Lynden median price now $445,000; most communities’ numbers rise  

WHATCOM — The county’s median home sales price in 2020 recorded its third double-digit percentage increase in five years, rising 10.5% to $442,000.

The countywide median home sales price has soared $200,000 (82.6%) since the last yearly decline in 2011, according to Troy Muljat, managing broker of Bellingham-based Muljat Group Realtors. The other recent double-digit increases were in 2018 (12.1%) and 2016 (10.3%). 

The median sales price is the point where half of the home sales are above it and half are below it. Muljat prepared his report based on data from the Northwest Washington Multiple Listing Service.

“Whatcom County homeowners have benefited from significant increases in equity in the last decade,” Muljat said.

Bellingham’s median price rose in 2020 to $523,500 (which was $13,500 above the median asking price), but the percentage increase of 9% was below the countywide jump.

Other Whatcom communities with higher percentage increases in their median sales price were Sudden Valley (14.3%), Ferndale (13.9%), Nooksack Valley (13.5%), Mount Baker (13.3%), Birch Bay/Blaine (12.5%) and Lynden (12.1%). 

“Three factors are primarily responsible for the strong year in home prices,” Muljat said. “We still have positive migration of people wanting to move here because the pandemic has shown many they can work from any place they live. Already low mortgage rates dropped even further to around 2.5% for a 30-year loan. And inventory levels of homes listed for sale keep shrinking, leading buyers to act quickly and submit offers that often are higher than the list price. The market continues to be in a housing crisis mode.”

Now inventory is keeping a lid on the number of homes sold, which rose only 1% to 3,060 in 2020 despite strong demand and low mortgage rates. However, Muljat said it also led to quicker sales as the average time on the market for a home fell 19.6% to 37 days.

Below are the numbers for all of Whatcom County and its individual communities, with percentage comparisons to 2019, for median sales price, average sales price, number of units sold and average days on the market (DOM) before a sale. 

 

Whatcom County — Median price, $442,000, up 10.5%; average price, $492,917, up 11.4%; units sold, 3,060, up 1.0%; DOM, 37, down 19.6%.

Bellingham — Median price, $523,500, up 9.0%; average price, $601,865, up 9.0%; units sold, 973, up 4.9%; DOM, 30, down 9.1%.

Birch Bay/Blaine — Median price, $400,000, up 12.5%; average price, $462,569, up 12.3%; units sold, 418, up 3.2%; DOM, 55, down 11.3%.

Ferndale — Median price, $455,450, up 13.9%; average price, $468,454, up 11.3%; units sold, 552, up 6.4%; DOM, 39, down 18.8%.

Lynden — Median price, $445,000, up 12.1%; average price, $474,588, up 11.5%; units sold, 281, up 2.9%; DOM, 32, down 27.3%.

Mount Baker — Median price, $316,000, up 13.3%; average price, $341,054, up 16.6%; units sold, 266, down 0.4%; DOM, 53, down 19.7%. 

Nooksack Valley — Median price, $381,500, up 13.5%; average price, $411,579, up 16.0%; units sold, 131, down 24.3%; DOM, 30, down 30.2%. 

Sudden Valley — Median price, $400,000, down 14.3%; average price, $414,425, up 11.5%; units sold, 225, up 2.3%; DOM, 29, down 14.7%.