Looking at the home sales in Bellingham over the last 18 months, here is what the Northwest MLS sales show by price range.
First 30 days on market, 45% of homes sell.
Only 21% do not sell within 180 days.
That’s a strong market when almost half of the homes listed are sold within 30 days. I know that almost half are sold in the first 7-10 days in fact. The reason the numbers are not even higher, is this includes some condos and manufactured homes in this category and price range, which typically don’t sell as fast as single family stick built homes (on average).
The next price range is really the sweet spot, where most Bellingham home buyers want to be. It makes sense as it’s a range you can still find a 3 bed 2 bath home in a nice neighborhood (barely), and THIS Is hottest price range in Bellingham.
First 30 days, 49% of homes sold.
Only 16% do not sell or cancelled within 180 days.
That’s a very hot market, and those kind of numbers indicate prices are still rising. Leading to the next price range:
$350,000-$499,9999 EVEN MARKET
First 30 days, 32% of homes sold
35% do not sell within 180 days.
This indicates a healthy market in this price range. 1/3rd selling in the first 30 days, 1/3rd selling after that, and 1/3rd going off the market, is a normal market. My experience in this market tells me the $350,000-$450,000 is still a hot market. $450,000 and up is where it starts to cool off a bit (depending on the neighborhood).
$500,000 – $749,999 COLD
First days, 7.69% of homes sold
46% not sold within 180 days..
This indicates a sweet spot for home buyers, and this is surprisingly poor numbers. If your in a highly desirable neighborhood & have a view, home are still selling (more then 50% are selling before expiring), but what has happened here is a lot of homes that were selling for $450k 2 years ago, are listing for $550k today, and buyers are clearly not seeing the same value in this price range.
Also, all of the new construction in Bellingham has been primarily in this price range, which has had a negative effect on re-sell homes in this range (more competition).
This is still a very strong market in this price range for new construction, waterfront homes and certain neighborhoods (like Edgemoor). But if not waterfront or new construction, it is indeed more of a buyers market.
$750,000 and higher EVEN MARKET
28% sold in the first 30 days
57% not sold within 180 days.
Interesting to see a JUMP in faster home sales in the high end! That really tells you that the high end market is strong in Bellingham right now, and there is demand (particularly for waterfront homes).
Of course the highest percentage of homes did not sell at 57%, but this still shows a very strong high end market in Bellingham (at least up to $1,000,000)..
Over all, you can see this is a sellers market in all price ranges in Bellingham except $500,000 to $750,000 right now. In that price range, it varies neighborhood to neighborhood. But the best opportunity to negotiate as a buyer is that range.