Q1 2023 Market Report

General market activity (new listings and closings) is down from last year and the year before, but new listings are up since the fourth quarter of 2022. Days-on-market is way up since the frenzy of last year, but similar to what we saw five years ago in 2018. 

Prices remain strong, dipping between 2.5%-3.7% in the short term, but even with that dip, they show an average annual appreciation of 10.1%-12.06% for the past five years. 

Interest rates, the hot topic of the last year, averaged around 6.5% nationally for this quarter (per Freddie Mac, see methodology notes on the slides), which is up significantly since the 3.8% of Q1 2022 and also up from the 4.3% range we were in five years ago. 

Click through the slides for specific details on Whatcom County and Bellingham, comparing this last quarter to last quarter, as well as the one-year and five-year context:

For an analysis of your specific home profile, neighborhood, or a town in our service area that's not covered in this report, please reach out to team@cohengroupnw.com.