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How Did January, 2011 Seattle-Eastside Condo Sales Compare to January, 2010?
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- This is the fewest number of condos for sale in years, and I mean years. I checked all the way back to the beginning of 2008. There were only two months in 2008 when less than 1100 condos were for sale on Seattle’s eastside.
This is a better time than most of the past three years (tax credit time is the exception) to sell a condo. Buyers are getting “off the fence” to buy, hence the higher absorption rate. The best of the best are selling quickly, while the rest just stay on the market.
- This is the fewest number of condos for sale in years, and I mean years. I checked all the way back to the beginning of 2008. There were only two months in 2008 when less than 1100 condos were for sale on Seattle’s eastside.
(The absorption rate, the percentage of condos selling, is the number of condos for sale in any given month divided by the actual number of condos sold that month. So if the absorption rate or chance of selling is 10% that means out of 100 condos for sale, 10 received offers and sold.)
January, 2011 1028 condos for sale 174 condos sold 17% odds of selling.
December, 2010 1084 condos for sale 120 (was 135) condos sold 11% (was 12%) odds of selling.
January, 2010 1217 condos for sale 117 condos sold 10% odds of selling
*Adjusted from previous month’s original numbers to reflect the actual number of condos sold and closed. Some of the sales originally reported last month failed and did not close. Some of the reasons sales fail are the buyer and seller don’t agree on the building inspection, the condo does not appraise for the sales price or the buyer’s financing does not come through.
If you plan to sell your condo in the near future, feel free to contact me if you have questions about what you need to do to get ready to sell. Every seller has to do a few things before putting a home on the market. If your home is positioned properly, it can be one of the lucky few to get an offer.
How Many Condos Sold on Seattle's Eastside in Dec 2010 Compared to 2009?
December, 2010 beat out December, 2009 by 35 sales. Over 30% more Seattle-eastside condos sold in 2010 than in December, 2009.
(The absorption rate, the percentage of condos selling, is the number of condos for sale in any given month divided by the actual number of condos sold that month. So if the absorption rate or chance of selling is 10% that means out of 100 condos for sale, 10 received offers and sold.)
December, 2010 1084 condos for sale 135 condos sold 12.5% odds of selling.
November, 2010 1191 condos for sale 138 (was 150) condos sold 11.5% (was 12.5%) odds of selling
December, 2009 1174 condos for sale 100 condos sold 8.5% odds of selling.
*Adjusted from previous month’s original numbers to reflect the actual number of condos sold and closed. Some of the sales originally reported last month failed and did not close. Some of the reasons sales fail are the buyer and seller don’t agree on the building inspection, the condo does not appraise for the sales price or the buyer’s financing does not come through.
Other than the spring when the tax credit was in place, December was one of the best months to sell a condo last year. Partly because there were fewer condos for sale, 31% fewer than the peak of 1552 in July. Competition fell off so much by the end of the year, the odds of selling increased. It will still be a challenge this year, but condos will sell.
If you plan to sell your condo in the next year or so, feel free to contact me if you have questions about what you need to do to get ready to sell. Most every seller has to do a few things before putting a home on the market for the world to see. If your home is in the best possible condition before going on the market, there’s a better chance your home will be one of those 9-12% of homes that gets the offer. The number seems a little scary because it still is low, but if your home is positioned properly, it can be one of the lucky few to get an offer.
How Was The Seattle Eastside Condo Real Estate Market in November, 2010?
(The absorption rate, the percentage of condos selling, is the number of condos for sale in any given month divided by the actual number of condos sold that month. So if the absorption rate or chance of selling is 10% that means out of 100 condos for sale, 10 received offers and sold.)
November, 2010 1191 condos for sale 150 condos sold 12.5% odds of selling
October, 2010 1375 condos for sale 136 (was 147) condos sold 9% (was 11%) odds of selling.*
September, 2010 1448 condos for sale 130 (was 155) condos sold 9% (was 11%) odds of selling.*
November, 2009 1289 condos for sale 121 condos sold 9% odds of selling.
