Did you know that decelerating home prices do not mean depreciating home prices?
Price appreciation is starting to slow down. At the end of May 2022, complete year-over-year price appreciation was at record highs. At the end of July, Whatcom County’s Average Sold Price was down 6.3% compared to June.
This means that we are coming off of the peak prices of Q1 – leveling off and starting to normalize. We still have amazing gains from the year prior. In fact, our Average Sold Price is still up 9.6% compared to last year! Keep in mind that average annual price appreciation is typically around 3-5%. Perspective is key as the market starts to stabilize.
Please reach out if you are curious about the value of your home in today’s market.