BELLINGHAM, WA. – The housing market in Whatcom County is continuous to stabilize regardless of larger rates of interest, in line with a brand new report.
Muljat Group co-owner Peter Ahn says the median value of a house bought in Whatcom County was just below $580,000 within the third quarter of this 12 months.
That’s 3.2% decrease than a 12 months in the past.
Increased mortgage charges have brought about the general variety of residence gross sales to say no.
Bellingham recorded 210 residence gross sales, roughly 20% decrease than the third quarter of 2022.
However it’s the solely group in Whatcom and Skagit counties the place the common gross sales value was barely above the itemizing value, in line with Ahn.
“What we see for Whatcom County total and Bellingham particularly, we simply have a really strong demand of patrons together with a really low stock,” mentioned Ahn.
It is usually taking a for much longer time to promote houses than in previous years.
“Typically talking, when rates of interest go up, your home goes to take a bit longer to promote,” mentioned Ahn. “It sort of takes out the variety of patrons. It’s going to permit patrons to take a bit extra time to go round and discover the home that they’re on the lookout for.”
The typical time in the marketplace for a house sale in Whatcom County was 35 days, over 45% longer than final 12 months.
