Going back to the post I wrote on January 11th, just 12 days ago, there were 102 Active, single family detached home listings in all of Bellingham. At that same time, there were 82 Pending listings (under contract with buyers). That equated to a Pending percentage of 42%.
Today, just 12 days later, there are only 72 Active listings — a 30% drop — and 88 Pendings. The Pending percentage is now 55%.
With inventory declining so measurably over the past decade, prices increasing at a rate that at times has exceeded $1000 per week, how is it that the annual number of sales stays *basically* flat? What drives those sales? Why doesn’t the number of sales track more consistently with a “hot” or “cold” market condition?
The reason, when I first learned it, was completely illuminating.
It’s because real estate doesn’t sell only when it’s a “hot” market. Conversely, it doesn’t sell when prices are a “bargain.”
Real estate sells… drumroll please!
Real estate sells when people’s lives change.
When we’re called to help someone buy or sell real estate, there’s a life change attached to it. Every time.
This list could go on and on. What they all have in common, though, is that life has taken a turn, whether by choice or by fate, and that change has triggered the person’s housing needs, desires, or abilities. Some form of that change underlies every purchase, and every sale.
Real estate is never *purely* financial, or purely logistical. As I’ve said since early in my career: “Real estate is 5% money, 5% property, and 90% emotion.”