This Week in Bellingham Real Estate | 1/20/08 thru 1/26/08

This Week in Real Estate... Bellingham, WA

This week in real estate we experienced something that we haven’t seen in while and that was interest rates back around 5%. I was really interested to see how that affected our real estate market in Bellingham this week because it seemed like business was very busy. It turns out that homes sales didn’t necessarily increase, but the number of people that refinanced their homes went through the roof. Although, I think that the low interest rates probably a lot of people realizing how good of a time it is to buy a home.

What is New on the Bellingham Real Estate Market this Week?

This week 18 homes were listed in Bellingham. The average price of new homes listed was $363,328 and the median price was $329,950. One thing that really stood out me was that 7 homes were listed under $225,000 in Bellingham. This is great news for first time home buyers. It is difficult to find homes in this price range in Bellingham, so an increase in inventory under $225,000 is a very good thing.

Are Foreclosures a Problem in Bellingham?

Foreclosures seem to be the big buzz word in real estate right now, so I would like to address it. This week there was one bank foreclosure listed in Bellingham. However, I don’t think it would be fair to say that Bellingham has a problem with foreclosures. One bank foreclosure over the last 2 weeks is not going to hurt our real estate market. In fact, USA Today recently published a brief article about homes that were purchased last year that have lost value. Bellingham, WA ranked #2 in the nation for the lowest percentage of these homes.

Homes that Pended or Received Accepted Offers in Bellingham this Week

12 homes came under contract this week in Bellingham. This is not quite as high as the 18 from last week, but this is still a healthy number considering that only 18 homes were listed this week. What I found interesting about the homes that were receiving offers this week is that were at the higher end of the price spectrum. The average listing price of homes that pended this week was $463,625 and the median listing price was $437,450. These are solid numbers because there were not any million plus dollar homes that pended. In fact, the highest priced home out of the 12 was $885,000.

This Week’s Best Deal in Bellingham

This week I am targeting an entry level home as the best buy in Bellingham. The bank foreclosure on E Smith Road is by far the best deal in Bellingham for new homes on the market this week.

Read More At… Best Buys in Bellingham Real Estate

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