*Adjusted from previous month’s original numbers to reflect the actual number of condos sold and closed. Some of the sales originally reported last month failed and did not close. Some of the reasons sales fail are the buyer and seller don’t agree on the building inspection, the condo does not appraise for the sales price or the buyer’s financing does not come through.
Wow, November showed the biggest drop in the number of Seattle-eastside condos for sale so far this year! There are 184 less condos for sale. We’re almost at the lowest point of inventory, that is the available condos, for the year. The peak of condos for sale was back in July, when over 1500 condos were for sale on the eastside.
Everyone is so focused on how much homes and condos are losing in value. Yes, there’s no one selling in today’s market that hasn’t lost money in the value of his/her home or condo in the last few years. But remember, if you’re selling because you’d like to buy another condo or home, that one will also cost a lot less than it would have been a few years ago.
If you plan to selling your condo in the next year or so, feel free to contact me if you have questions about what you need to do to get ready to sell. Most every seller has to do a few things before putting a home on the market for the world to see. If your home is in the best possible condition before going on the market, there’s a better chance your home will be one of those 9-12% of homes that gets the offer.
Happy Holidays and have a great 2011!
How Was The Seattle-Eastside Condo Market in October, 2010?
(The absorption rate, the percentage of condos selling, is the number of condos for sale in any given month divided by the actual number of condos sold that month. So if the absorption rate or chance of selling is 10% that means out of 100 condos for sale, 10 received offers and sold.)
October, 2010 1375 condos for sale 147 condos sold 11% odds of selling.
September, 2010 1448 condos for sale 130 (was 155) condos sold 9% (was 11%) odds of selling.*
October, 2009 1363 condos for sale 200 condos sold 15% odds of selling.
*Adjusted from previous month’s original numbers to reflect the actual number of condos sold and closed. Some of the sales originally reported last month failed and did not close. Some of the reasons sales fail are the buyer and seller don’t agree on the building inspection, the condo does not appraise for the sales price or the buyer’s financing does not come through.
The number of Seattle-eastside condos for sale dropped considerably as there are about 75 less condos for sale. The numbers are back down to March’s numbers. It’s pretty typical, no matter the kind of real estate market there is out there, for there to be more condos for sale in the summer than at any other time during the year. The decline in the number of condos for sale should continue until the end of the year. So if you plan to sell next year, start early in the year. Don’t wait until summer.
If you’re selling your condo now, can you be one of the 11/100 who gets the offer? Yes, if price and condition beat all of your competition.
What do you see happening with condo sales in your area?
How Was The Seattle-Eastside Condo Market in September, 2010?
(The absorption rate, the percentage of condos selling, is the number of condos for sale in any given month divided by the actual number of condos sold that month. So if the absorption rate or chance of selling is 10% that means out of 100 condos for sale, 10 received offers and sold.)
September, 2010 1448 condos for sale 155 condos sold 11% odds of selling.
August, 2010 1499 condos for sale 140 (was 152) condos sold 9% (was 10%) odds of selling.*
September, 2010 1407 condos for sale 206 condos sold 12% odds of selling.
*Adjusted from previous month’s original numbers to reflect the actual number of condos sold and closed. Some of the sales originally reported last month failed and did not close. Some of the reasons sales fail are the buyer and seller don’t agree on the building inspection, the condo does not appraise for the sales price or the buyer’s financing does not come through.
The number of Seattle-eastside condo sales in September is very close to last year. In fact, if you look at most of the months on the above chart, March and April stand out. All the other months, except one, have fairly similar condo sales numbers. March and April totals, which were so much higher than the other months, were because of tax credit. Buyers rushed to beat the deadline of the tax credit during those months. Ironically, that impacted May’s sales record. It was the really low month of this year because so many of the buyers bought before May.
It’s too bad so many people rushed to buy then, because there is less competition among buyers and better interest rates.
As I mentioned last month, expect to see the number of condos for sale to keep dropping, which is a good thing for both buyers and sellers. It will help to bring a little bit more balance to the market, although it will be a long time before there is a balanced market between buyers and sellers.
If you’re selling your condo, can you be one of the 11/100 who gets the offer? Yes, if price and condition beat all of your competition.
What do you see happening with condo sales in your area?