It was record-breaking year for Whatcom home prices. Here’s the new median price
Home prices hit new highs in Whatcom County last year, capping quite a decade for sales.
The median price for Whatcom County homes sold in 2019 was $400,000, a 4.6% increase compared to the previous year. Bellingham continued its upward swing, with the median price rising 6.9% to $480,500. That’s according to a new report from Troy Muljat of Muljat Group Realtors. Muljat has been tracking trends using data from the Northwest Washington Multiple Listing Service for more than 10 years.
In 2010, the median price for Whatcom County homes sold was $250,000, so it’s been a 60% percent rise since that time. In Bellingham, the median price rose 71% for the same time period.
The price-per-square-foot data shows a similar trend: In 2010 the average price per square foot in Bellingham was $183.63. By the end of 2019, it was $274.79. Across all of Whatcom County, the average price per square foot was $162.75 at the end of 2010; at the end of 2019 it was $234.33.
While home prices have risen, home sales are relatively flat. Whatcom County home sales increased 2.3% in 2019, while Bellingham posted a 4% decline. Several communities posted strong increases: Nooksack Valley home sales jumped 23.6%, Blaine/Birch Bay was up 21.4% year-over-year, Ferndale rose 13.6% and Sudden Valley increased by 9.5%.
It became clear last spring that Whatcom County would continue to be very much a seller’s market, leaving buyers with little choice than to come in with offers above the listing price. For example, in April the median sold price was $20,000 higher than the median list price.
“The second quarter is always the busiest, and it was really peaking (in 2019),” Muljat said. He noted that the second half of the year was slower in terms of sales and lower prices.
Muljat expects 2020 to be a year of more moderate levels of appreciation, sticking around that 4% range. For buyers, they will still need to be hitting around the list price on most houses for sale, particularly in the spring. Inventory is expected to remain tight this spring, but the next 60 days will reveal whether that’s the case, he said.
