(UPDATED) Whatcom County Real Estate Market Report

The "Whatcom County Real Estate Report" for October 2023, provided by data from the Northwest Multiple Listing Service®, presents a detailed analysis of the local real estate market.

Here are the key findings:

Residential Real Estate Key Metrics (October 2023 vs. October 2022)

• New Listings: Decreased from 249 to 232 (-6.8%).
• Pending Sales: Decreased from 170 to 161 (-5.3%).
• Closed Sales: Decreased from 224 to 190 (-15.2%).
• Days on Market Until Sale: Increased from 33 to 42 (+27.3%).
• Median Sales Price: Increased from $557,950 to $581,000 (+4.1%).
• Average Sales Price: Increased from $599,628 to $651,714 (+8.7%).
• Percent of List Price Received: Slightly increased from 98.5% to 98.7% (+0.2%).
• Inventory of Homes for Sale: Decreased from 613 to 512 (-16.5%).
• Months Supply of Inventory: Slightly increased from 2.6 to 2.7 (+3.8%).

Year-to-Date Comparison (Through October)

• New Listings: Decreased by 22.1% (from 3488 to 2718).
• Pending Sales: Decreased by 16.2% (from 2419 to 2028).
• Closed Sales: Decreased by 19.4% (from 2433 to 1960).
• Days on Market Until Sale: Increased significantly from 22 to 37 (+68.2%).
• Median Sales Price: Decreased from $610,000 to $589,000 (-3.4%).
• Average Sales Price: Slightly decreased from $660,350 to $651,382 (-1.4%).
• Percent of List Price Received: Decreased from 101.7% to 99.3% (-2.4%).

Condominium Real Estate Key Metrics (October 2023 vs. October 2022)

• New Listings: Decreased from 55 to 45 (-18.2%).
• Pending Sales: Increased from 27 to 30 (+11.1%).
• Closed Sales: Decreased from 37 to 29 (-21.6%).
• Days on Market Until Sale: Increased significantly from 43 to 60 (+39.5%).
• Median Sales Price: Increased from $380,000 to $400,000 (+5.3%).
• Average Sales Price: Increased from $389,376 to $441,790 (+13.5%).
• Percent of List Price Received: Decreased from 98.1% to 97.2% (-0.9%).
• Inventory of Homes for Sale: Increased from 98 to 101 (+3.1%).
• Months Supply of Inventory: Slightly increased from 2.6 to 2.7 (+3.8%).

Rolling 12-Month Calculation

The report also includes a rolling 12-month calculation for median sales prices of both residential and condominium properties in Whatcom County. However, specific data points for this calculation are not provided in the visible sections of the report.

Conclusion

Overall, the Whatcom County real estate market in October 2023 showed a trend of decreasing sales activity (both in new listings and closed sales), with an increase in the median and average sales prices for both residential and condominium properties. The market also experienced a slight increase in the months supply of inventory, indicating a slightly more balanced market compared to the previous year.