FERNDALE, Wash. — At the end of the 3rd quarter of 2020 it could be said that the Ferndale real estate market was healthy even with all the challenges and job losses brought by the COVID-19 pandemic response.
As we begin 2021 there are far more buyers than sellers. This means new listings are spending less time awaiting offers and, in some cases, sellers are fielding multiple competing offers.
The median sale price in Ferndale has moved from $469,950 in October 2020 to $517,500 in January 2021, an increase of nearly 10%. This is due, in part, to the limited inventory.
More listings sold than were introduced to the Ferndale market every month over the past 4 months resulting in a shrinking inventory as shown on the table below.
|Month||New Listings||Sold Listings|
In January, there was less than 30 days inventory.
Quarterly Ferndale real estate market summaries are provided by Leela Hollcroft, a real estate broker who resides in Ferndale.