(pended means the number of condos that got offers this month)
Seattle-Eastside Condo Sales June 2009
(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.)
June, 2009 1491 condos for sale 189 condos sold 12% chance of selling
May, 2009 1441 condos for sale 153 condos sold 10% (12%) chance of selling.
*Adjusted from previous month’s original numbers to reflect the actual number of homes sold and closed. Some of the sales from each month originally reported fall out and do not close.
Real estate activity, in general, stronger this year than last. However, 14% of the sales didn’t close that were reported as pending in May. When first reported in May. there were 177 sales. The month of May ended up with 153 sales, which means 27 home sales fell apart and did not close.
Sales don’t close for a variety of reasons: an appraisal that came in lower than the selling price, an inspection that both buyer and seller couldn’t agree upon or a lender who didn’t put the loan package together properly. These are just some of the reasons sales have failed recently. Unfortunately, there are other reasons sales fail to close.
The condo market on Seattle’s eastside is still far stronger than last year at this time. Both the number of condos for sale and the amount of sales have increased. For buyers thinking about making their first purchase, it’s a good time to make a move to get the $8000 tax incentive. Right now, the tax incentive goes away if you have not purchased and closed on a home by November 30th, 2009. It sounds like it is far away, but if you want to close in November, you should be making an offer by the beginning of October. It’s really not all that far away.
Eastside Real Estate Buzz
