What were the chances of selling a condo on Seattle's Eastside in June, 2007?

Sellers had a 45% of selling a condo on Seattle's Eastside in June, 2007

• June, 2007 840 condos for sale, 382 sales, 45% chance of selling a condo.
• May, 2007 761 condos for sale, 376 sales, 49% chance of selling a condo.
• June, 2006 543 condos for sale, 432 sales, 79% chance of selling a condo.

In many of my postings regarding the market, I have said "What a difference a year makes!" Condos are still hot and a great investment, however, if you were a seller last year, your condo probably sold in an hour with multiple offers. This year, sales are brisk, but less competitive because there is so much more to choose from. There is more of a level playing field between buyers and sellers. Buyers should be making a purchase at this time because the amount of inventory has not been this high since September of 2004. There are a lot of choices out there. Inventory has increased by almost 80 properties just since May of this year.

Again sellers,do not give up hope. Your condo has appreciated about 12% since last year. It was wise to make a purchase then and is wise to make a purchase now. Prices, especially in affordable price ranges, are not going to go down. If you are thinking of getting into the market, this is still a great time to buy. Next year at this time, you would be looking at how much your condo had appreciated.

For more information about the overall condo market, see my previous post.

For a review of the condo activity for the last few years, take a look at this chart.