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How Did January, 2011 Seattle-Eastside Condo Sales Compare to January, 2010?

This is the fewest number of condos for sale in years, and I mean years.  I checked all the way back to the beginning of 2008.  There were only two months in 2008 when less than 1100  condos were for sale on Seattle’s eastside.

This is a better time than most of the past three years (tax credit time is the exception) to sell a condo.  Buyers are getting “off the fence” to buy, hence the higher absorption rate. The best of the best are selling quickly, while the rest just stay on the market.

Seattle Eastside Condo Sales

January 2011 Condo Sales on Seattle's Eastside

(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, 2011             1028 condos for sale      174 condos sold               17% odds of selling.

December, 2010         1084 condos for sale      120 (was 135)  condos sold      11% (was 12%) odds of selling.

January, 2010             1217 condos for sale       117 condos sold          10%  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.

If you plan to sell your condo in the near future, feel free to contact me if you have questions about what you need to do to get ready to sell.  Every seller has to do a few things before putting a home on the market.   If your home is positioned properly, it can be one of the lucky few to get an offer.