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Bellingham, WA - Newest Figures for New Home Sales Suggest Market Decline is Mounting

Posted on: May 06, 2012 09:14:35 AM

Sales of new homes in the Bellingham, WA market declined year-over-year in February, and the decline was by a larger percentage than the January 2012. New home sales moved from 13 a year earlier to seven after the figure moved from eight in January 2011 to seven in January 2012.

A total of 160 new homes were sold during the 12 months that ended in February, down from 166 for the year that ended in January.

Last year, 13 of 183 total sales were new homes, and this percentage saw a decline as new home sales this year made up seven of the 256 total sales. Sales of new and existing homes grew year-over-year in February after also rising in January year-over-year.

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Pricing and Mortgage Trends

The average new home price in February 2012 went down to $216,757 from $231,968 last year. This was on the heels of a 16.0% bump in January year-over-year.

The average mortgage size moved to $174,598, down from last year's $219,906. Average mortgage size on new homes went from $186,750 in January 2011 to $228,375 in January 2012. Of the overall sale price, the percentage that was being financed fell 14.3 percentage points year-over-year to 80.6% in February 2012. This was a swing downward after a 4.7 percentage point rise in January from a year earlier.

 
 
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