Bellingham Real Estate Blog » Fairhaven wa condos http://ryanmartinrealestate.com/blog Real Estate Blog for Bellingham Washington Mon, 29 Mar 2010 23:09:41 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 Fairhaven Condos Market Update http://ryanmartinrealestate.com/blog/2009/02/fairhaven-condos-2/ http://ryanmartinrealestate.com/blog/2009/02/fairhaven-condos-2/#comments Sat, 21 Feb 2009 16:59:36 +0000 Ryan Martin http://ryanmartinrealestate.com/blog/?p=108 Being located in Fairhaven over the last 6 years I have become the local expert in Fairhaven condos. I was in Fairhaven before the real estate boom. At that time there were very few condos located within the downtown core of Fairhaven. During the real estate boom of 2004 and 2005, there was a massive increase in inventory with over 100 units added to the market. These condos were easily absorbed by the market boom. Due to the high demand for living space in Fairhaven condo prices continued to increase through 2006. In 2007 prices seemed to have reached their ceiling as they stabilized. Last year, in 2008, the price of condos in Fairhaven fell just slightly. This brings us up to 2009.

One of the most important things to look at when evaluating a market is the supply of inventory. Right now there are only 14 condos for sale that are located within the core of Fairhaven. The supply is really low right now, which is why we haven’t seen large decreases in prices. In fact, the prices are really spread out in Fairhaven right now. I believe that the current market value of a condo in Fairhaven falls somewhere between $300 – $350 per square foot. The exception to these prices would be a handful of the condos that are truly over the top in quality, but for the most part a condo priced over $350 per square just isn’t going to sell.

Over the last six months there have been 9 condos sell in downtown Fairhaven. Of the 9 condos that sold, nearly all of them sold between $300 – $350 per square foot. The actual sales prices of the sold condos ranged from $175,000 up to $942,000. If we go back and look at the condos that are currently on the market we will see that most of the condos that are priced over the $350 per square foot mark have been on the market for several months. Maybe some of the sellers are being unrealistic, or maybe they don’t really want to sell right now, but I believe that the market price is pretty clear.

If you are interested in learning more about the Fairhaven condo market, leave a comment below and let’s discuss this further.

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