According to the Northwest Multiple Listing Services, home prices in Whatcom County are continuing to rise. A report released shows us that the median home price for homes sold in March was $285,000, up by a whole 10.4% from March 2015. Furthermore, prices for single homes compared to last year rose by 12.22%, while the state average is at 8.69%. Emily Hamann of Bellingham Business Journal tells us that there is a shortage of houses both in the state and in the country happening. She shares, “Whatcom County has just 3.05 months of inventory; the state has just 1.79. Between four and six months is considered a “balanced” market.”
John L Scott, Chairman and CEO of John L. Scott Inc., explains to us more about the seller’s standpoint in the situation that is occurring. “In today’s market sellers want to find their next home before they list their current home, but because of the severe inventory shortage it’s hard to win in a multiple offer situation…It’s a Catch 22 situation,” he says.
With this change we also notice a decrease in active listings. According to NWMLS, in 2015 there were 462 new March listings and 979 total active listings. Hamann writes that in March of this year, 445 listings were added, but there were just 858 total active listings.
MLS director George Moorhead adds, “Despite the tight market, many buyers aren’t willing to overpay.” He notices that with the prices rising and inventory decreasing, both buyers and sellers are becoming more aware of the market activity, paying closer attention to the trends than before.
For more current information about housing shortages in Whatcom County, visit BBJ Today.