King and Snohomish County Home Sale Statistics: October Absorption Rates
Here are the monthly absorption rates for last month. As I’ve mentioned in previous posts, absorption rates give one of the most graphic perspectives of the market. You may want to sit down before you look these over:
The number of active listings dropped from 15,438 to 14,555. This drop is long-overdue. Unfortunately, the number of pending sales dropped as well. Last month 2295 homes were pending. This month that number dropped to 1727.
The resulting absorption rate dropped to 11.8% from 14.9%. This is the lowest percentage of pending sales in many years.
Snohomish County did not fair any better. Active listings dropped to 6760 from 7070 in September. Pendings also dropped from 813 to 626.
The absorption rate dropped from 11.5% to 9.3%. This also represents the lowest percentage of monthly pending sales in years.
What does this all mean? Please take a look at my post from yesterday. It’s time to confront the brutal reality of the current real estate market. If you are in the market today, make sure you and your agent do your homework. If you’re thinking about putting your house on the market, you will need to spend time and money to ensure your house shows well. If not, be prepared to spend a long time on the market.
If you need help understanding this market, or need the services of a real estate agent, please don’t hesitate to contact me at 206.713.2102 or email me at jlupori@comcast.net.
November 14th, 2008 at 2:27 pm
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