New listings are relatively unchanged, compared to a year ago. Sales continue to outpace the prior year, as many Buyers are choosing Whatcom County to be their home. This trend should continue, as pending sales are also up, compared to last October. Average days on market was already low, but dropped nearly 36% to 27 average days on market, which is remarkable. And the average sales price is 18% higher than October of 2020.
While new listings increased slightly compared to a year ago, they can't keep up with a 39% increase in pending sales and 30% increased in sold home. Average days on market was already low, but dropped 21%. And the average sales price has increased 22% in one year in Whatcom County!
What an August! In spite of new listings being down nearly 12%, pending sales were up over 37%. Remember that Pending Sales is a reflection of consumer confidence. Not surprisingly, homes are on the market for less time with homes selling higher than list price - many agents can tell you how they have experienced bidding wars. All this activity has netted a 50% drop in home inventory in Whatcom County in one month!
Despite COVID, home prices have increased over 13% in the last year.
The good news: new listings have increased slightly. The bad news: pending sales increased nearly 37% over June. We see the net results by comparing the Months Supply of Inventory - July is at 1.9 months, compared to 2.9 months in June - a huge drop.
Despite COVID, home prices have increased nearly 12% over last year.
It's not surprising that new listings are down - reports show that Sellers are delaying listing their homes, due to COVID concerns. In addition, Sellers are worried about finding a home to move to after their own home is sold, due to very limited inventory.
This is at the same time that demand has increased in Whatcom County.
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