Sellers had a 12% chance of selling a condo on Seattle’s Eastside in October, 2008. ( click on 2008 year to date statistics in the link above for a chart showing the condo report)

October, 2008         1324 condos for sale,  153 condos sold,  12% chance of selling.

September, 2008     1414 condos for  sale, 173 condos sold,   12% chance of selling.

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

The number of condos/ town homes for sale on the Eastside is dropping from its summer high.  The chance of selling a condo, however, has remained pretty constant throughout the year with 12-13% of the available condos selling each month.

Median pricing was down this month by about 13%, dropping from $345,416 to $300,215.  Inventory is up by 18% from last October and sales have dropped by 24%.

I’ve seen some great condos sell and all of the ones that have sold were well priced and showed well, the key to success in this market.  Sellers must be ahead of the curve in pricing or they stay among the pack of available condos.