This is a great time to buy a condo in Bellingham. If you have to sell a condo in Bellingham, brace yourself.

 

The graph below shows the list price and the sale price of all condos for sale in Bellingham in the past 14 months. Notice that in most months, the sale price is considerably below the list price. There are some months when the sale price is above the list price. That's because the data includes all condos for sale, and all condos sold. If expensive condos sell, and there have been a number of million dollar sales, the data reflect those high-end sales.

 

Notice also that the list price of condos continues to go down: from a median price of around $250,000 14 months ago, to a median list price of around $220,000 last month. That's about a 12% reduction in price--consistent with the decrease we have experienced in all home sales in Bellingham.

 

But the situation is even worse than this graph indicates. The list prices used to create this graph are actually the last list price before the condo sold. Many condos go through a series of price reductions until they get to a price at which they get offers. For example, a condo that recently sold was listed for 880 days, the original list price was $950,000, and it sold for $660,000. Not all condos are reduced this drastically before they sell, but many are.

 

If you want to buy a condo, step up. If you are selling, brace yourself.