FERNDALE, Wash. — The Ferndale real estate market can be considered healthy even with all the challenges and job losses brought by the COVID-19 pandemic response.
The 3rd quarter of 2020 ended with home prices up 11.6% compared to the same time last year. The Ferndale median home price was $449,900 compared with $403,000 at this time last year.
Market activity was higher during this last quarter than during the same time last year. 162 homes were sold last year during the 3rd quarter. This year, there were 195 sold.
162 Ferndale homes were sold in the 3rd quarter of last year and this year we ended the quarter with 195 sold, about a 20% increase.
Sellers are getting their asking price 99.8% of the time, up 0.1% from last year and homes are selling only a bit slower with an average of 44 days on the market compared with 42 days last year during the 3rd quarter.
A challenge for buyers is a smaller inventory of homes for sale. The number of new listings is down 12.6% compared with last year at this time. In September last year, there was 2.2 months supply of inventory. In September this year, there is 0.9 months supply.
Quarterly Ferndale real estate market summaries are provided by Leela Hollcroft, a real estate broker who resides in Ferndale.