The number of luxury homes in Bellingham WA have also been moving along the upward path of the greater Bellingham real estate market, and even though the inventory of homes in excess of $1,000,000 has steadily climbed – currently there are 27 luxury homes for sale in Bellingham over $1,000,000 – the number of luxury homes sold in the last 6 months is 34, with an average days on market (DOM) for luxury homes averaging 73 days. List price ratio to sales price ratio in the luxury home sales market has remained very high, with sellers realizing 97% of their asking price.
This has been a substantial increase over years past, partly attributable to increasing home values in the Bellingham luxury home market, but also owing in part to a substantial number of homeowners downsizing and/or capturing the equity in homes they purchased prior to the downturn. Many sellers in the luxury home market are relocating to warmer climates or moving to be closer to family, and many have chosen to downsize to homes and condominiums requiring less maintenance.
Luxury home sales numbers have been bolstered in recent years with a more mobile workforce, enabling high worth individuals and families the opportunity to purchase in the Bellingham area while maintaining their jobs in technology hubs such as Seattle, Vancouver (BC), Portland and other points throughout the U.S. As this trend continues to grow, we anticipate the luxury home market to continue its upward trajectory.
Another major factor in the uptick in luxury home sales in the Bellingham market has been the growing number of buyers migrating from California and Seattle. Those buyers have capitalized on tremendous equity growth in selling in those markets and are choosing to live in Bellingham for its quality of life, affordability and outdoor lifestyle opportunities.
Next year’s projections for luxury homes for sale in Bellingham WA are optimistic, mirroring the general real estate market – less inventory, rising prices and increasing interest rates.