(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.)
April, 2010 1437 condos for sale 316 condos sold, 22% odds of selling.
March, 2010 1356 condos for sale, 241 (was 281) condos sold, 18% (was 21%) odds of selling.*
April, 2009 1315 condos for sale 155 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. Seventeen percent of condo sales originally reported in March 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 sales price or the buyer’s financing does not come through.
Seattle-eastside condo sales were popping the past two months with the strongest sales seen in years. With the 2010 tax credit behind us, we should continue to see people who need to make a move out there buying and selling their home. We may see a little of a lull in Seattle area condo sales, but I expect condo sales to get back to business as usual.