06-09 Number of Condo Pendings soars past 2008
For two months running, pending condominium contracts have surged in the high double digits around the Seattle, Wash., market area. Buyers jumped off the fence in April to the tune of 50% more contracts in April over the month of March. A jump from one month to the next demonstrates a momentous movement.
The absorption rate (the months of inventory) stands at about 6.1 months. If the same level of pending sales in April continue over the next few months and closed, we will be seeing the market shifting from a strong buyers' market to a more balanced market.
Most of the surge of contracts is happening in the under-$400,000 group, which is the same in comparable markets across the country. The inventory continues to shrink, as well. In April, there were a total of 1,572 active condos in Seattle, that's 13.36 percent fewer units on the market than the same time last year. Looking at year-over-year comparisons, this is the 4th consecutive month we've seen fewer sellers competing against each other.
The Phil Jones Team
Keller Williams Realty - Kirkland
13131 NE 85th St
Kirkland
WA
98033
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Last modified 9/6/2010