Ethan Hunger Real Estate

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.

December Recap!

Median price and inventory both dropped. This is more of a representation of the seasonality that December brings with it than any real changes in our market. December statistics should always be taken with a grain of salt and this year is no different.

Having said that, this market still has plenty of potential! Low prices are still around despite the dip in rates. Prices almost always lag behind market change, so make sure to jump on opportunities before they're gone.

For any real estate questions, feel free to reach out today!

Ethan

October Recap!

Another month proving that there continues to be enough active buyers to carry a strong floor in this market. September had a median home sale of $625k. I will add a reminder that because houses being purchased with a loan take about 30 days to close, the effects of changes in interest rates (aka October's rate spike) aren't likely to be visualized until the month of November closings. I'll dive deeper into that element of the data next month.
For inventory, we saw another large downward swing. This was a bit unexpected, as we typically see that trend occurring a little later in the year.
If you have any questions, shoot me a DM at any time!
Ethan