A Look Back at the Spring 2021 Bellingham Real Estate Market
The rumors are true: The "jungle" that was the 2020 market in and around Bellingham has gotten even "junglier."We hit a low-point of Bellingham inventory on January 6, 2021, with just 26 Active listings of single-family detached homes — that's market-wide, all firms, all Realtors, throughout Bellingham.
The ramp-up was then underway, growing by March 1 to 41 Actives and 73 Pendings, for a 64% pending percentage in Bellingham proper.
Sudden Valley, at the same time, had 4 Active listings and 22 Pendings, for an 85% pending percentage.
And Ferndale, which I also track as a good indicator, boasts 18 Actives and 92 Pendings, for an 84% pending percentage.
Year over Year Prices
For the 90-day period ending in the spring of 2020, Bellingham's median home price was $468,450.For the 90-day period ending in the spring of 2021, the median price was $570,000.That's a 21.68% increase year over year.
Put differently, the median Bellingham home — which is a 3-bed, 2-bath, 1830 square footer — increased spring over spring by $1,953 every week.
Whatcom County wide, taking into account all pockets, neighborhoods, rural locales and such, the median price rose from $400K 1 year ago, to $489K by the spring, or 22.25%.Even more telling is that median days on market, County-wide, fell from 37 days 1 year ago, to 8 days now.
Here's the graph of County-wide median days on market. The ski slope began in July, 2020.
How Has 2021 Been for BNP Realtors So Far?
Very solid, thank you for asking. Despite the lean inventory and competitive landscape for buyers, our closed sales have been mostly on the buy-side.
By April 1, we had closed 26 sales total, with 9 of those being listings and 17 being buyer purchases.
At the same time we had another 20 sales pending, 5 of those being listings and 15 buyer purchases.
For those of you thinking of working with us, or referring friends, the golden rule is LET'S BE PREPARED TOGETHER.
There's no such thing as too early, even if you're in "just thinking it over" territory.
The sellers getting tippy-top dollar and the buyers winning the multiple-offer battles for a house, are those who are most well-calibrated and prepared for the landscape.
