Here is a great graph from the NWMLS showing the months of inventory we have enjoyed from the beginning of the year, until mid way through July 2019 in Whatcom County.
What you’ll notice is the market has been very aggressive, leaving most months with hardly any inventory available. It has slowed down a bit so far in the month of July, having to do with a combination of different price points available, peoples summer schedule and entry level homes being less available.
Here is how it’s gone so far.
January = 3 months of inventory
February = 2.6 months of inventory
March = 2 months of inventory
April = 1.8 months of inventory
May = 1.8 months of inventory
June = 1.8 months of inventory
July (so far) = 3.8 months of inventory
As you can see, this is good news for buyers as that usually means more homes to choose from. But that is not always the case. A low amount of inventory due to quick sales (March thru June) also has a boomerang effect. Most of the homes would be taken, slowing the rate of buying, which then is recognized as extra months of inventory. Thankfully, as interest rates stay at historic lows, sellers will benefit as well. Despite more competition, a well priced home that is marketed aggressively still sells quickly.
If you have questions on what you should do as a buyer to be ready to purchase that perfect home when it does come along, or as a seller to get your home ready for competition and the highest possible return, feel free to contact me for a free “Guide to Buying” or “Guide to Selling” PDF emailed to you.
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