Earlier this month, the entire Northwest Multiple Listing Service provided us with a detailed snapshot of the housing market. I have provided that report below but wanted to first compare the data given to what we saw specifically in Whatcom County last month and what we can expect heading into the 4th quarter of 2019.
According to the NWMLS, there was just over 2 months of available inventory in the entire database, where in Whatcom County the months supply was 2.5, up 8.7% from this time last year. Lynden has been gradually increasing inventory levels since last September and has climbed up to 2.8 months, 47.4% jump year over year! In a balanced market, we generally see 4 to 6 months of inventory, so demand continues to out way supply considerably.
Adversely to the entire MLS, the median sales price of homes in Whatcom County this September was right around $380,000 and Lynden was slightly lower at $375,000. Closing prices in all three areas are climbing with over 5% increases year over year.
Of the 8,000 residential and condominium properties sold in the entire MLS, 4% of that was in Whatcom County with 314 total closed sales in the month of September.