Inventory levels remain very low, demand is high in Bellingham and Whatcom County.
While home prices continue to climb and homes are selling for over asking, there is evidence of some softening, although not much. Days on market has dropped to an unbelievably low 15 days, but inventory has climbed dramatically in one mouth. This is partly due to closed sales slowing down in June, but mainly because there were so many more homes listed than in both May of 2022 (a month ago) and June of 2021 (a year ago).
New listings continue to climb. Pending sales are the most current reflection of Buyer demand; while they dropped slightly from April, demand remains strong. Home prices are climbing, homes are selling for a remarkable 105% of list price, and days on market took a sharp drop.
New listings are definitely up, which is not surprising, as that is typical in the Spring. Pending sales are the most current reflection of Buyer demand, which appears to remain high. While home prices continue to climb, average days on market have increased slightly. Still a ridiculously low inventory levels.
Woohoo! Our months supply of inventory has increased by 1/10th of 1% from February - it's now .7 months! This is still down 22% from a year ago. If I review the same data for zip code 98225, which covers a lot of Bellingham's southside, the months supply of inventory drops to 4/10ths of a month, which is down 33% from a year ago. No surprise, the median sales price has increased nearly 23% in the past year.
Unbelievably, the months supply of homes continues to dwindle, both in comparison to January and to February of 2021. Prices have jumped 28% in one year! This is bad news for buyers. An increase in interest rates is unlikely to have a significant impact on these numbers, at least for the near future. This is because of the pent-up demand for Buyers.
As we look for new hope that inventory increases will help the imbalance in the real estate market, there is no sign of listing activity increasing. Not surprising, the number of closed sales dropped slightly, compared to a year ago. Also, the percentage of list price increased slightly.
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