Seattle-Eastside Condo Real Estate Statistics, May 2009

(pended means the number of condos that got offers this month)

(The absorption rate, the percentage of condos selling,  is the number of condos for sale in any given month divided by the actual number of condos sold that month.  So if the absorption rate or chance of selling is 10% that means out of 100 condos for sale, 10 received offers and sold.)

1441 condos for sale                     177 condos sold                12% chance of selling.

May represented the highest number of condo sales on Seattle’s eastside since June, 2008. The number of condos for sale increased dramatically this month, with the addition of 126 more condos for sale, whereas only 15  more condos sold in May than in April.  There was a much bigger jump in the condos for sale than in the number of condos that sold.

Real estate activity, in general, is picking up.  It will be interesting to watch how the fluctuating interest rates affect the sales of condos on Seattle’s eastside and in the real estate market overall.  We have to remember that rates are still wonderfully low, even if they go up.