Seasonal slowdown, continued high mortgage rates impact Whatcom home sales

Amid an expected seasonal slowdown and continued high mortgage rates, November home sales in Whatcom County were down almost 35% from the same month last year, according to a report from the Northwest Multiple Listing Service.

Two hundred and eight condo and home sales closed last month across the county, compared to 319 in November 2021, the report shows.

This is part of a downward sales trend seen over the last two months in Whatcom as mortgage rates steadily increased.

“Our traditional seasonal slowdown around the holidays is happening earlier this year, with the alignment of climbing interest rates, economic news, local weather, and a volatile stock market,” said executive vice president of operations at Coldwell Banker Bain John Deely in a news release accompanying the data.

August 2022 and September 2022 saw 332 and 331 condo and home sales close, respectively, in Whatcom County. That number dropped sharply with 263 condo and home sales in October before an even larger decline in sale closures for the month of November.

The median price of homes sold in Whatcom County is also on a steady decline, dropping from $577,000 in August 2022 to $535,000 last month.

The median price of homes sold in Whatcom County in 2022 reached $620,000 in March and remained above $575,000 until a sharp drop in September.

Still, prices aren’t largely different from the same month last year. They dropped slightly, about 2%, from $545,000 in November 2021 to $535,000 in November 2022.