How Was The Seattle Eastside Condo Real Estate Market in November, 2010?

Seattle Eastside Condo Sales Nov 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!