This graph shows condos for sale, and condos sold in area code 98225--west of I5 in Bellingham. Notice, for example, that in March of 2010, there were 63 condos for sale, and 3 condos sold. Also notice that the ratio of condos for sale vs. condos sold has not changed much over the past 15 months. This is a very high inventory of condos for sale, and a very small number of condos sold. Condos were overbuilt in Bellingham, as they were in most of the US. Because of this oversupply of condos, prices of condos have decreased, and the time it takes to see most condos remains high.