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How Was The Seattle Eastside Condo Market in December 2011?
Seattle Eastside condo inventory dipped to 2011’s lowest point in December, 2011.
The year began and ended with under 1000 condos for sale.
The number of available eastside condos peaked in June with well over 1100 condos for sale. The peak was never really much of a peak when we look at the peak numbers in previous years. In the past, the number of condos could easily top out at 1500 for sale. In October 2010, there were 1375 condos for sale, and that was not even the peak month for 2010.
As most people know, condos have been hit harder than single family homes by the economic downturn. Prices are down quite a bit, so it’s good to see 2011 end with fewer condos for sale on the eastside. There’s a big drop in value for condos, about 18% for the year, but the reality is the lower prices are helping to move some of the supply.
With fewer condos for sale and a fresh start with the new year, I expect to see condos sell well. The economy is doing better locally with Boeing, Amazon, Microsoft, and others in a hiring mode. Prices will continue to stay low, but with the huge decline in the number of properties for sale, prices should remain stable this year.
There were 822 condos for sale in December, with 138 of them receiving offers. The average market time was 135 days, a shorter market time than last December’s 156 days. Condos sold within 90% of the original asking price.
Median pricing is down overall, but the median sales price increased during December by 7% from $224,000 in December, 2010 to $239,000. Remember median pricing reflects what sold that particular month. This doesn’t mean pricing was up 7% for the year, but what sold in December, 2011 was slightly more expensive than what sold in December, 2010.
Our condo supply is usually the highest in the summer. The bell curve shape for the number of condos for sale on the above chart is the typical pattern for most years, regardless of how the real estate market performs. Condos do sell well in the summer, but competition is much fiercer. If you’re thinking of selling your eastside condo, it’s best to get on the market in the early spring to get ahead of the competition.
Since we have micro-real estate markets in Bellevue, Redmond, Kirkland and the other eastside cities, please contact us if you have questions about your complex or your condo’s value.
Have a great 2012!
How Was The Seattle-Eastside Condo Market in November, 2011?
Seattle Eastside Condo Sales Through November, 2011
There were more condo sales on the eastside with 156 sales over last year’s 125! There also were 21% fewer condos on the market than in 2010. More sales and fewer condos for sale is a good thing!
There were 867 condos for sale in November, with 156 of them receiving offers. Average market time was 118 days, one of the shortest market times of the year. Condos sold within 91% of the original asking price.
The median sales price declined by 11% from $250,000 to $233,000. Remember, though, this number includes median prices for all condos, including bank foreclosures and short sales.
Is this decline a true measure of the marketplace?
- The sales numbers for November only reflect the sales that happened last month. Looking at several months of activity will give us a more accurate read on the market, so it will be important to watch the activity over the next few months.)
- Distressed property sales bring the overall median pricing down.
Real estate, including condos has become more affordable because of the drop in value. This is the reality of the situation and is a boon to buyers who are hoping to make a move.
How are condos selling in your area?
Seattle Eastside Condo Sales Keep Popping!
Seattle-Eastside Condo Sales through September, 2011
Seattle-eastside condo sales were still hot in September. Twenty-one percent of the condos for sale got offers for the third month in a row! There’s less for sale this month than in August and fewer condos actually sold, but the odds of selling were exactly the same. It’s exciting to see the sales numbers for the year keep zooming past last year’s sales. This year 70% more condos sold on the eastside than last year! This good news was coupled with 31% fewer condos on the market than in 2010.
There were 992 condos for sale in September, with 203 of them receiving offers. Average market time was 125 days vs. 151 days in September 2010.
What’s unique about this past month is only one eastside condo sale failed. Last month I reported 213 condo sales. Now it looks like only one sale failed and 212 of them stayed together! This presents a good, solid month of sales as typically up to 10% of the sales can fail.
Sales fail for many reasons. A condo may not pass inspection or an appraisal. The buyer may not get financing or the condo complex itself may not fit financing guidelines. This could be because there could be too many renters occupying units or there could be a pending lawsuit against the association. Situations such as this could affect the buyer’s ability to obtain a loan, even if the buyer is well qualified to buy. When obtaining financing for a condo, the condo and the association must also “qualify” in order for the loan to be approved.
How are condos selling in your area? Are you seeing problems with buyers obtaining financing?
