Home prices continued to skyrocket in Whatcom County
Whatcom’s real estate market has seen another year of soaring home prices and rapid sales.
The median price of homes sold in Whatcom County jumped 24.3% to $ 549,275 in 2021, according to a year-end report by Troy Muljat of Bellingham-based Muljat Group Realtors. That was more than double the 10.5% jump in 2020 as well as more than double the increases in previous years dating back to at least 2010, said Muljat, who used data from the Northwest Washington Multiple Listing Service.
The Bellingham market remained particularly intense: the median price of a sale was $ 630,000 and these homes took an average of only 17 days to sell.
Home buying demand remained strong even in December, despite the holidays and a freezing week in the Arctic. According to to Gustafson & Associates, 76% of Bellingham homes sold at or above asking price, while 29% sold for $ 50,000 above asking price.
“Strong demand, low inventories and low interest rates have kept the Whatcom County housing market warm throughout the year,” Muljat said.
The number of homes sold in Whatcom County increased 6.8% in 2021 from the previous year. Bellingham once again had a flat year for home sales; The 2021 total of 959 Bellingham homes sold was down 1.4% from a year ago. Bellingham has not exceeded 1,000 home sales since 2017, Muljat said.
Low inventory levels are particularly acute at Bellingham, affecting total sales. At the start of 2022, Muljat noted that there were only 30 houses for sale in a town of more than 90,000 inhabitants.
“Seasonally, we should see an increase in inventories,” he said. “The biggest issues facing residential home sales in 2022 are rising interest rates, which would be a big headwind on future values, and construction costs, permits and construction costs. availability of land, all of which affect the construction of new homes. “