Brandon Nelson
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Bellingham Home Sales for October
Every month, First American Title sends us at RE/MAX the sales data for the previous month. It shows monthly and year-to-date sales totals, average prices, volume change as a percentage — and all of it is broken down into property types.
The most obvious trend to spot is that new construction home sales have declined more than 60% since last October. In October ‘08 there were 10 Bellingham sales of new construction. In October ‘09 there were 3.
It’s not exactly big news that new construction is almost non-exisitent. Banks generally aren’t loaning on new construction (definitely not on spec houses). They’re still selling off brand new construction short sales and bank-owned properties, and won’t even think of lending until that inventory dries up. The word “speculation” doesn’t go over well at all with lenders or their investors right now.
Used single family homes, however, are up almost 25% over October ‘08. There were only 82 sales last Oct., while Oct. ‘09 saw 109 sales. The first time home buyer tax credit DEFINITELY played a roll in that jump. In fact, it’s no coincidence that across the entire U.S., the National Assocation of Realtors predicts that the First Time Home Buyer Tax Credit has been responsible for bringing in 25% more first time buyers than if there hadn’t been an incentive.
At any rate, here’s a look at the entire chart for October. Give me a shout if you’d like to know where YOUR house would fit into this chart.
