December, 2010 beat out December, 2009 by 35 sales. Over 30% more Seattle-eastside condos sold in 2010 than in December, 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.)
December, 2010 1084 condos for sale 135 condos sold 12.5% odds of selling.
November, 2010 1191 condos for sale 138 (was 150) condos sold 11.5% (was 12.5%) odds of selling
December, 2009 1174 condos for sale 100 condos sold 8.5% 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.
Other than the spring when the tax credit was in place, December was one of the best months to sell a condo last year. Partly because there were fewer condos for sale, 31% fewer than the peak of 1552 in July. Competition fell off so much by the end of the year, the odds of selling increased. It will still be a challenge this year, but condos will sell.
If you plan to sell your condo in the next year or so, feel free to contact me if you have questions about what you need to do to get ready to sell. Most every seller has to do a few things before putting a home on the market for the world to see. If your home is in the best possible condition before going on the market, there’s a better chance your home will be one of those 9-12% of homes that gets the offer. The number seems a little scary because it still is low, but if your home is positioned properly, it can be one of the lucky few to get an offer.