February Recap!
Let me start with a quick reminder that, due to the transaction times involved in Real Estate, February home price data is more of a reflection of the January market than the February one.
The main reason that I prefaced this recap is that our chart shows that the median home price for transactions that closed in February continued to decrease. This isn't a very accurate representation of our CURRENT market as we've seen listing competition go through the roof. Bidding wars have become almost expected again and the public seems to have gotten used to our current rates.
As far as inventory goes, it continues to be a problem. Inventory in 2023 was quite lack luster and 2024 continues to hover around 20% below 2023 levels. In depth analysis isn't super necessary on this one as it comes down to two simple reasons:
1) Most people that own have very low interest rates on their homes.
2) Nobody seems to want to move out of Bellingham.
These are great problems to have as homeowners, but continue to make it difficult for our buyers entering the market.
Median Home Price: $503k
Down 15.3% Since February 2023
Homes for Sale: 206 Homes
Down 23.7% Since February 2023