Whatcom County homes selling in the fourth quarter were still overvalued, according to the latest report from IHS Global Insight.
This area was considered 26 percent overvalued in the study, which conisders a variety of factors including median sales price, population density and relative income levels. Whatcom County is considered the eighth most overvalued metro area in the country. Atlantic City was the highest, followed by Wenatchee.
This area has been high on this list for a few years; during one recent stretch this housing market was considered extremely overvalued (more than 35 percent overvalued). So while the percentage we’re considered overvalued has been dropping, many others are dropping faster, which is moving us up on the list.
I’ll have the story out later today… but what are you seeing? As we head into the buying season, are home prices still being set too high?