21.5%; DOM, 27, down 3.6%.
Only 651 homes sold in Whatcom County in the second quarter, down 26.7% from a year ago, according to Troy Muljat, owner and president of Bellingham-based Muljat Group Realtors. However, the county’s median sales price kept climbing, up 4.9% to $425,000, he added. Muljat prepared the report based on data from the Northwest Washington Multiple Listing Service.
Sales volume was down throughout the county in the second quarter, ranging from 16.9% in Lynden to 35.5% in Blaine/Birch Bay. Bellingham sales fell 21.9% from 2019. Gov. Jay Inslee’s stay-at-home order was announced just before the second quarter on March 23, forcing non-essential businesses to close within 48 hours and resulting in high job losses. It continued until Whatcom County entered Phase 2 of Inslee’s Safe Start plan for business reopening on June 5, but the pandemic continues to affect the economy and consumer confidence, Muljat said.
Although Bellingham’s median sales price dipped 2.9% to $487,000, double-digit gains were common in many other county markets, including Nooksack Valley (18%), Lynden (16.1%) and Ferndale (14.1%).
“The low number of homes for sale contributes significantly to the rise in median and average sale prices,” Muljat said. “Record low inventories are continuing to exacerbate the availability of homes in Whatcom County.”
He noted that Whatcom County recorded an 11-month supply of homes for sale in 2011 during the Great Recession (a 6-month supply is considered a balanced market). But inventory steadily declined since then, leveling off just above 2 months since 2017.
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 2020, with percentage comparisons to the second quarter of 2019, follow.
Whatcom County – Median price, $425,000, up 4.9%; average price, $468,942, up 3.9%; units sold, 651, down 26.7%; DOM, 37, down 14.0%.
Bellingham – Median price, $487,000, down 2.9%; average price, $548,223, down 4.7%; units sold, 214, down 21.9%; DOM, 26, down 21.2%.
Birch Bay/Blaine – Median price, $380,000, up 4.6%; average price, $425,999, up 1.1%; units sold, 91, down 35.5%; DOM, 51, down 3.8%.
Ferndale – Median price, $465,900, up 14.1%; average price, $467,913, up 10.4%; units sold, 111, down 24%; DOM, 47, up 20.5%.
Lynden – Median price, $441,000, up 16.1%; average price, $477,449, up 18.7%; units sold, 69, down 16.9%; DOM, 38, down 32.1%.
Mount Baker – Median price, $315,000, up 12.5%; average price, $352,450, up 21.4%; units sold, 45, down 40%; DOM, 45, down 40.0%.
Nooksack Valley – Median price, $380,000, up 18.0%; average price, $402,855, up16.5% percent; units sold, 28, down 26.3%; DOM, 30, down 16.7%.
Sudden Valley – Median price, $375,000, down 3.6%; average price, $398,847, down 4.2%; units sold, 51, down 21.5%; DOM, 27, down 3.6%.
