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!