The median price for homes in Bellingham has had a significant increase, especially as seen in the last year. According to Dave Gallagher of the Bellingham Herald, “The big jump in the median price isn’t all from a rise in home values; it appears there is a shift in the market where people are buying fewer starter homes for under $300,000 and more homes at higher price points.”
Lylene Johnson of the Muljat Group has been collecting data for Whatcom County home prices for some years and adds that the median price for a home sold in Bellingham during the third quarter hit $369,900, while the average price hit $431,517. She says, “What’s happening is there are less starter homes available in Bellingham so more people are buying (those homes) outside of Bellingham…I think there are people that want to live in Bellingham, but can’t afford it.”
Interestingly, we see a rise in the number of homes sold in Bellingham at a way higher price range; for example, Darin Stenvers of John L Scott shares that 68 homes were sold in the $600,000 to $999,999 price range in Bellingham and more homes were sold in Ferndale than in Bellingham for the $150,000 to $250,000 price range in the last year. Stenvers adds that Sudden Valley was not far behind Bellingham, with 40 homes being sold in the $150,000 to $250,000 price range in the past six months.
What can be expected due to these changes is urban sprawl- increasingly families are spreading out into areas outside of Bellingham to find their homes and finding that often times, this is the more affordable way to go!
To read more, please visit : http://www.bellinghamherald.com/news/local/article105975817.html