Bellingham, WA Housing Market: November 2024 Analysis
The Bellingham, WA metro area housing market in November 2024 presents a dynamic landscape with notable shifts in pricing, sales, and inventory. The Median Sales Price has risen to $626,950, marking a 2.8% increase year-over-year (YoY). This upward trend in sales prices contrasts with the Median List Price, which has decreased by 1.7% YoY to $619,500. This divergence suggests a competitive market where buyers are willing to pay more than the initial asking prices.
In terms of Price Per Square Foot, the Median Sales Price per square foot has increased by 4.5% YoY to $356.18, indicating a strong demand for space. Conversely, the Median List Price per square foot has seen a modest increase of 1.6% YoY, reaching $372.81. This suggests that while sellers are adjusting their expectations, buyers are still driving prices higher.
The number of Homes Sold has surged by 15.2% YoY, with 190 Homes Sold in November 2024. This increase in sales is accompanied by a 10.8% rise in Pending Sales, totaling 184. The influx of New Listings, up by 34.5% YoY to 195, indicates a growing inventory, which has expanded by 14.4% YoY to 508 homes. Despite this increase, the Months of Supply remain unchanged at 2.7 months, suggesting a balanced market where demand is keeping pace with supply.
The Median Days on Market have increased by 7.0% YoY to 26 days, reflecting a slight slowdown in the speed of transactions. The average sale to list ratio has decreased marginally by 0.1% YoY to 99.1%, indicating that homes are selling very close to their list prices. The percentage of Homes Sold above list price has decreased by 1.4% YoY to 21.1%, while the proportion of Price Drops has also decreased by 1.7% YoY to 22.6%.
Interestingly, the percentage of homes going off the market within two weeks has increased by 6.4% YoY to 40.8%, highlighting a segment of the market where homes are still moving quickly. This suggests that while the overall market may be experiencing a slight cooling, there remains a robust demand for certain properties.
Overall, the Bellingham housing market in November 2024 is characterized by rising sales prices and increased sales activity, despite a slight cooling in list prices and a stable supply. Buyers and sellers alike should be aware of these trends as they navigate this evolving market landscape.
