(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?