It may be challenging to find a home to buy in Whatcom County these days, but those that are available are selling quickly.
Local real estate agents in August sold 424 houses and condominiums, according to data from the Northwest Multiple Listing Service. That’s a 15.5% increase compared to August 2019 and is easily the highest monthly total so far in 2020.
The big sales total is coming at a time when inventory is very low across Whatcom County. The multiple listing service estimates this area has an inventory of 1.08 months, meaning that if no new homes come on the market, the supply would be depleted in a little over a month. A balanced market between buyer and seller in terms of inventory is typically around six months.
With low inventory, the median price for homes continues to rise. In August the mid-point for sales was $429,625 in Whatcom County, up 11.6% compared to a year earlier.
Troy Muljat of Muljat Group Commercial said the surge in sales last month was partly due to slower sales earlier in the year, as well as more people moving into the area.
“Unfortunately, with inventory levels this low, and little new inventory coming online, I do not see the problem fixing itself in the next 12 to 18 months,” Muljat said in an email.
Recently the places people are moving from include Seattle, Portland and areas of California, said Kena Greer Brashear, managing broker at The Muljat Group Realtors. She added that many of the clients she’s seen have the ability to work from home and expressed a desire to get out of larger cities.
This trend of low inventory is happening across Washington state. Of the more than 25 Washington counties the listing service collects data from, the average inventory is less than one month. Inventory in Skagit and Snohomish counties are also less than a month.
The median price for homes sold in the area the listing serves was $490,000, up 14% compared to a year ago.
Recent Comments