August Condo Sales on Seattle's Eastside Blew Past Last Year's Sales

The number of condos to receive offers on Seattle’s eastside skyrocketed by 62% over last August.  This good news was coupled with 31% fewer condos on the market.   In August, there were 1032 condos for sale.  Two hundred thirteen received offers and sold, representing an absorption rate of 21%.

Even though the odds of selling a condo are far stronger now, there were a number of the sales that didn’t stay together.   Last month I reported 250 condo sales in July.  Now it looks like only 224 of these sales actually “stuck.”Twenty-six sales or 11% failed to close.

Sales fail for many reasons.  A condo may not pass inspection or an appraisal.  The buyer may not get financing or the condo complex itself may not fit financing guidelines.  This could be because there could be too many renters occupying units or there could be a pending lawsuit against the association.  Situations such as this could affect the buyer’s ability to obtain a loan, even if the buyer is well qualified to buy.  When obtaining financing for a condo, the condo and the association must also “qualify” in order for the loan to be approved.

Fortunately, the stock market volatility of last month did not slow the condo market down on the eastside. How did it affect your area?