2 weeks into Shelter in Place, Bellingham Real Estate Market Update
I wanted to answer a couple of questions I’m getting asked a lot:
How am I doing/the Real Estate business doing?
What’s happening with home prices?
The latest: I’m doing great, and John L Scott Real Estate Bellingham as a brokerage is doing great! We are primarily working from home, but Inslee updated Real Estate services to allow for agents to show homes, 1 person at a time, with strict social distancing in place. What is also back allowed is home inspections, appraisals, photographers & moving companies. We had a red hot February/March market, so now it’s just about adjusting and working harder and smarter the next few months to prepare for lower sales this spring and summer. Sales in Whatcom County were down 17% in March, and are tracking about 30% down so far in April.
As it relates to home prices, home prices were appreciating leading into this, and there is still less then a 2 month supply of inventory. In the last 2 weeks, 279 homes/condos came on the market in Whatcom County, with 99 new pending sales. That’s better then we expected for the last 2 weeks. So while sales will be down, the Real Estate market is on good footing, and home prices should remain flat for now. We will keep tracking things day by day.