Whatcom home prices hit new highs in 2021 as low inventory continues to be an issue
Whatcom’s real estate market experienced another year of skyrocketing home prices and quick sales.
The median price for homes sold in Whatcom County jumped 24.3% to $549,275 in 2021, according to a year-end report put together by Troy Muljat of Bellingham-based Muljat Group Realtors. That was more than double the 10.5% jump in 2020 as well as more than double the previous years increases dating back to at least 2010 said Muljat, who used data from the Northwest Washington Multiple Listing Service.
The Bellingham market remained particularly intense: The median price for a sale was $630,000 and those homes only took an average of 17 days to sell.
Home-buying demand remained strong even in December, even with the holidays and a week of the arctic freeze. According to Gustafson & Associates, 76% of Bellingham homes sold at or above the asking prices, while 29% sold for $50,000 over the asking price.
“High demand, low inventory and low interest rates kept Whatcom County’s housing market hot throughout the year,” Muljat said.
The number of homes sold across Whatcom County increased 6.8% in 2021 compared to the previous year. Bellingham once again had a stagnant year for home sales; the 2021 total of 959 Bellingham homes sold was down 1.4% from a year ago. Bellingham hasn’t topped 1,000 home sales since 2017, Muljat said.
The low inventory is especially acute in Bellingham, hurting total sales. At the beginning of 2022, Muljat noted that there were only 30 homes for sale in a city of more than 90,000 people.
“Seasonally, we should see inventory increase,” he said. “The biggest issues facing residential home sales in 2022 are interest rates increasing, which would be a big headwind on values moving forward, and construction costs, permitting and land availability, which all affect the construction of new homes.”
This story was originally published January 5, 2022 at 5:00 AM.
