BELLINGHAM, Wash. – Whatcom County home prices continued to soar during the second quarter of 2022 but sales are starting to slow.
The median price of a home was up 19% at $649,000 in Whatcom County.
Bellingham’s median was $785,000, a 25% increase from the year before.
But Troy Muljat with the Muljat Group of Realtors says higher interest rates are having an effect.
“The amount of sales are declining but home prices are still increasing,” said Muljat. “So, I would say interest rates are doing their job to slow the market down.”
But that’s not translating to lower prices.
“With the lack of choice, with the lack of inventory, I don’t see prices softening or pulling back any time soon,” said Muljat. “That coupled with construction costs and a variety of things really has limited where values are going to be.”
He says homes are still on the market for a relatively short period of time but there hasn’t been the frenzy of offers they’ve seen in the recent past.
And homes are trending toward selling at, rather than over, asking price.
To listen to the full interview with Troy Muljat, visit our Podcast page.