Whatcom County Real Estate Research Report

Volume 28, 2007

The Whatcom County Real Estate Research Report is published by the Whatcom County Real Estate Research Committee, a nonprofit community group that generates, compiles and distributes factual information about the Whatcom County real estate market. Individuals, co-partnerships, associations, governmental bodies, and corporations of good standing and reputation are invited to become members.

The Whatcom County Real Estate Research Report is the result of the voluntary efforts of the committee members. Members of the committee receive no compensation for their work. Subscription revenues are used to defray the cost of collecting data, printing and distributing the Report. Single issues of the Report can be purchased for $45 from Mr. David Goddard at Whatcom Land Title (360-676-8484).

Executive Summary

Data in the report indicate that 2005 was yet another record-setting year for Whatcom county real estate sales activity. The number of single-family homes sold fell 3 percent below the 2004 level, but the dollar volume of single-family sales rose 18 percent above the 2004 level. The number of condominiums sold rose 18 percent in 2005, setting a record high for the fourth year in a row.

For single-family homes, the rate of price appreciation exceeded 20 percent for the second straight year, the median price increasing by 22.4 percent in 2005, as compared with 22.0 in 2004. For the year 2005, the median price of all homes sold in Whatcom County was $259,000 while the median price of homes sold in the Bellingham area was $269,000. This compares with a statewide median home price of $260,900. For an analysis of Whatcom County affordability, please see the Special Section of the Report prepared by Glenn Crellin at the Washington Center for Real Estate Research.

Permit activity was generally higher in 2005, with the exception of single-family permit in Bellingham, which fell from 306 to 182. The number of multi-family units in Bellingham rose from 563 to 722. Outside of Bellingham, permit activity rose 37 percent in Ferndale and increased by 45 percent in unincorporated Whatcom county.

Plat activity in Bellingham was mixed, short-plat activity rising by 89 percent, and long plat activity falling by 46 percent in 2005. In unincorporated Whatcom county, plat activity was up substantially; short-plat activity rose 49 percent, and long-plat activity increased fivefold.

The editor wishes to thank all those who volunteered their time to make this report possible, in particular the individuals and organizations listed on page vi and the Committee officers and subcommittee chairpersons. A special mention and thanks to David Goddard, who is stepping down after many years of service as Secretary and Treasurer of the Whatcom County Real Estate Research Committee.

Whatcom County Real Estate Research Committee

Subcommittee Chairpersons

TABLE OF CONTENTS

Editor’s Introduction
Membership Information and Application
2005 Membership List
Acknowledgments
Real Estate Research Reports
Census Tract Divisions of Whatcom County
Whatcom County Census Tracts
Bellingham Area Census Tracts
Broad Divisions of Whatcom County
Whatcom County Real Estate Sales: 2005 Summary
Annual Sales by Area and Type of Property, 2005 & 2004
Monthly Sales by Area and Type of Property, Jan. 2005 - Mar. 2006

A. Permit and Plat Activity

• Building Permits – Bellingham, 1985-2005
• Building Permits by Type of Unit – Bellingham, 1978-2005
• Building Permits – Blaine, 1988-2005
• Building Permits – Everson, 1988-2005
• Building Permits – Ferndale, 1988-2005
• Building Permits – Lynden, 1988-2004
• Building Permits – Nooksack, 1989-2005
• Building Permits – Sumas, 1988-2005
• Building Permits – Unincorporated Whatcom Co., 1986-2005
• Single-Family Permits by Area – Unincorporated Whatcom County, 2005
• Short Plats – Bellingham, 1982-2005
• Long Plats – Bellingham, 1982-2005
• Short and Long Plats – Unincorporated Whatcom Co., 2001–2005

B. Mortgage Activity

• Mortgage Lending Activity, 1980-2004
• Interest Rates on Conventional Mortgages, 2003-2005

C. Single-Family Residential Sales Activity

• History of Single-Family Sales, Whatcom County
• Frequency Distribution of Housing Prices, 2005 & 2004
• Summary of Whatcom County House Sales, 2005
• Summary of Bellingham Area House Sales, 2005
• Number of Houses Sold and Median Price by Month, 2004-2005
• Sales by Number of Bedrooms, 2005
• Sales by Style of House, 2005
• Total Sales by Census Tract, 2005
• Sales of New Houses by Area, 2005
• Houses Sold by Census Tract and Address, 2005

SPECIAL SECTION: WHATCOM COUNTY AFFORDABILITY

D. Condominium Activity

• Total Recorded Condominium Sales, 1982-2005
• Condominium Sales by Area, 2005
• Condominium Sales by Area and Subdivision, 2005
• Condominium Sales by Area and Size, 2005

E. Residential Rental Property

• Apartment Rents by Area and Bedrooms – Bellingham
• Vacancy Rates by Area – Bellingham
• House Rents by Area – Bellingham
• Apartment Rents & Vacancy Rates by Age and Number of Bedrooms, Whatcom County
• History of Apartment Rents & Vacancy Rates, Whatcom County

F. Commercial Activity

• Directory of Census Areas
• Map of Census Areas
• Bellingham Office Space, Summary by Area
• Bellingham Office Space, Occupancy Rates
• Bellingham Retail Space, Summary by Area
• Bellingham Retail Space, Vacancy Rates
• Bellingham Warehouse Space, Summary by Area
• Bellingham Warehouse Space, Occupancy Rates

G. Housing Stock (Bellingham)

• Changes in the Stock by Type of Unit
• Changes in the Stock by Neighborhood

H. Construction Costs

• Elevations and Floor Plans
• Construction Cost Breakdown

I. Business and Economic Indicators

• Whatcom County Population
• Whatcom County Population – Age 65 Years and Over
• Yearly Percent Changes of Population and Percent of Population over 65
• Enrollment at Western Washington University
• Whatcom County Labor Force
• Whatcom County Covered Employment and Earnings
• Whatcom County Manufacturing Employment
• Whatcom County Non-manufacturing Employment
• Whatcom County Non-agricultural Employment by Category
• Whatcom County Construction Industry – County Ranking
• Construction as Percent of Total Employment and Wages, Selected Counties
• Whatcom County Quarterly Taxable Retail Sales
• Top Ten Counties in Retail Sales
• Total Border Crossings and US/Canada Exchange Rate
• Whatcom County Real Estate Excise Tax Collections
• Seattle and Vancouver, BC Yearly Percent Changes of Housing Price Indexes
• U.S. Economic Trends and Housing Markets
• Appendix: Whatcom County Economic Outlook

J. Additional Real Estate Information