Birch Bay Real Estate Update
Birch Bay is on the west coast almost to the Canadian border. Located just north of Bellingham, Washington and 1.5 hours north of Seattle Washington. This is a quiet area comprised mainly of vacation homes with more permanent residences increasing every year. With the new addition of a shopping district just 10 minutes away, and new restaurants coming in, the area is bound to continue in popularity.
As in all of the country, homes aren't selling quickly. Birch Bay is down about 20% in the amount of homes sold. That said, home values are just up slightly. New homes are the best buy in our area based entirely on the builder's motivation to sell quickly so they don't loose money by holding them after completion for too long. Birch Bay homes start at $200,000. Water view homes can be had for $800,000.
The average price of a home is approx. $350,000 based on location, size and views.
Used single family homes average price is $320,000 down $5000 from last year. New homes average price is $331,700 $68,000 from 2007.
The strong Canadian dollar is affecting our market.
The close proximity to Vancouver BC is another factor contributing to the stronger home market than elsewhere. Canadians love to vacation and the Birch Bay area is just a short 45 minute drive. Real estate prices are significantly lower than in their waterfront neighborhoods, so buying while their dollar is at par with the US dollar makes good sense.
Birch Bay and this entire region is a popular lifestyle destination, so even with the sales slowdown, most property is a good medium/long term investment. Those buyers, who were fortunate enough to sell elsewhere or not needing to sell a property to purchase here, will find that seller's are eager to negotiate on price.