News Update

POSTED: Thursday, Nov. 05, 2009

Home sales up, prices down in Whatcom County

Whatcom County home sales saw a significant year-over-year jump in October, possibly indicating that dropping prices and foreclosure sales are attracting buyers.

Last month, real estate agents sold 225 homes and condominiums, a 30 percent rise from October 2008, according to data from the Northwest Multiple Listing Service. Last month's total is down 7.8 percent compared to September, which is typically the end of the peak home-buying season.

While home sales were up year over year, the price continues to go down. Last month, the median price for a home sold was $258,500, down from $272,000 in October 2008.

One factor could be buyers deciding to take advantage of the $8,000 first-time homebuyer tax credit, said Lylene Johnson, a real estate agent for The Muljat Group who analyzes the Whatcom County data. In October it was unclear whether the tax credit would be extended beyond Nov. 30. This week the U.S. Senate and the House of Representatives passed bills extending and expanding that program.

"I also think there are bargain buyers taking advantage of the increase in short sales," said Johnson, noting that 68 percent of the home sales last month were below $300,000. "I would expect that to continue in November and December."

Another important factor is comparing to last October, said Gragg Miller of Coldwell Banker Miller-Arnason. That was the first month the financial meltdown hit main street full force, so sales should look much better a year later, he said. He also noted that while overall sales are higher, Bellingham continues to be a much more active market than out in the county.

Condominium sales also saw a sharp increase. Last month had 43 condo unit sales, up from 20 in October 2008. It was the highest number of units sold in a month this year. The median price for condo units last month was $191,000, up from $177,000 in October 2008.

In Skagit County, home sales were down 20.9 percent year over year, with the median price dropping to $235,000. In the 19 counties the NWMLS serves, median home sales were up 5.2 percent year over year, while the median price was down 7.5 percent to $273,000.