Coldwell Banker Relocation Team

This is the third set of data that address the question; When will the market recover? This graph shows the number of homes sold from 2004 through August, 2011.

Some highlights worth mentioning:

Around August of 2007, there were nearly 2500 homes for sale. Around 2008, there were nearly that many homes for sale.
In August, 2011, the number of homes for sale was 1500.
The number of homes for sale in August, 2011 is less than the number of homes for sale in August 2010.

The total number of homes for sale is a function of several factors: if homes are on the market longer before they sell, the total number of homes for sale goes up. If sellers need/want to sell their home, they will list it. If sellers are anxious about selling their home at a low price, they will keep it off the market--perhaps rent it, or just stay put for a while longer.

I think we are in a situation where many sellers are keeping their homes off the market because prices are down. At the same time, some sellers have to sell and are listing their homes. Also, homes are taking on average 120-140 days to sell, compared to 20-50 days in 2004.

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Useful Information About Bellingham Real Estate
by Tom DeRose