Sellers had a 18% chance of selling a condo on Seattle’s Eastside in October of 2007.

October, 2007 1121 condos for sale, 202 sales, 18% chance of selling. 

September, 2007  1119 condos for sale, 212 sales, 19% chance of selling.

October, 2006      641 condos for sale, 332 sales, 51% chance of selling.

The numbers for October are practically the same as September.  The sales activity has barely moved, however as one would expect, there is a huge decline from last year’s chance of selling which were at 51%.  Inventory has increased by 74%!  This is the highest increase of any market on the Eastside.  We have seen inventory in certain Eastside residential markets increase by about 50%, but the increase in condo inventory is by far the largest increase.  Correspondingly, the chances of selling have declined by 39.2% from last year.  Ironically, the median price has steadily been increasing.  Last year, the median condo price was $320,123 and this October it is $345,416, a 7.9% increase.

If you look at last month’s post on condo activity, I outlined annual patterns that we generally see in the Eastside condo market.  The market numbers we see now are more typical of the numbers we experienced in 2003.