It was a busy fall for Whatcom County real estate. Will it carry over into winter?
It was an active fall season for Whatcom County real estate, but things should slow down this winter as inventory remains low.
Local agents sold 923 houses and condominiums in the months of September, October and November — a 5.2% increase compared to a year ago. November was a particularly busy month, with 285 homes sold — a 19.2% year-over-year increase — according to the latest data from the Northwest Multiple Listing Service.
While homes are being sold, not as many are coming available for the winter. Last month had just 215 new listings in Whatcom County — down 23% compared to November 2018. Unsold inventory is also down 3.5% for the same period.
New listings tend to hit low levels in the winter months in Whatcom County, with a surge happening in the spring.
The median price of the homes sold continues to rise. In November the median price in Whatcom County was $392,000 — a 6% increase compared to a year earlier.
Given the way numbers are trending, the expectation is that the market will be tight next spring for homes under $500,000, according to J. Lennox Scott, chairman and CEO of John L. Scott Real Estate. In a report about Whatcom housing, Scott said the biggest inventory shortage is in the $250,000 to $350,000 range, with just 1.2 months of inventory available.
Inventory across Washington state is low, according to the NWMLS report.
In November the months of inventory for the 23 counties studied was approximately 1.6 months. That means if no new listings come available, it would take that much time to exhaust existing inventory.
This story was originally published December 10, 2019 at 5:00 AM.
