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July, 2011 Seattle-Eastside Condo Sales-The Best for the Year?
July, 2011 condo sales hit the highest number of sales in more than a year. There were 1063 condos for sale on the eastside, 76 less than June, and 250 of them received offers. Twenty-three percent of the condos for sale had accepted offers, great odds when compared to the odds of selling just a year ago. As you can see, there are so many less condos for sale now, almost 1/3 less, and more are selling this year than last.
Although, the odds of selling a condo are far stronger than the last few years, there are a number of the sales that didn’t come together. I had reported 223 sales in June and looking at the chart now, I see there were only 195 condo sales. This means 28 sales or 13% failed last month.
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. There could be too high a proportion of renters as compared to home owners or there could be a pending lawsuit, both could affect the ability to obtain a loan on a condo in a particular complex.
August began with the economy and the volatile stock market hanging over our heads. It’s too soon to see how this will affect our real estate market. How are condo sales going in your area?
June was a Great Month for Seattle Eastside Condo Sales
June was a great month for Seattle eastside condos sales. There were 223 condo sales, the most in any month for this year. April of 2010 was a stronger month for sales, but the numbers were inflated by the end of the 2010 tax credit. Buyers were scrambling to buy a condo before April, 30th, 2010.
There were 1140 condos for sale on the eastside and 233 of them received offers. This means that 20% of the condos for sale had accepted offers, pretty good odds, considering the odds over the last few years have been more like 10-14%. But that also means that 80% of the condos did not sell, so price and condition are still extremely important to getting a condo sold.
Know the competition when putting a condo up for sale. Make sure the market is monitored on a weekly basis to keep up with the changes in the competition. It’s important to remain competitive the whole time the property is on the market and the market can change quickly.
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 ones to get an offer.
How Many Condos Sold on Seattle's Eastside in May, 2011?
There were 1126 condos for sale on the eastside and 207 of them received offers. Eighteen percent of the condos for sale had accepted offers. May’s odds of selling were far better than any month during all of 2010. But the odds were still slightly less than 20%, so it’s very competitive out there. Price and condition are so important.
Buyers still have a lot of choices and are generally not in a rush to buy, so if you’re selling your condo, be careful to keep up with the changes in the market. Make sure to get an update on any competition at least every 2 weeks. Too much happens during a month’s time to wait 30 days to look at the competition. Your condo could get left behind, if better priced homes are up for sale.
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 ones to get an offer.
How Many Condos Sold on Seattle's Eastside in April, 2011?
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 ones to get an offer.
How Many Condos Sold on Seattle's Eastside in March, 2011?
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 ones to get an offer.
How Many Condos Sold on Seattle's Eastside in 2-11?
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- There were less than 1000 condos for sale on the eastside in February! Seattle-eastside condo sales are creeping up and the number of condos for sale is creeping downward. This is the fewest number of condos for sale since the beginning of 2008!
- Besides the number of condos for sale being at the low for the last 3 years, the number of sales took a big jump up over the last two months. The number of condos sales almost doubled in that time to 200 sales.
- The condo sales market is the most positive it’s been for a long time, and I mean a long time! It’s exciting to see sales really picking up as buyers are out there on the eastside buying condos. The best of the best are selling quickly, while the rest just stay on the market.
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.
How Did January, 2011 Seattle-Eastside Condo Sales Compare to January, 2010?
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- 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.
- 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.
(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.
How Many Condos Sold on Seattle's Eastside in Dec 2010 Compared to 2009?
December, 2010 beat out December, 2009 by 35 sales. Over 30% more Seattle-eastside condos sold in 2010 than in December, 2009.
(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.)
December, 2010 1084 condos for sale 135 condos sold 12.5% odds of selling.
November, 2010 1191 condos for sale 138 (was 150) condos sold 11.5% (was 12.5%) odds of selling
December, 2009 1174 condos for sale 100 condos sold 8.5% 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.
Other than the spring when the tax credit was in place, December was one of the best months to sell a condo last year. Partly because there were fewer condos for sale, 31% fewer than the peak of 1552 in July. Competition fell off so much by the end of the year, the odds of selling increased. It will still be a challenge this year, but condos will sell.
If you plan to sell 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. The number seems a little scary because it still is low, but if your home is positioned properly, it can be one of the lucky few to get an offer.
How Was The Seattle Eastside Condo Real Estate Market in November, 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!
How Was The Seattle-Eastside Condo Market in October, 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.)
October, 2010 1375 condos for sale 147 condos sold 11% odds of selling.
September, 2010 1448 condos for sale 130 (was 155) condos sold 9% (was 11%) odds of selling.*
October, 2009 1363 condos for sale 200 condos sold 15% 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 condos for sale dropped considerably as there are about 75 less condos for sale. The numbers are back down to March’s numbers. It’s pretty typical, no matter the kind of real estate market there is out there, for there to be more condos for sale in the summer than at any other time during the year. The decline in the number of condos for sale should continue until the end of the year. So if you plan to sell next year, start early in the year. Don’t wait until summer.
If you’re selling your condo now, 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?