Brandon Nelson
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Bellingham Price Point: $350K
A couple weeks ago I was in San Francisco visiting family, and I picked up a copy of the San Francisco Chronicle. Inside was an interesting insert called, simply, “Real Estate”. On the 3rd page was a column that explores a particular price point, either for a segment of the rental market, or for homes for sale.
In the edition I was holding, the subject was rental properties and the price point was $3000/month. In San Francisco, three G’s will apparently get you a newer 2-bedroom, 2-bathroom apartment with views “from the building” (but not necessarily from the unit) with plenty of stainless, granite and hardwood.
For $3K/month in Bellingham, you could probably find a newer custom home w/ Bay views in Edgemoor with all those same finishes and no one stomping on your ceiling during the wee hours… but that’s the subject of another post.
For this inaugural post focusing on “Price Point” I wanted to show what $350K – give or take $10K — can get you in and around Bellingham and Sudden Valley.
First off, in this price point, according to the NWMLS, there are:
*16 active listings in Bellingham and Sudden Valley
*6 currently pending sales
*20 that have closed in the past 6 months.
Those 16 active listings have been on the market for an average of just 187 days, and they range from 4 days to 850 days on the market!
On average, that $350K will get you 2218 square feet, for which you’ll spend just over $173/foot. In that group, though, you can spend as little as $95/foot or up to $251/foot. And you can buy a home over 100 years old, or brand spanking new!
Of the 20 that sold in the past 6 months, 11 dropped their price (by as much as 20%) before selling. Collectively, they closed for 97% of their final list price. The smallest home in the group was 1360 square feet, but it was on nearly 5 acres. The largest home was 3263 square feet. All 20 had either 3 or 4 bedrooms, and the group’s average market tiime was 99 days.
The reason I began this new “column” on the NW Way of Life blog with the $350K price point is because that’s the average list/sale price — give or take a few grand — of ALL Bellingham home sales in the past 6 months. It’s the bullseye. We’ll range outward from there next time.
