As you can see from these two graphs, after a surprising dip of home listings in January ’24, we have rebounded to a bit closer of what we would call a “balanced” market in Whatcom County.
What do I mean by “balanced”? A “balanced housing market” refers to a market where the supply of homes for sale and the demand from buyers are roughly equal, leading to stable prices and typical market conditions. In terms of *months of inventory*, a balanced market typically has around 4 to 6 months’ worth of inventory. This means that if no new homes were listed for sale, it would take 4 to 6 months to sell all the existing homes on the market. In such a market, neither buyers nor sellers hold a distinct advantage. Here is where we stand today. While we are not there yet, compared to years past where there was 1-1.5 months of inventory, we are getting closer than we have been in the last 6-7 years! Is it time to consider your next home purchase?
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