THERE IS SOME ALL AROUND GOOD NEWS FOR HOME BUYERS AND HOME SELLERS FOR JANUARY 2020!
Whether you are a home buyer or home seller in the Whatcom County area (Bellingham, Ferndale, Lynden, Blaine etc) the latest market update, provided by the NWMLS, gives us a good look at what happened during January 2020.
Whatcom County Residential Activity for Jan. 2020
New listings:– 178. New listings (Jan 2019):– 226.
All Active listings:– 339. All Active listings (Jan 2019):– 480. = -16% !!
Whatcom County Condo Activity for Jan. 2020
New listings:– 33. New listings (Jan 2019):– 31.
All Active listings:– 68. All Active listings (Jan 2019):– 69. = -1.45%
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Whatcom County Residential Pending Activity for Jan. 2020
Pending listings:– 213. Pending listings (Jan 2019):– 229. = -6.99%
Whatcom County Condo Pending Activity for Jan. 2020
Pending listings:– 45. Pending listings (Jan 2019):– 38. = +18.42%
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Whatcom County Residential Closed Activity for Jan. 2020
Closed listings:– 190. Closed listings (Jan. 2019):– 154. = +23%.
Median Closed Price:– $395k Median Closed Price (Jan. 2019):– $380k = +3.88%
Months of Inventory:– 2.1 Months
Whatcom County Condo Closed Activity for Jan. 2020
Closed listings:– 6. Closed listings (Jan. 2019):– 3 = +100%
Median Closed Price:– $272k. Median Closed Price (Jan. 2019):– $224k = +21.5%
Months of Inventory:– .5 Months
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So what do these numbers tell us, and what do they mean to you if you are a home seller? Well, the good news is that for this snapshot of January activity comparisons, inventory is even lower than normal for this time of year. Coupled the low inventory numbers, there was an almost 25% spike in CLOSINGS compared to last year! That really is the perfect storm for a home seller who wants to sell quickly. Low inventory means less competition, and more closings mean transactions/buyers are still very active.
Now, what do these numbers mean for a person who is out looking for their next home? It is a mixed bag (at least for this months comparison). True, there were fewer homes to choose from as inventory was low, and there was more competition between buyers, but judging from the MEDIAN closed prices comparison, the values were in the normal increase range of 3%-4%. There have been several months where values have increased in the double diget range year over year.
There is some related good news for buyers as well. We are STILL seeing historic low interest rates (in the mid to upper 3%’s) and it seems that will continue for the next few months at least. There are also many incredible financing (low-0% down) options that help buyers get into homes without having to have a huge down payment to start with. Contact me and I can get you a great list of lenders who offer tons of first time home buyer programs as well.
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Home buyers! Don’t forget to sign up to receive your automated new listing alerts sent directly to your email inbox ( https://www.patrickjohnsonrealestate.com/email-alerts/ ) as soon as homes that meet your criteria hit the market. It’s the best way to stay ahead of your competion.
Also, home owners are invited to request a free home market valuation to see what your current home is worth! Simply click the “whats my home worth” button on the main page or to the right on this page, and your report will be emailed directly to your inbox!
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Check out this latest chart provided by NWMLS for Western Washington to see how we stack up!
I hope you find this information helpful in making you an informed consumer regarding the Real Estate market here in the great Pacific Northwest. As always, I am happy to find answers you may have for a specific town or city, and what that single market is doing. Feel free to contact me at anytime!
ZERO DOWN LOAN PROGRAMS AVAILABLE!! ASK ME HOW!! I have lenders on standby to find you the best program at the best rates!!
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