What Were The Chances of Selling a Condo on Seattle's Eastside in January, 2008?
Sellers had a 14% chance of selling a condo on Seattle’s Eastside in January of 2008. ( click on 2008 year to date statistics in the link above for a chart showing the condo report)
January, 2008 1059 condos for sale, 149 condos sold, 14% chance of selling.
December, 2007 949 condos for sale, 135 condos sold, 14% chance of selling.
January, 2007 507 condos for sale, 288 condos sold, 56% chance of selling.
This January inventory more than doubled from last year, while sales declined by almost half of what sold last January. However, the chances of selling a condo are the same as last month. Both inventory and sales increased this month, keeping the chances for selling at the same level.
Median pricing dipped a bit from last month by just a few thousand dollars. In December the median price for condo sales was at $344,414. This month it’s $341,249. Last year, even though the market was popping, the median price was $267,949.
So, we defy the trends again with a 27.4% increase in pricing in a “down” market? This number may be an anomaly as pricing for all of 2007 condos increased by 8%. The median price for any month is a reflection of the sales for that particular month, so last January’s sales may have included more entry level condos, which resulted in a huge increase in median pricing this year when more expensive condos sold. When we see February’s statistics, which will come out in March, we will have a better feel for the actual increase in pricing.
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