What Were The Odds of Selling Your Seattle-Eastside Condo in July, 2010?

Seattle Eastside Condo Sales July 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.)

July, 2010                    1552 condos for sale      144 condos sold                   9%  odds of selling.

June, 2010                   1487 condos for sale     131 (was 154) condos sold      9%  (was 10) % odds of selling.

May, 2010                    1425 condos for sale      117 (was 125)  condos sold         8% (was 13%)  odds of selling.*

July, 2009                   1441 condos for sale       159 condos sold,           11% 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.

Sales have clearly slowed down from April’s peak.  This may be because many first time buyers rushed to buy a home while the tax credit was in place and not as many buyers are out there right now.  It also could be because people are  fearful of the future.  It’s unfortunate as there are some good properties out there and great interest rates.