» What were the Chances of Selling a Condo on Seattle's Eastside in December, 2007?

What were the Chances of Selling a Condo on Seattle's Eastside in December, 2007?

Here are the condo stats for December 2007 and a wrap up for 2007.

Sellers had a 14% chance of selling a condo on Seattle’s Eastside in December of 2007. ( click on 2007 year to date statistics in the link above for a chart showing the condo report)

December, 2007 949 condos for sale, 135 condos sold, 14% chance of selling.

November, 2007 1076 condos for sale, 172 condos sold, 15% chance of selling.

December, 2006 439 condos for sale, 229 condos sold, 52% chance of selling.

So buyers and sellers, there was a huge change in the chances of getting a condo or town home sold in December of ’07 when compared to December of ’06. Over half of the condos for sale in December ’06 received offers and sold. This December’s 135 sales represented a 14% chance of selling, quite a change from last year’s 52% chance.

However, we are defying real estate market trends as the median price for December, $344,414, was just a hair under the year’s high. In October the median sales price for a Seattle/Eastside condo was $345,416. Condos ended the year with almost an 8% higher median price point. The overall price increase for 2007 is counter to traditional real estate market trends. Usually, if there is such a drastic decline in sales, a decline in prices follows, but not in Seattle’s eastern suburbs in 2007!

The Seattle/Eastside condo market at a glance:

Highest median price: October

Lowest median price: January

Greatest amount of inventory: September and October.

Lowest amount of inventory: January

Largest number of pending sales: March

Lowest number of pending sales: December

In my summary for the Seattle/Eastside 2007 residential market post below, I made some comments about this year’s real estate market, which I believe to hold true for the condo market:

“This will be a more realistic year. The market is softer for sellers, but not dead on the arrival of 2008 like in many areas of the country. Sellers need to be competitive with pricing and have a top notch marketing plan and presentation to capture a buyer’s attention and get the sale. Realistic sellers should not have a problem getting a home sold. Those who decide to sell should expect longer market times and flexibility in pricing.

Buyers have great choices, interest rates, negotiation opportunities, and a chance to think before jumping on a home in today’s market. Buyers should also plan to buy and stay put for at least 3-5 years.

Keep in mind, we are one of the stronger markets in the country. There have been other realistic real estate markets in Seattle before. I’ve seen a few over my 20 year real estate career. The market will change once again. It always does!”

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http://TerryOsburn.com terryorealtor

Good Info Debra, What most buyers still do not realize is that the bottom will fall out and they will not get notice of it until a month later. Statistics are always a month behind. Further, even with the recent fed action in decreasing prime interest rates, mortgage rates held steady if not up a bit and adjusted down a bit again. In other words don’t expect a major correction down in interest rates. To fight off inflation the interest rates will rise.
Buyers also need to remember that buying a home is a LONG term investment. We had a very unsual phenomenon the past few years.
NO buyer should even consider a home purchase before being pre APPROVED and I don’t mean pre Qualify before starting a home search. There is a big difference.
A ethical and honest loan officer and consultant will take everything into consideration and may actually advise you to wait several months in order for you to maximize your potential for lower interest rates and terms.
Is it a good time for a buyer to purchase?
It is if they are PRE APPROVED for a loan.
It is if they are looking at longevity vs short term.
It is with the interest rates where they are.
It is with the sellers willing to pay buyers closing costs and/or buy down buyers interest pts.
It is since present market allows buyers to pick and choose and go back and see a home as many times as they want.
It is if a buyer wants a good tax break.
Ever need help in the SF Bay Area , specifically Walnut Creek and Surrounding communities send me an email.
Terry Osburn, Broker Associate
Alain Pinel Realtors
http://www.apr.com/tosburn
YourBrokerTerry@comcast.net
http://www.debrasinick.com Debra Sinick

Hi Terry,

Thanks for stopping by. I like your list. It’s a great list of questions a buyer can review before stepping out to look at property. Fortunately, time is on the side of the buyers. Buyers can take all the time in the world to evaluate financial needs in tandem with the consideration of a real estate move. Making a home purchase is not in the cards for everyone.
The key here is any purchase should be regarded, as you say, as a long term investment.

Your area of California, Walnut Creek, is a beautiful one. Wonderful past clients of mine moved back there a number of years ago. I will keep you in mind if I hear of anyone heading in that direction. You never know!