Paul's Bellingham Blog

My thoughts on Bellingham, the Real Estate market, and more

Bellingham and Whatcom County Real Estate Market Update: Homes Sales Up in 2012

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No silver lining needed in reviewing the numbers from 2012. Home sales were up, inventory was down, and all indicators were absolutely POSITIVE for Whatcom County Real Estate over the last 12 months. 2,077 single family homes were sold in 2012, which is the best year for Bellingham and Whatcom County Real Estate since 2007 (5 years!). Home values also began to stabilize. Home values remained basically flat throughout most of the county. However Bellingham saw median home values rise 3.8%.

Home values around the county should continue to stabilize (where as they had been slowly dropping in value over the last 5 years), while Bellingham has really turned the corner. There is approximately only a 3 month supply of homes available in Bellingham, and when the supply level falls below 4 or 5 months, that usually means that supply and demand will push home values up.

I am optimistic about 2013, but for this trend to continue, the foreclosure rate will need to continue to drop, and interest rates need to remain low to keep home ownership at the affordable level it is right now.

See the chart below to review home sales for Whatcom County over the last 14 months.