Inventory Levels Increased But Remain Low - Bellingham Is Still A Sellers' Market
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Bellingham & Whatcom County Market Data
Use my Language of Real Estate page to help you understand the market data in the reports below.
FEBRUARY 2025 WHATCOM COUNTY MARKET REPORT
New listings are nearly identical to February of 2024, but have not jumped as much from January to February as we saw in the prior year. Apparently the lack of predicted interest rate drops has not hit the market significantly: buyer demand is up compared to a year ago. Although pending sales did not increase from January to February. While inventory levels have increased compared to a year ago, they remain relatively low.
JANUARY 2025 WHATCOM COUNTY MARKET REPORT
New listings are up significantly, compared to January of 2024, as well as compared to last month. Inventory levels remain steady. Pending sales (the most recent reflection of buyer demand) is also holding steady ompared to a year ago, and not surprisingly, up from December.
DECEMBER 2024 WHATCOM COUNTY MARKET REPORT
The holidays are a slower time of year, with new listings dropping off dramatically from this summer and early fall. Months Supply of Inventory remains low, at 2 months.
NOVEMBER 2024 WHATCOM COUNTY MARKET REPORT
Homes continue to sell for slightly more than last year, and new listings, while higher than a year ago, are down significantly from October. Months Supply of Inventory is higher than last year, but definitely down from October.
OCTOBER 2024 WHATCOM COUNTY MARKET REPORT
Will there be enough buyer demand in the fall to purchase the influx of new listings? Homes are still selling for close to listing price, but average days on market has increased.
SEPTEMBER 2024 WHATCOM COUNTY MARKET REPORT
We continue to see more listing activity in September. Days on market is down from a year ago, and months supply of inventory has dropped, compared to previous months.
AUGUST 2024 WHATCOM COUNTY MARKET REPORT
In spite of an increase in pending sales (the most current reflection of buyer demand), inventory levels continue to rise. Although Days on Market is down slightly from the same period a year ago.
JULY 2024 WHATCOM COUNTY MARKET REPORT
New listings, pending & closed sales and average Days on Market are nearly the exact same as July of 2023. Inventory levels have crept up, but we are still firmly in a Seller's Market.
JUNE 2024 WHATCOM COUNTY MARKET REPORT
New listings are up, as we would expect in June. Buyer demand has not kept up, as reflected in the pending sales activity. Days on Market has also crept up, although homes continue to sell, on average, for 100% of the list price. In spite of high interest rates, homes are selling for more than they did last year, which is a reflection of continued demand.
MAY 2024 WHATCOM COUNTY MARKET REPORT
Once again, as we head further into Spring, new listings have increased compared to both a month ago and a year ago. But the jump in May is not a high as in April - there are 7% more listings in May, compared to a year ago; but there were 34% more listings in April. The number of pending and sold homes are at similar levels as both last year and last month, but days on market have actually dropped, compared to both a year ago and a month ago. Regardless, inventory levels have increased, but I expect we will see a spike in sales activity next month, as more homes are available for frustrated buyers. In spite of high interest rates, homes are selling for more than they did last year, which is a reflection of continued demand.
APRIL 2024 WHATCOM COUNTY MARKET REPORT
As expected, as we head further into Spring, new listings have increased significantly compared to both a month ago and a year ago. There may be a slight lag in closed sales increasing with these newly available homes. But pending sales are up, which is a more current reflection of market activity. In spite of high interest rates, homes are selling for more money and at list price. Inventory levels remain stead at 2 months, well below the 6 months benchmark for a balanced (neither "buyer's" or "seller's) market.
MARCH 2024 WHATCOM COUNTY MARKET REPORT
The average sales price has risen from the same time period last year, and homes are selling on average for higher than list price. Months supply of inventory has dropped, but I expect as we head further into Spring, new listings will increase. The question is whether pent-up demand will be a greater force than interest rates? It will be interesting to see inventory levels in the next few months.
FEBRUARY 2024 WHATCOM COUNTY MARKET REPORT
New listings remained steady from February of last year. Not surprisingly, new listing activity is up from January, as Home Sellers get a jump on what they hope to be a busy Spring for Buyers.
Inventory levels compared to sales activity (Months Supply of Inventory) have dropped slightly compared to both last month and the same timeframe last year. But overall, inventory levels are down a whopping 27%, compared to January of 2023.
I expect we will see inventory levels climb this Spring, as Home Sellers choose to take advantage of a busy time of year, for home sales. Pent-up demand means home sales will likely increase, although there could be a slight lag from when new inventory comes on the market and when those homes pend/sell. But days on market has already started to drop.
Home prices continue to increase, but at a moderate rate. Home Sellers and Home Buyers who are waiting in the wings are likely to experience typical cyclical shifts in the market associated with the calendar, but I don't expect to see major changes overall. Waiting for interest rates to drop is unlikely to be a good strategy, as all frustrated Buyers will become more active when rates drop, correlating to an increase in home prices.
JANUARY 2024 WHATCOM COUNTY MARKET REPORT
New listings continue to be lower than last year - by 14% in January, but have climbed since December, a notoriously slow momth. Both closed and pending sales are up compared to a year ago.
Inventory levels compared to sales activity (Months Supply of Invnetory) have dropped slightly compared to both last month and the same timeframe last year. But overall, inventory levels are down a whopping 27%, compared to January of 2023.
Same story we've been talking about for over a year - elevated interest rates are not having the same level of impact on the market as we typically see, because of the pent-up demand of frustrated buyers. Hence the increase in both the average and the median sales price.
Days on market has definitely stretched out. I expect that is partly as Listing Agents struggle to set the right price, given conflicting information in th emarket. But the vast majority of homes are getting close to full list price, even if it's taking a bit longer to get that price.
DECEMBER 2023 WHATCOM COUNTY MARKET REPORT
New listings continue to be lower than last year - by 15% in December. While closed sales are down compared to last year, pending sales (which reflect the most current demand) are up compared to last year.
Inventory levels took a big dip from November to December down nearly 11%. Declining inventory levels is more stark when compared to the same time last year, which is down 25%. Declining supply is reflected in higher prices. Lowered interest rates is driving demand, as reflected in pending sales, despite what is typically one of the slowest sales months of the year.
NOVEMBER 2023 WHATCOM COUNTY MARKET REPORT
Months Supply of Inventory remains steady, with inventory of homes down from the same time last year. Between uncertainty with interest rates and the coming slow season, it's hard for real estate agents and their clients to price homes. Most homes are selling for very close to asking price. New listings are down nearly 21% from the same timeframe last year! Days on market continue to creep up.
OCTOBER 2023 WHATCOM COUNTY MARKET REPORT
Months Supply of Inventory remains steady, but it's likely it will climb with the holidays/slow time of year. Low inventory levels are keeping prices up, even if it takes longer on average for homes to sell.
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