Nancy Braam

Year End Real Estate Numbers For Bellingham, WA

It’s a short video – put it on maximum screen so you can see it better.

Real Estate Market Update For Bellingham and Whatcom County 3rd Quarter 2011

You’ve been hearing all sorts of negative news lately, haven’t you? Well, it’s not all that bad. Prices are down, the number of sales are up. Inventories are falling. Have a listen…

 

Bellingham Real Estate Market Update June 2011

The most common question I get asked is “How’s the market?” It’s easy to say, “The market is crummy”, or “It’s a buyer’s market.” But let’s look at the actual facts in this short video:

Bellingham and Whatcom County April 2011 Real Estate Numbers

Ick – that’s all I can say. The only good news is that the inventory is lower than April 2010, but it has taken a jump since March.

The green bars are the number of houses currently on the market. The dark blue bars are closed sales. The red line is pending sales (which will generally be the closings for the following month). Here is all of Whatcom County:

I was encouraged last month when the pending sales (red line) was higher than the previous year, but unfortunately the increase not only didn’t continue, it has decreased. Pending sales for April 2011 are almost 100 sales lower than April 2010, that’s a 33% decrease!

Closed sales are barely up over March closed sales and down from a year ago. Read the rest of this entry »

A Little Good News! Bellingham, WA Real Estate Update 1st Quarter 2011

I didn’t say whooping good news…but worth a watch.

How’s The Market? Video Update For March 2011

Watch this short video to see how the market is in Bellingham and Whatcom County for March.

The Ten Most Expensive Home Sales In Bellingham, WA in 2010

Here’s the line up for the top ten sales in 2010 in Bellingham, Wa.

Number 10 – 115 S. Forest Street 

$1,225,000

115 South Forest on South Hill in Fairhaven

Number 9-2746 E. Smith Rd.

$1,230,000

2746 E. Smith Rd - 67 acres of development property

Number 8 – 472 S. State St #301

$1,250,000

472 S. State Street in Fairhaven

Read the rest of this entry »

Bellingham, WA 2010 Real Estate Numbers. How’s the market?

Forget prices for a minute. Let’s just look at the volume or number of sales.

You can see by quickly looking at the numbers on the far right that at the height of the market, we sold 1256 single family residences in Bellingham, WA in 2006. Now 5 years later we sold 820. That’s a decrease of about 35%!

Remember the law of supply and demand? Volume represents demand. So you could say the demand for houses has decreased 35% in 5 years. Looking at it this way gives you an idea why prices are still decreasing. Over 1/3 less people want to by a house. Competing for a sale with fewer buyers drives prices down.

You’ll notice that the market was slow to start in January and February for the past two years. A market that takes off in January after the Holidays indicates a robust market. People are ready to go. It’s an early indicator of the rest of the year.

I’ll update you on January volume and we’ll make a prediction about the 2011 market. Watch for the post the first week in February. If you like to talk numbers and would like more information, contact me. I love to talk about this stuff.

3rd quarter Real Estate Numbers For Bellingham and Whatcom County

Amazing that we are already past the third quarter!

I know this chart is a little messy, but I wanted you to be able to see all the areas together.

As you can see, Bellingham prices continue to float downward. Ferndale prices have fallen the most since the 3rd quarter of 08.

Blaine is getting an upturn in average price. Sudden Valley is seeing its first upturn and Lynden is holding steady.

The biggest factor effecting value right now is the huge decline in the number of sales. We are down from 8%-42%, depending on area, since last year and last year was down  from the year before.

When there is no demand, prices fall. Add to that, the foreclosures, short sales and the people who absolutely have to sell, and you put tremendous downward pressure on the market.

When people ask me “How’s the market?” I answer, “It depends on if you’re buying or selling.” If you are buying, there are some great opportunities at bargain prices, with low interest rates. If you are selling, knock it in the head and bury it quick.

Several of my clients ask if its better to wait it out. That’s a valid plan, but the wait is not going to be a short time.. Whenever the market finally bottoms out, it won’t just pop back up. It’s what they say about the stock market; It jumps out the window, then takes the stairs back up. Down is steeper and faster than up.

Expect stagnation at the bottom while we get people back to work and then a slow climb back up. Normal home appreciation is 4% annually. We have lost value at from 6-10%.

My advice: If you have some money and good credit, buy a property for your real estate portfolio. If you have to sell, now is the most money you’ll get for your property for a while.

The best plan: Buy the next house now and wait to sell the current house until the market rebounds. I know that doesn’t work for everyone, but if it works for you, think about it.  I’m always happy to brainstorm with you.

Under $300,000 Sales For October 2010 in Bellingham Wa

There were 34 residential sales in Bellingham under $300,000 in October.

Lowest priced sale in Bellingham in October

Here’s the lowest:

510 W. Illinois

• 1208 square feet
• 3 bd, 1 bath
• Fixer-upper
• Central location on arterial
• Asking – $125,000
• Sold for $100,000
• 66 days on the market

Even in this slow market, we have sales that happen as soon as we put the house on the market. Sometimes we even have multiple offers. This month these homes sold in less than 10 days.

From the left:

1715 Woburn – 4 bd/2 ba, 2000 sf, built in 1979, fixer, sold for $131,000.

2410 Ellis – 3 bd/1 ba, 1363 sf, built in 1900, lots of new stuff, sold for $190,000.

3813 Ohio – 2 bd/1 ba, 864 sf, built in 1975, good area, sold for $195,000

For homes under $300,000 the average market time in October was 75 days. Average size was 1633 sq with 3 bdrms, 1.75 baths.

They sold for 94% of their asking price on average and 88% of their original asking price – so in other words the average house started at $252,159, lower their price to $235,041 and then sold for $220,735.

There were a total of 64 sales in Bellingham for the month of October. So the bulk of all residential sales were under $300,000 – 53% to be exact. 

To put this in a little perspective, there were 9 sales over $500,000 with the top sale at $1,040,000 for a Chuckanut waterfront home that was a short sale.

If you’d like information about a sale in your neighborhood or a specific home you’ve been watching, contact me - I am happy to get that information for you.