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

Sellers had a 36% chance of selling a condo on Seattle's Eastside in July of 2007.
(information obtained from MLS and Windermere charts)

• July, 2007 918 condos for sale, 332 sales, 36% chance of selling a condo.
• June, 2007 840 condos for sale, 382 sales, 45% chance of selling a condo.
• July, 2006 554 condos for sale, 393 sales, 70% chance of selling a condo.

The increase in inventory is the big news this year. Since the start of the year, inventory has climbed from 507 to 918 condos for sale. Inventory is up by 55% since January! There were 288 sales in January and 332 this past month. Sales have only increased by 14% this year.

Although sales increased from January to now, sales numbers decreased from last July, from 393 to 332 sales. The decrease in sales is not so dramatic, particularly when compared to the increase in inventory.

The condo market has undergone a huge shift from last year when 70% of the listings were selling. Everything sold last year with multiple offers. Now we are seeing more price reductions and longer market times. Last month we saw a more level playing field between buyers and sellers. This month we have gone from a strong seller's market to a buyer's market.