Covid-19 Weekly Market Update # 5

There wasn’t really anything noteworthy this week in the news. We are all still in the trenches of this new temporary reality. This is week 5 of analyzing data in Whatcom County to observe the affects of COVID-19 on our housing market.

This last week of 2020 compared to the same week of 2019 only saw a New Listings difference of 23 homes. The numbers dwindled a little bit since the spike of 95 last week, but there is still Market action happening!

 

Below is an accounting of all of the active listings on the market in our three major markets along with all of the sales that went under contract from 4/11/20 to 4/17/20 (pulled around Noon PST) and the percentage relationship between those numbers.

We are looking at a pretty steady but increasing normal right now. 4 additional Actives this week for Bellingham and 7 for Lynden compared to last week. Ferndale went down in Actives but jumped from 6 to 10 Under Contract!

The second chart represents the Average Days on Market (ADOM) for the homes that are currently active and that went under contract between 4/11/20 and 4/17/20. “Days on Market” is how long the home was active on the market before the seller accepted an offer. Similar numbers to last week except the Under Contract numbers for Ferndale dropped from 65 to 45. Some newer-to-the-market homes pended in Ferndale this week!

The last set of data below is the average prices of the active listings and the average prices of the homes that went under contract last week. What we are mostly paying attention to here is how the % difference is changing from week to week to see how COVID-19 might be affecting the offer price that homes receive. Bellingham Under Contract prices are slowly increasing over the weeks, finding their place back to the “normal” averages. Look at Lynden! A $1.7 million home went under contract this week, giving us a 79% increase!