(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.)
March, 2010 1356 condos for sale, 281 condos sold, 21% odds of selling.
February, 2009 1333 condos for sale 161 (was 194) condos sold 12 %(was 14%) odds of selling.*
March, 2009 1300 condos for sale 107 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. Seventeen percent of condo sales originally reported in March failed to close. Some of the reasons sales fail are the buyer and seller don’t agree on the building inspection, the condo does not appraise for the sales price or the buyer’s financing does not come through.
Seattle-eastside condo sales were up by 120 or 57%, the best sales record in several years.