Not a big surprise here as we look back at the latest data available from the NWMLS regarding the Whatcom County Housing market for December 2019. In what continued to be the normal seasonal “down time” for new listings, we saw an even lower number of homes/condos coming on the market for the first time in comparison to the same period in Dec. 2018 (see graph below).
There are a couple things that occur in these situations (regardless of season). One is that with fewer new listings, the law of supply and demand comes into play at an accelerated rate. Luckily, more people are busy with holiday happenings than are looking to move during this time of year. Two, there are still plenty of people home shopping for various reasons however, and the decline in buyer options often result in more competiton between those buyers for the few homes available.
In the coming days, I will add more informational housing market stats/graphs regarding subjects like average price/total listings/pending/closed/months of inventory etc to keep you updated!
For today, we are focusing on New Listings for Dec. 2019 compared to Dec 2018 and determining what these stats tell us.
New Listings for the month of December 2018:
Residential: 140
Condo: 35
New Listings for the month of December 2019:
Residential: 122 (-12.9%)
Condo: 18 (-48.6%)
(This makes this time of year [especially THIS year] an even stronger sellers market, reinforcing my previous blog about the winter actually being a GREAT time to put your home on the market!)
What about TOTAL active listings in Whatcom County you ask. Is inventory down there as well? Let’s check the latest numbers from the NWMLS…
Total ACTIVE listings mirrors NEW listings as well. DEC. 2018 had 490 ACTIVE listings. Dec 2019 had 440 ACTIVE listings (-10.6%)
AS A SELLER, WHAT SHOULD YOU DO?
“What do you mean, I can sell my house in the winter? Shouldn’t I wait until spring??”
Have you ever been told you should wait for spring or even summer to sell your current home? I mean, that’s usually when there’s a bigger pool of buyers, and your landscaping and grass are looking their best, right?
Well, hold on just a minute. There are actually some really good reasons to go ahead and sell now.
Here are a few reasons selling in the so called “off-season” can work in your favor:
1: There is Less Competition!
There is usually much lower inventory in winter months. This brings in the theory of basic economics of supply and demand, and that favors you, the seller. Remember, when there are lots of properties for sale, even if your home is a 10, it can look common. But when there is less competition on the market and your home is in good condition, BOOM, it suddenly it stands out compareed to the other listings you may face in the summer.
2: Obviously, More Serious Buyers !
Remember, the people who are buying in the so called “off-season” are usually not your typical summertime browsers. Most of the home shoppers are often more serious and motivated to make a move — quickly. Maybe they have had career or lifestyle (transfer, promotion) change. Regardless of what it is, they typically need a home, and they need it now! If yours is one of the few on the market, it can have added appeal.
3: Relax with a Stress-Free Summer!
Imagine having to spend all summer packing (while competing with other buyers for your next home) and planning a move? Remember, many buyers also want to move before the next school starts, and to have summer free. When your home sale is done during winter (as well as your purchase of your next home), it’s smooth sailing for summer fun. No pressure, no problems.
Get in touch today for a free market valuation of your current home. You can call, email or text me and I will be happy to get your CMA worked up and sent over via email. You can also request a report via the “what’s my home worth” button on the side of this page!
Again, stay tuned for my upcoming blogs regarding average home prices, total listings, pending/sold numbers, days on market and months of supply.
In the meantime, don’t forget to sign up for my automated email service, instantly alerting you when any home that matches your criteria hits the market.
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