Bellingham, WA 2010 Real Estate Numbers. How’s the market?
Forget prices for a minute. Let’s just look at the volume or number of sales.
You can see by quickly looking at the numbers on the far right that at the height of the market, we sold 1256 single family residences in Bellingham, WA in 2006. Now 5 years later we sold 820. That’s a decrease of about 35%!
Remember the law of supply and demand? Volume represents demand. So you could say the demand for houses has decreased 35% in 5 years. Looking at it this way gives you an idea why prices are still decreasing. Over 1/3 less people want to by a house. Competing for a sale with fewer buyers drives prices down.
You’ll notice that the market was slow to start in January and February for the past two years. A market that takes off in January after the Holidays indicates a robust market. People are ready to go. It’s an early indicator of the rest of the year.
I’ll update you on January volume and we’ll make a prediction about the 2011 market. Watch for the post the first week in February. If you like to talk numbers and would like more information, contact me. I love to talk about this stuff.