(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.)
August, 2010 1499 condos for sale 152 condos sold 10% odds of selling.
July, 2010 1552 condos for sale 128 (was 144) condos sold 8% (was 9%) odds of selling.*
August 2009 1429 condos for sale 168 condos sold 12% 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. 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.
Sales of Seattle-eastside condos in August of this year are very close to last August’s sales activity.
There was a significant drop in the number of Seattle-eastside condos for sale in August from July’s high of 1552. I expect more condos to come off the market as we head towards fall and winter.
What do you see happening with condo sales in your area?