(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, 2010 1217 condos for sale, 141 condos sold, 12% odds of selling.
December. 2009 1174 condos for sale, 125 (now 106) condos sold, 11% (now 9%) odds of selling.*
January, 2009 1066 condos for sale 87 condos sold, 8% 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. Fourteen percent of condo sales originally reported in December failed to 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 sale price or the buyer’s financing does not come through.
In January, there was a slight increase both in the number of Seattle-Eastside condos for sale and the number of sales. However, the sales numbers are still behind the peak of sales in September and October.
There are less than 80 days left to use the home buyer tax credit into 2010. If you’d like to move and take advantage of the tax credit, you need to get “moving” on this.