Whatcom home prices set torrid pace, with July median price jumping $100k in one year
With so many sellers getting offers above the original listing price, overall home prices continue to soar in Whatcom County.
The median price for houses and condominiums sold in July by local real estate agents was $525,000, according to the latest data from the Northwest Multiple Listing Service. That’s $102,500 more than last July’s median price of $422,500 and a 24% price increase.
While the types of homes sold can play a role in a change of median price, the current low inventory is driving prices higher. In July, about 70% of Bellingham homes sold went for more than the original listing price, said Braden Gustafson, senior appraiser at Gustafson & Associates.
“The current torrid pace isn’t sustainable, but interest rates are at record lows, demand is still high, and supply is still very low on a historical level,” Gustafson said in an email, adding that the year-over-year price increases will likely continue, but at a slower pace.
There are several factors that suggest the price increases won’t be as steep in the coming months: Sales start to slow down heading into the fall, allowing inventory to build up. Gustafson also noted that the average number of showings per listing is also down from a high of around 20 in the spring to under 15 in July.
The low number of homes for sale continues to make it difficult for buyers. The listing service had 328 active listings at the end of July. That’s after 413 homes were sold for the month, making the inventory level at less than one month.
The hot home market is a trend that’s happening throughout Washington state. Among the 26 counties the listing service serves, the median price for houses and condos sold in July was $589,000, a 21% increase compared to July 2020. The amount of inventory supply for the region is less than one month.
