April 3, 2009

Bellingham Real Estate Market Report for March, 2009

The following is a quick analysis of the Residential Bellingham real estate market.

Bellingham Real Estate Graph

  • Currently Active Listings: 492
  • Price range of active listings - $145,000 - $3,575,000
  • Average List Price $531,108 Days on the Market: 121
  • Median List Price: $396,250 Days on the Market: 68
  • Sold in March: 55
  • Average List Price: $370,450
  • Average Sales Price: $357,671
  • Ratio of List to Price: 97% Days on the Market: 151
  • Median List Price: $325,000
  • Median Sales Price: $319,900 Days on the Market: 74
  • Ratio of List to Price: 98%
  • Pending Sales Last Week: 29 Total pending sales: 140
  • Average Sales Price March 2008: $343,691
  • Median Sales Price March 2008: $290,000
  • Number Sold in March, 2008: 79The Average Sales price is up 4.0% compared to March 08 and up 6.8% compared to February 09.

    The Median Sales prices is up 10.0% compared to March 08 and up 14.5% compared to February 09.

    The number of sales is up by 11 or 37% compared to March 08 and down by 24 or 43% compared to last month.

    Condo Analysis for Bellingham

    Bellingham Real Estate Graph

    • Currently Active Listings: 269
    • Price range of active listings - $109,900 - $1,565,000
    • Average List Price $273,603 Days on the Market: 207
    • Median List Price $200,000 Days on the Market: 115
    • Sold in March: 16
    • Average List Price: $204,194
    • Average Sales Price: $195,619
    • Ratio of List to Price: 96% Days on the Market: 110
    • Median List Price: $172,400
    • Median Sales Price: $169,500
    • Ratio of List to Price: 98% Days on the Market: 52
    • Pending Sales Last Week: 6 Total pending sales: 28
  • Average Sales Price March, 2008: $245,203
  • Median Sales Price March, 2008: $189,995
  • Sold in March, 2008: 35Average Condo sale price is down 20.2% from March 2008 and down 12% from last month - February 2009.

    Median Sales Price is down 10,5% from March 2008 and up 19.1% from last month - February 2009.

    The number of condo sales is down by 21 or 60 % compared to March 2008 and up by 3 or 18.8% compared to last month - January 2008.

    There are some great values in the Bellingham market right now, and interest rates are still extremely low. You might want to take a look at what it would cost you to purchase one of these homes at today's rates. You might be surprised at what your monthly payments would be, maybe less than your paying for rent right now if you are renting a comparable sized house.

    There is also a newly passed First Time Home Buyer's Tax Credit of $8,000 available to anyone who hasn't owned a home in the past 3 years. You might want to talk to your banker to see what you can afford.

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