Health and Beauty

Asthma And Allergy Bellingham

Up, up and away... median home sale in Bellingham approaches $400K

Another milestone potential buyers won’t be pleased to see: The average square-foot price for a Whatcom County home topped $200 for the first time, Muljat said. He expects the median price on homes sold in Bellingham to top $400,000 in the second half of the year, something that also has never happened before.

There are many factors this is happening, but it basically comes down to not enough homes being built to keep up with current demand, Muljat said. In Bellingham, building permits were issued for 113 homes in the first half of 2017, just barely higher than the 108 permits issued in the first half of 2016. In the first half of 2007, the city issued permits to build 144 homes.

One difference between 2007 and today is the land-to-lot developer has largely disappeared, Muljat said. Ten years ago more people could get loans from banks, buy undeveloped land, create home lots and sell them. That kind of land speculation got out of hand and played a factor in the 2008 financial crisis, he said, hurting small community financial institutions like Horizon Bank and Frontier Bank . With fewer individuals owning undeveloped land, the current lack of speculation has meant not enough houses are being built, Muljat said.