Mid-Year Real Estate Market Update

Whether you’re thinking about buying a piece of Bellingham real estate or you’re considering placing your home up for sale as you’d like to make a move, it’s important to understand and appreciate current market trends. Let’s take a quick look at how the Bellingham real estate market has performed throughout the first six months of 2014, and what we have in store for the rest of this year and into 2015.

Mid-Year Real Estate Market Update

The Past Year: Slow and Steady

The overall market in Bellingham can be described as ‘slow and steady’ over the past year. While the median sale price took a bit of an expected dive during our rainy spring, the market has picked back up with our current median sales price of $275,000 up about 1.8 percent over this time last year. Total home inventory on the market is up quite a bit over this time last year as well, with about 13 percent more properties available for purchase. If you’re thinking about a sale, you’ll want to ensure that your listing is as competitive as possible as you may be up against other sellers in your neighborhood. If you’re looking to buy real estate in Bellingham, contact us and one of our agents will be happy to show you a few homes that fit your needs and budget.

The Smaller Home Market is Hot

For those looking at one-bedroom homes and condos, you might be surprised to hear that the Bellingham market is rather hot. While the prices have cooled off when compared to the spring, one-bedroom homes are still up about 24 percent over last year, beating the overall real estate market by about 20 percent. If you live in a condo or small home and you’re considering a sale, now is an excellent time to get into the market as you may end up coming away with a sizeable return on your investment.

Look for Great Deals on Larger Houses

Buyers of larger homes should take note that there are some exceptional deals to be had in the Bellingham area. Prices for three-bedroom homes are currently down about 3.8 percent when compared to last year, presenting an excellent opportunity for those with families or those looking for a larger property. With four-bedroom homes up just 1.8 percent year-over-year, there are some values to be had in this size range as well.

Buyers: Expect Continued Price Increases into 2015

While predicting the real estate market is about as tough as predicting the weather, trends indicate that prices should continue to rise steadily into 2015, with some forecasts suggesting increases of about 1.1 percent by next May. Both buyers and owners thinking of selling can see this as good news; for buyers, there may not be any significant price spikes of note, and for those who own a home you should see it appreciate in value into 2015.

For more information about buying or selling real estate in Bellingham, Everett, Seattle or other cities in Northwest Washington, contact the team at Keller Williams Western Realty today.

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