Dec. 13, 2008 - Condos Kirkland 98033 - Housing Market Conditions

 28 month supply of condos in the $475,000 to $750,000 segment

2nd in the series "Every Picture Tells a Story, Don't It?" -  Kirkland 98033 - condos.

The red segments represent Condos For Sale (165) For the key code, you need to read the segments clockwise from the top, or simply refer to the explanation below the graph.

Breaking it into 3rds, you have about 1/3 in the under $475,000 segment, another third or so in the $475,000 to $750,000 segment and the remaining third in the over $750,000 market.

All blue segments represent Pending Sales

All green segments represent Closed in the last 90 days

Remember the green sold portion is 90 days of sales.   The pending is currently pending regardless of when the property went into contract.  Let's assume all pendings are not going to close and use 1/3 of the green portion for calculating Absorption Rate of current inventory (red segments)

Under $475,000 = a 7.3 month supply of condos (56 divided by (23 divided by 3) = 7.66)

$476,000 to $750,000 = a 28 month supply of condos (56 divided by (6 divided by 3) = 28)

Over $750,000 = an 18 month supply of condos (54 divided by (9 divided by 3) = 18 )

What you want to think about here is if you think you are going to list your condo for sale after the first of the year for $650,000 in Kirkland 98033...what are you going to do to reduce the odds of selling in 28 months time?  Not many people want it to take over 2 years to sell their condo.  But you have 56 people in front of you before you even get into the market and only TWO have been selling every month for the last 90 days. That's a long way to go to absorb those 56 condos without counting what comes on market after Jan. 1, 2009.

If you did absorption rate of condos in 98033 by dividing total for sale of 165 by the total number pending of 15, you would come up with an overall absorption rate of 11 months of supply.  If you used 1/3rd of sold in 90 you would have a 13 month supply.  But I think the picture above is more transparent as to the odds of selling in the near future for individual condo owners.

(required disclosure) All Kirkland 98033 Condo stats hand compiled by ARDELL and not compiled, published or verified by NWMLS.