Homes for sale vs. homes sold: Take the poll
Here's a stab at the second one: when the number of people trying to sell isn't so much higher than the number of people buying. There were about four-and-a-half homes on the market for every one that sold in 2000, before the boom. In 2005, when you could stick a "for sale" sign in your yard one day and take it down the next, that figure dropped to two.
Last year? Eleven.
This is known in the biz as "months supply." At the rate people are buying homes, it would take 11 months to turn all the listings into sales if nothing else came on the market.
Some say a four-month supply is normal. Some say five. Some say six. I wish we had decades of home sale statistics for our area, but Metropolitan Regional Information Systems' numbers start in the late '90s.
For argument's sake, let's say 2000 was our normal. When do you think homes for sale vs. homes sold will get back to that point? (And remember, it's not the same question as "when will sales increase.")