Thursday, March 24, 2016

Bellingham Market Quiz

Last night I spoke to the Real Estate Investors Association satellite meeting in Bellingham. The topic was "Know Your Market," and below is the quiz (with answer key). The top experts were Serge and Irina with 20 correct answers. Congratulations, Serge and Irina!

According to the NWMLS, closed sales during 2015
  1.  were less than in 2014, due to limited inventory
  2.  were roughly the same as last year
  3.  outperformed the prior year by no more than 10%
  4.  outperformed the prior year by a more than 14 percent increase.
Compared to 2014, the dollar volume of those closed sales
  1. was less in 2015, due to limited inventory,
  2. was roughly the same in 2015
  3. represents a gain of ten percent
  4. represents a gain of nearly 23 percent
True or False:
Last year’s completed residential sales surpassed the previous highs during 2007
Industry analysts tend to use what range as an indicator of a balanced market, favoring neither buyers nor sellers?
  1. 1-2 months
  2. 3-4 months
  3. 4-5 months
  4. 4-6 months
King County has 1.3 months of housing supply. How many months of supply in the city of Bellingham?
1.      1.3
2.     3.25
3.     4
4.     4.5

Bellingham City Nickname?
City of Subdued Excitement

Bellingham City Population (within 5000)?

Median Age in the City of Bellingham (within 1 year)?
15.6% of residents were under the age of 18; 23.5% were between the ages of 18 and 24; 25.9% were from 25 to 44; 22% were from 45 to 64; and 12.8% were 65 years of age or older. 

Which company employs the largest number of workers in the city of Bellingham?
St. Joseph Hospital

Three of Bellingham’s top five employers are in what sector of the economy?
1.      Education
2.     Professional Services
3.     Charitable/Social Work
4.     Manufacturing/Industrial

True or False:
The Canadian economic situation has had adverse effects on foreign sales in Whatcom County.

Two years ago the Canadian and US dollar were on par with each other. Today the Canadian dollar is worth approximately how much relative to the US dollar?
1.      $1.10
2.     $0.97
3.     $0.91
4.     $0.82

Read more here:
Which tax on Canadian visitors provides the greatest revenue to Whatcom county?
Sales tax

Of the total $750M sales tax revenue in Whatcom County, how much of a decline was experienced between the first quarter of 2013 and the first quarter of 2014?
1.      Less than $1M
2.     Between $1-2M
3.     Over $2M
4.     50% of the total revenue

Number of Canadian vehicles crossing into the US during this same time decreased by how much?
100,000 per quarter

In 1995, the housing affordability ratio was 53% , as calculated by average monthly US mortgage payment/average monthly income.  In 2015, this affordability ratio was:
  1. 45%
  2. 50%
  3. 53%
  4. 66%
The median home price for a house in the city of Bellingham was under or over $300K?

Median days on market for Bellingham home sales?
41 CDOM 

The median percentage of sales price relative to asking (list) price is over or under list? 98.58%

What is the mean annual salary of a wage earner in Bellingham?
$37,990, which is below the Washington State average of $44,710.

True or False:
Home Ownership is lower and Rental Households are higher than the national average.

True or False:
The City of Bellingham has a higher level of violent and property crime than the national average.
Violent: Bellingham 53.3 US 41.1
Property: Bellingham 59.5  US 43.5

Top 5 safest neighborhoods in the city of Bellingham:
Sudden Valley
Silver Beach
Happy Valley

Top 5 highest appreciating neighborhoods in Bellingham (since 1990)
Western WA U/High St
Happy Valley
City Center
Ellis St/Alabama St

True or False:
The City of Bellingham does provide financial assistance to develop and operate housing.
This housing is for residences occupied by owner households with incomes at or below​ 80% of the median income of Whatcom County ($37900 for a single person, $43,300 for 2-person household)

How is the City of Bellingham encouraging infill development?
It is a set of 9 new housing forms for addition to all residential zones except single-family
zones, neighborhood commercial zones, and the Lake Whatcom Watershed. The forms
include Small and Smaller Lot detached single family houses, Cottages, Detached
Accessory Dwelling Units, Carriage Houses over existing garages, Duplex/Triplex, Shared Courtyard, Garden Courtyard and Townhouses.

Which zip code has the most real estate transactions 98229 or 98225?

Happy Investing!

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