Despite the weeklong cold snap that made getting around difficult last month, Whatcom County real estate agents had a decent January when it came to home sales.
Last month real estate agents sold 118 houses and condominiums, the highest January total in four years, according to data released by the Northwest Multiple Listing Service. While higher than other Januarys during this economic downturn, last month's total still was well below January 2008 (166 units sold) and January 2007 (196 sold).
The sales in January 2012 came at a much lower price, according to the report. The median price of last month's sales was $220,500, down from $232,500 in January 2011. The overall median price for Whatcom County houses and condos last year was $241,500, the lowest annual total locally since 2004.
Heading into the traditionally busier spring months, supply and demand will dictate what happens next, said Darin Stenvers, a branch manager at the Bellingham John L. Scott office.
He's optimistic that this spring will be an active one, based on several factors: Interest rates remain low; inventory has remained low throughout the fall and winter, which may bring out sellers who have been waiting to list; and rents have been increasing while home prices have dropped, creating a scenario where buying a home is looking more attractive than renting.
In Whatcom County, the number of new listings last month was 241, down from 287 in January 2011 and 448 in January 2010.
"With inventory low, we're starting to see multiple offers again. I think buyers are deciding that prices are close to the bottom," Stenvers said. "Buyers don't have much to look over, so sellers will be rewarded for bringing a quality home out onto the market."
Whatcom County's market appears to be following a trend similar to the 20 other Washington counties the NWMLS serves. Last month 3,469 houses and condos were sold in the NWMLS region, up 8.2 percent from a year earlier. The January median price in the region was $214,990, down 11.7 percent from a year earlier.
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