Bellingham & Whatcom County Real Estate Statistics

The ongoing economic scenario has had a negative impact on the real estate sector as well. Although the situation may not be as bad as the rest of the sectors, it is definitely not the best of times for the real estate sector.

With the average real estate sales plummeting in the later half of 2008 in both Bellingham and Whatcom County, the worst fears of industry analysts have come true. In fact, the number of real estate transactions went down by about 40%. Along with this, the average price of the property was also hit badly. While the average home in Bellingham selling for 14% more than a year ago; the average home sale in Lynden dropped by almost 20%.

The median price in Bellingham increased 0.2%. For Whatcom County as a whole, average home prices were up 4.1%, while the median sales price dropped by 3.3%. Overall inventory levels are remaining stable, with 684 single family homes available for sale in Bellingham in mid August of this year compared to 679 in the same period last year.

As far as the sellers market is concerned, the situation is not very good, but not very bad either. According to a rough estimate, around one third of homes sold in the Bellingham real estate market stay in the market for as long as a month, or less than that. This is a slightly higher ratio than that of last year. These houses sold at around 2% less than the list price, as compared to around .5% less than the list price last year.

So, unlike last year, when real estate investors were buying any thing, the situation today is somewhat different. Therefore, if you are selling your property, then you need to see to it, that your house must offer the best location, the best condition and the best value for the dollar. In case you do not satisfy any of the condition, then in that case, you will have to make adjustments in the price of the house.

As far as the buyers market is concerned, it is actually brilliant. The current scenario has not only put a brake on the rapidly increasing prices of real estate, it also means shopping time for real estate investors. So, if you had missed the bus earlier, then this is the right time for you. However, since it is shopping time, therefore, you would not be alone and so, it is better to stay away from dilemma. Therefore, you may lose a great deal, if you do not take quick decision. Apart from that, good interest rates, you also has really good offers that you had not seen in a long time.

As it is, statistics definitely suggest, that it is indeed a buyers market. One must therefore, lose no opportunity, to buy properties at really low rates.