May Market Snapshot
Bellingham’s ongoing sellers’ market continues to grab headlines, but does that mean there are no opportunities for buyers out there? Absolutely not. Looking at months of inventory available based on closed sales in April, Bellingham’s overall inventory is only 1.8 months. 3 – 6 months of inventory is considered a balanced market. Less than 3 months is a sellers’ market; more than 6 months is a buyers’ market. 1.8 months does sound pretty grim for house hunters. But keep in mind that real estate is always comprised of a number of smaller markets. The majority of Bellingham’s buyers top out at about $600,000. If we look at the market under $600k there is actually only 1.2 months of inventory; definitely a very tight sellers’ market. But if we isolate out the listings that are $600k and above, there is 6.6 months of available inventory. Now we’re straying into a buyers’ market! The higher you go, the lower the demand vs supply. In the $600k – $800k range there is 3.9 months of inventory. Move to $800k – $1 million and we have 8 months. In the $1 million plus range there is a whopping 17.5 months supply. The takeaway? If you’ve been thinking of selling your current home and moving on up, there may never be a better time. Give me a call if you would like to chat.