Whatcom home prices continue to rise in summer, but fewer were sold. Here are the numbers
Fewer homes were sold in Whatcom County in the third quarter of 2022 than in the same period in 2021 and a local Realtor says that’s due to rising mortgage rates.
The 773 homes sold is a decrease of about 20%, according to a report by Troy Muljat of Bellingham-based Muljat Group Realtors using data from the Northwest Washington Multiple Listing Service.
“Much of the housing market’s change can be attributed to rising mortgage rates,” Muljat said in the news release accompanying the data.
The average 30-year mortgage rate is up to about 6.7% from 3.3% at the first of the year, according to Mortgage News Daily.
“That makes the monthly house payments soar and the number of people who qualify to buy a home shrink,” Muljat said in the news release.
According to the report, the median price of homes sold in Whatcom County in the third quarter was $599,000, which was 7.7% higher than the same time last year but 7.7% lower than the second quarter of 2022.
“Inventory is continuing to increase, which is bringing the supply closer to a balanced market,” Muljat said in the news release. “We’re not there yet, but buyers have more choices. Consequently, we are seeing fewer bidding wars and more offers that are under the listing price. After months of seeing the average house sell for more than its listing price, the sales now are averaging at 99.5% of the listing prices.”
It will likely take longer to sell homes moving forward but prices aren’t expected to take a large dive, Muljat said in a telephone interview.
“Values have been increasing at an unsustainable rate for years and so I think the market softening a bit, kind of finding an equilibrium, is really where we’re at,” Muljat said. “Prices have decreased quarter over quarter. I don’t foresee them dropping below a year-over-year average.”
The report shows the average time on the market for a Whatcom County home in the third quarter was 24 days. That’s up 50% from last quarter and up about 14% from the same quarter last year.
“There still are plenty of people wanting to buy a home in Whatcom County and a good share of them don’t need a mortgage to do so,” Muljat said in the news release.
The report shows the median home price in Bellingham as the highest in the county last quarter at $710,000. That’s up about 10% from the same quarter last year.
The median home price in Mount Baker was the lowest in the county last quarter at $375,000. That’s up 7% from the same quarter last year.
Median home sales prices in other Whatcom County areas:
▪ Birch Bay/Blaine: $552,500, up 16% from the third quarter last year.
▪ Ferndale: $627,500, up about 15% from the third quarter last year.
▪ Lynden: $626,250, up 8% from the third quarter last year.
▪ Nooksack Valley: $519,500, up about 10% from the third quarter last year.
▪ Sudden Valley: $535,000, up about 2% from the third quarter last year.
