Seattle Eastside Condo Sales, Nov 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.)

November, 2009          1289 condos for sale     140 condos sold,         11% odds of selling.

October, 2009              1363 condos for sale      239 (now 207)  condos sold         17% (now 15%)  odds of selling.*

November, 2008          1243 condos for sale       85 condos sold             7% odds of selling.

*Adjusted from previous month’s original numbers to reflect the actual number of condos sold and closed.  Some of the sales originally reported last month failed and did not close. Thirteen percent of condo sales originally reported in October failed to close.

The number of condos for sale also dropped by 74 units, which is 6% decrease in the number of condos available for sale on Seattle’s eastside. The number of Seattle Eastside condo sales dropped from the last couple of months to numbers more similar to what we saw in the summer.

With only about 10 out of 100 condos selling, it’s a great time to buy.  There’s not much competition with other buyers. With the extension and expansion of the home buyer tax credit into 2010, there’s the added benefit of a tax credit, but only if you buy before the end of April, 2010.