Home sellers in Kirkland can do almost no wrong right now, The real estate downturn that started 7 years ago is a distant memory as the Kirkland market has become an inventory crunched, pent up demand market of hungry home buyers.
As I was narrowing down which market to talk about for my first “Market Monday”, it only made sense to discuss the neighborhood I feel closest to and the one I call home. What is important to know is that sale-to-list price ratios in many areas have been above 100% since January of this year. Almost every home that comes on the market, and is reasonably priced, is selling right away. Multiple offers and bidding wars are the norm.
As of the end of June, the median sale price in Kirkland was $719,000, which is a 16% increase in sale price from the year before. Double digit appreciation isn’t expected to continue long term, however, long term projections show a steady growth in the coming years.
Within the city of Kirkland, the YTD (year to date) median sale price is slightly lower at $677,000, which is a 17% increase from 2013. Although the median sale prices of homes in Kirkland are high, there are affordable homes in the $400,000 range and single family condos as low as $200,000.
As you can see, it’s a great time to sell your home in Kirkland….but, what if you’re looking to buy a home in Kirkland? According to the Seattle Bubble, as of the beginning of the 2nd quarter, one in four pending sales were failing to show up in the closed sales numbers. This is great news for buyers, since many of the homes that quickly go pending have a 25% chance of going back on the market, leaving buyers a second chance.
I would be happy to answer any questions you may have about buying/selling a home in your area. Feel free to email me at email@example.com or join me for a run through some of your favorite Kirkland neighborhoods! Also, stay tuned for a special announcement and opportunity to win one month of Organic local produce delivered to your door from Full Circle!