Local housing sales slower in November, but prices still high

Home and condo sales in Whatcom County slowed in November, as is typical, but prices didn’t change, according to the latest report from the Northwest Multiple Listings Service (NMLS).

NMLS brokers reported closing 214 sales last month. That’s actually down about two percent from November 2014. But almost 14 percent more deals were underway this November than last, according to the report.

The median price for home sales that closed in Whatcom County in November was $280,500, a 5.8 percent jump from the year-ago figure of $265,000.

Months of inventory, a measure of the time it would take to sell all current listings at the current sales pace, rose over the past few months to 4.0 in November. Analysts consider about six months of inventory to be a balanced market. Less than that is considered a seller’s market because homes sell faster and for more money.

Months of inventory in Whatcom County grew 18.7 percent from a June low of 3.37 months of inventory. In November 2014 the county had 5.52 months of inventory, according to the NMLS data.

By the numbers:

Whatcom County housing sales, November 2015

Includes single-family houses and condominiums combined

Closed sales

Total units—November 2015: 214; November 2014: 218 (Annual change: 1.86 percent decrease).

Average sale price—November 2015: $311,196; November 2014: $288,712 (Annual change: 7.78 percent increase).

Median sale price—November 2015: $280,500; November 2014: $265,000 (Annual change: 5.85 percent increase).

Pending sales

Total units—November 2015: 310; November 2014: 268 (Annual change: 15.67 percent increase).

Active listings

New listings—November 2015: 217; November 2014: 218 (Annual change: 0.46 percent decrease).

Total listings—November 2015: 857; November 2014: 1,203 (Annual change: 28.76 percent decrease).

Months of inventory—November 2015: 4; November 2014: 5.52 (Annual change: 27.53 percent decrease).

 Oliver Lazenby, associate editor of The Bellingham Business Journal, can be reached at 360-647-8805, Ext. 5052, or olazenby@bbjtoday.com


Related Stories