New listings of homes for sale are being gobbled up in Whatcom County like snow melt before a nor’easter, according to a local real estate report.
The average Whatcom County listing took only 21 days to sell in the third quarter of 2021, according to Troy Muljat, owner and president of Bellingham-based Muljat Group Realtors.
Muljat prepared a report based on data from the Northwest Washington Multiple Listing Service.
The average number of days on the market for a home plunged 43.3% from a year ago and was almost a week quicker than the 27 days to sell in this year’s second quarter.
The county’s shortest times on the market in the third quarter were in Sudden Valley (9 days), Nooksack Valley (12), Bellingham (13), Lynden (14) and Ferndale (15).
Many homes are selling within a week of being on the market, Muljat said. Muljat said buyers not only are acting quickly but often submitting bids above the listing price.
The average sale in Bellingham was 5% above the listing price.
The median sales price for a Whatcom County home in the third quarter was $556,000, up 23.6% from a year ago.
Bellingham continues to lead the way with a median sales price of $645,000, up 17.3%. The highest percentage jumps in median sales prices were found in Lynden (31.8%) and Sudden Valley (31.5%).
A major reason for the higher prices and short times on the market continues to be low inventory, Muljat said, which also is affecting the number of sales. The number of homes sold in the third quarter fell 3.1% countywide and 6.2% in Bellingham.
The median sales price, average sales price, number of units sold and average days on the market (DOM) before a sale for the county and individual communities for the third quarter of 2021, with percentage comparisons to the third quarter of 2020, follow.
Whatcom County – Median price, $556,000, up 23.6%; average price, $604,853, up 18.4%; units sold, 990, down 2.9%; DOM, 21, down 43.2%.
Bellingham – Median price, $645,000, up 17.3%; average price, $748,437, up 16.5%; units sold, 305, down 6.2%; DOM, 13, down 53.6%.
Birch Bay/Blaine – Median price, $476,500, up 22.2%; average price, $570,906, up 23.3%; units sold, 127, down 4.5%; DOM, 19, down 60.4%.
Ferndale – Median price, $544,435, up 23.0%; average price, $581,241, up 26.6%; units sold, 164, down 12.8%; DOM, 15, down 68.1%.
Lynden – Median price, $580,000, up 31.2%; average price, $612,167, up 29.2%; units sold, 94, up 5.6%; DOM, 14, down 39.1%.
-- Data provided by Troy Muljat, owner and president of Muljat Group Realtors