Straight “A”s for Bellingham Real EstateAug 27, 2020 06:00AM ● By Pamela Johnson
Have you happened to notice those long lines of buyers waiting to get into your neighbor’s open house? Some of that can be attributed to social-distancing policies, but a lot of it is “the market.” “Pending” and “Sold” signs are dominating, providing an undeniable visual that residential real estate is booming.
Let’s take a look at today’s (12 Aug 2020’s) market in Bellingham. As of this writing, there are 10 homes for sale. There are a whopping 31 homes under agreement, and 56 homes have sold within the past 3 months. If there is an average of 18 home sales per month, that means there is roughly just a smidge more than half a month’s supply of homes currently available--not nearly enough homes to meet the high demand. That is good news for sellers because it is creating an extraordinarily strong “seller’s” market. Condo numbers are telling a similar story, with 4 currently for sale, 5 pending and 12 sold within the past 3 months. That is a plus and a strong lean into sellers’ favor. We get an A for pricing too! The median sales price for our town is up 3.3% for the second quarter of this year.
Today Bellingham residential homes range from a low of $249,900 to a high of $639,900. With the word “space” being a buzz word this year, 02019 offers more home for the money than many other communities in the Commonwealth. Factor in reasonable tax rates and that makes our homes even more desirable, driving demand up.
Buyers are hungry to take advantage of historically low interest rates. When you look at the rental market, in many cases rents are higher than mortgage payments for comparable properties. This is creating an affordability factor for home ownership, and buyers are all over it.
There’s another “A plus” on the card for location, services and amenities! Bellingham is attractive with its rural-suburban setting, well-managed and friendly community, climbing school ratings, and area conveniences combined with proximity to major hubs, commuter routes and rail. Police, fire and other town services are considered excellent, and with the second buzz word of the year being “safe,” all of these pluses simply add to Bellingham’s allure--good for buyers and sellers alike!
All in all, Bellingham gets straight A’s in this summer’s real estate market. This is probably the best Bellingham seller’s market I have seen in my 32-year real estate career. If you have been thinking of selling, you might consider that now is the time.
Submitted by Carol Ann Palmieri, Home-Sale Artist (right) of Al and Cal Realty Group, RE/MAX Executive Realty. Palmieri may be reached at 508-494-9061 or [email protected].