Happy Monday! Fall has definitely made its way here, leaves are dropping, rain is sprinkling and the housing market? Well, it’s still trucking right along here in Kirkland. The photo above is from our Sunday night run out Carillon Point in Kirkland, fall here can be quite lovely! The change in seasons typically brings a slight drop in real estate activity, this year however, is proving to be different. As we adjust to the “new normal” as far as the real estate market goes, if there is one, foreign investors are still driving the market and the economy as well as job growth continues to grow at a healthy pace.
As of September 29th, 2014 there are 160 single family homes for sale in Kirkland, Washington. The range of list price for these homes range from $265K-$2.2 Million with a median list price of $940K. When we take a look at the 216 homes that have been sold in the last 90 days, the sale price ranges from $307K-7.5 Million with a median sale price of $750K. An interesting aspect of this data is that the median “days on market” for the active listings is 80 days, while the median “days on market” for the sold and pending properties is only 17 days. Why such a big difference? Well, first of all, some of these homes could have been taken off the market and relisted with the intention of creating buzz around the homes again…similar to a grand reopening, a way to invite the backlog of buyers to explore again. However, what is more likely is that many of the homes that have been on the market for longer are either not priced correctly OR have passed the “sweet spot” for buyer interest. Currently, Kirkland is at 2.2 months supply of inventory, which is still significantly below what we would call a normal or “healthy” supply, so when I talk about homes sitting on the market, it’s really not long at all when looking at the bigger picture.
We are beginning to see some price drops happening across the board, which I will be talking about in a post later this week. I will also be talking about how you can add value to your home with simple exterior and interior projects if you are thinking about selling your home, so stay tuned!
Kirkland is still seeing an almost 100% list/sale price, demonstrating the demand for the area.
August 2014 saw 2.3 months of inventory and we are hovering around 2.2 for the month of September as well. A normal supply is 6 months, we are still operating in a sellers market or an under supply.