Just pulled the latest numbers for Bellingham in terms of inventory. There are currently 4.68 months of inventory in the greater Bellingham area (excluding condos). That is actually a number that is in seller's favor by a healthy margin. The number of homes active right now is 351. The rolling number of sold or pending homes in the past 12 months is 900. These numbers are not statistically different from January's numbers. Compare to previous numbers below, though, and you get the trend.
We had 522 homes (excluding condos) in Bellingham actively being marketed in the MLS a few months ago. This was about 50 less homes than the September number I gave. We had sold or were pending 931 homes over the prior 12 months at the beginning of October as well. That means we had 6.72 months of inventory in the city. As of December 3rd, 2011, we had 409 active listings with 922 sold over the prior rolling 12 month period. That equates to 5.32 months of inventory. 6 months of inventory is considered a balanced market between sellers and buyers. The market continues to consolidate and we are seeing the city inventory number continue it's path downward. This means we are actually in a seller's market with less than 6 months of inventory out there. This is not true for all price ranges and all areas. I have actually noticed a bit of a turn in the market recently within the city. In the core neighborhoods we have a shortage of inventory. We have buyers out there who can't find what they want if they want to be within walking distance or biking distance of downtown. The older neighborhoods are where there is pent up demand. You may not believe me...but it is a perfect time to list a home in these neighborhoods. I have witnessed some multiple offers on homes in the central neighborhoods. You really have to know what you have though. Some factors like busy streets, unusual size, proximity to noise can affect the buyer traffic. You also have to pay attention to zoning. The city has targeted certain areas for future density. This can positively or negatively affect a home's value depending on how it is marketed. Studying statistics month to month must be taken with a grain of salt as seasonal and monthly events can pop numbers one way or another. We are seeing the continuation of a grossly divergent market. The core neighborhoods of Bellingham have a great deal of buying interest with very little inventory to choose from. The county and outlying neigbhorhoods are continuing to see a softer buying audience. If you own a home in Sunnyland, Columbia, Fairhaven, Eldridge, Happy Valley, Cornwall Park, or Broadway Park then you would be surprised at what kind of buying interest you'd receive. Hint, hint...give me a call because I have buyers for those neighborhoods chomping at the bit.
There are quite a few strategies for listing and buying homes. As always, it is very important to do the research required to leverage market conditions in your favor. In this market one must know what similar homes have sold for recently. You must also know details about the seller's situation or a buyer's credentials. This is a market that requires diligence and dedicated research to maximize your position. Feel free to call or email anytime to talk about the market, your specific situation, or to just catch up.
Best Wishes, Matt McBeath Realtor RE/MAX Whatcom County Inc. 360-510-6908 matt@mattmcbeath.com This article may not be reproduced without the author's explicit permission. All rights reserved. Copywrite 2011
ZIP Codes: 98229, 98226, 98225, 98227, 98264, 98230 Approximate Location Boundaries: Northwest Washington
Location Characteristics: Bellingham is a lovely place to visit and an even better place to live. Nature is at your doorstep. The San Juan Islands are world class boating. Mount Baker is some of the best skiing and snowboarding in the country. Vancouver and Seattle are only about an hour away. Rivers, lakes, and the ocean are 5 minutes from anywhere in town. Just spectacular.
About Matt McBeath:
Visit my web site at www.MattMcBeath.com for all the latest information on buying or selling property in Bellingham and Whatcom County.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
