In Bellingham, there is a definite dividing line between homes that sell for more than $400,000 and homes that sell for less than $400,000. While sales of homes below $400,000 have been vigorous this summer, and in fact, there is a sellers market in this price range, sales of homes at $400,000 and above has been dismal.

 

However, the situation changed in July. For homes that sold for above $400,000, this graph shows list prices and actual sale prices. Notice that while homes in this category are selling for $100,000 less on average than their list price in July, in June they were selling for $250,000 less on average than list price. This trend has been evident in anedotal evidence. It's good to see that the accumulated data are supporting what we thought was happening.

 

This trend has significant implications for neighborhoods like Semiahmoo and South Hill where most homes are $500,000 and above. Sales have been good in those neighborhoods after a long period of time during which they had stalled.