I’ve been watching what’s happening in the Kirkland condo market closely as of late, it’s fascinating that such a desirable location can have A LOT of affordable condos still on the market for people looking to make a great investment in their future, or get into their first home. Not only that, the rental market is creeping up in the area making it challenging to find an affordable place to live, which makes buying a condo even more appealing. So, what’s happening? As of August 18th, 2014 there are 65 active condo listings ranging between $105,000 to over $6 million! The median list price is $315,000 while the average list price is $525,000, it’s pretty clear that the big listing prices are skewing the data. There were 127 condos sold in the past 90 days in Kirkland, with the sale price being 98% percent of the list price. This means that people are paying the list price, and in some cases more depending on the property and demand for that location.
The graph below demonstrates the for sale/sold/pending condos through July 2014:
As of August 18th, 2014 the Kirkland condo market is at 1.54 months of inventory based on closed sales. This is down slightly from 1.8 months of inventory in July of this year. Interest rates dropped slightly last week, making buying a home even more appealing as well as affordable.
The list/sale price ratio has been fairly consistent since last year, being close to 100%. Again, this data is skewed slightly due to the million dollar + condo listings that aren’t seeing that kind of ratio (the million + residential home market, however, is seeing a 100% + list/sale ratio).
Months of inventory was up slightly in July to 1.8 months, although August is currently looking at 1.54 months of inventory. This is definitely a hot market, with no signs of it slowing down anytime soon. It is a great time to get into a condo either as a first time home buyer or as an investment property. The listing below is one of the many great condos available in Kirkland…
Stay tuned for a post on financing and a big announcement this week! I have partnered with Full Circle organic produce delivery for an opportunity to give my followers! So, if you haven’t already…follow my blog via email for a chance to win some awesome, organic produce delivered to your door! Have a great week everyone!