What were the Chances of Selling a Condo on Seattle's Eastside in September, 2007?
Sellers had a 19% chance of selling a condo on Seattle’s Eastside in September of 2007.
September, 2007 1119 condos for sale, 212 sales, 19% chance of selling.
August, 2007 1002 condos for sale, 309 sales, 30% chance of selling.
September, 2006 639 condos for sale, 340 sales, 75% chance of selling.
Take a look at the chart showing condo activity from 2003 to the present. Despite all the bad news we hear about the condo market, this chart is very telling. The cycle of pending sales is almost a mirror image for each of the last four years. We are in the midst of a pattern that happens year to year. Each year starts out with the lowest number of sales and hits a peak sometime in the summer. By September, the number of pending sales starts declining. December and January see the least amount of sales most of the years.
Are there more condos on the market during this year’s cycle? Yes, the market has the highest inventory since 2003. The condo market performance seems more worrisome partly because inventory was so low in 2005 and 2006. Our inventory levels are more like 2003, but the price ranges are much higher. In 2003, the median price for condos hovered around $200,000 for the entire year. In 2007, the year started with the median pricing just above $250,000 and now median pricing is more like $325,000.
Choices, choices, choices, There are so many great properties out there for you to choose from. If this annual pattern continues, expect to see more market activity as 2008 progresses.
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