My inexpert rendering of Market Trends in Vancouver, WA
I have been tracking the data (yes, even though I haven't posted every week) and this is what it's looking like for the last 16 months. Notice, just like the detail report, we have a declining number of homes for sale and an increasing number of pending. I think it's reasonable to believe the large number of pending is in part the cause of short sales and bank owned taking multiple months to actually close. Normal closing time from pending to sold is about 45 days. Bank involvement (via short sale or bank owned) pushes the average time to 90 days and often close to 180.
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