Weekly Bellingham Condos Market Review | 1/13/08 - 1/19/08

Bellingham Condo Market Update for the Week of Jan 13th - 19th

10 new condos were listed in Bellingham this week, 4 in Fairhaven and 6 in Bellingham. In Fairhaven, the average condo listing price was $651,975 ($570/sq.ft).  All 4 of these condos were built in 2005 (or newer) and feature striking views of Bellingham Bay. In Bellingham, the average condo listing price was $198,042 ($196/sq.ft.).  All of the condos listed in Bellingham were around 1,000sq.ft. with 1 or 2 bedrooms.

Keeping pace with the new inventory, 10 condos also pended this week in Bellingham. This follows a similar trend that we observed in single family homes market this week. For condo sellers this is great news. Comparing Bellingham to Fairhaven sales, 9 of the 10 condos that sold were located in Bellingham with an average price of $236,920 ($172/sq.ft.) The one condo that sold in Fairhaven was 1,486 sq.ft. and listed for $574,900 ($387/sq.ft.). There are currently 274 condos on the market in Bellingham.

Price of Fairhaven Condos vs. Bellingham Condos

I think that it is interesting to look at the growing disparity between condos in Fairhaven and the rest of Bellingham. It is amazing that  the Fairhaven condominiums are so much more expensive than condos in the rest of Bellingham. One reason for the higher prices in Fairhaven is the fact that most of the condos have Bellingham Bay views, while the condos in other locations of Bellingham do not. Another big reason is the proximity to Fairhaven’s downtown core. There are so many amenities located within two or three blocks of downtown Fairhaven that the condos are very appealing to people that like living in the city. Fairhaven is truely a small community  with “big city” living.

In contrast to Fairhaven, the majority of the condos in north Bellingham were built for function and not luxury. These condos were not built with high end finishes and do not feature extravagant views of Bellingham Bay. However, it is hard to overlook the fact that 9 of the 10 condos sold this week were in Bellingham and not in Fairhaven. It seems at this point that condo buyers are looking for function over luxury. It also might be that most buyers cannot afford $570/sq.ft.

This week’s *Best Deal* in Bellingham

Overall, I was not too impressed with the pricing of the condos listed this week. That said there was one condo that did stand out as being a great deal. The 2 Bedroom, 1.75 Bathroom and 920sq.ft. condo in Fir Ridge for $157,500 was the best deal of the week in Bellingham. Read more at… Hot Buys in Bellingham Blog
 

• Rate this Post!

  Select Your Rating:

  • 5 Stars (Excellent!)
  • 4 Stars
  • 3 Stars
  • 2 Stars
  • 1 Stars (Poor)

• Share this Post

  Share With A Friend:

  Your Name Your Email

  Friend's Name Friend's Email

  Optional Message

  Send

• Print
• Social Bookmarking

  Add to Bookmarks: