Market Mondays: Kirkland/Bridle

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Happy Monday! Can you believe it’s already December 1st? I hope everyone had a wonderful Thanksgiving and is ready to finish out 2014 strong! It has been an exciting year in the real estate market and this week we are looking at what’s happening with single family homes in the Kirkland/Bridle area.

As of December 1st, 2014 there are 90 active listings (115 when pending sales are included) ranging from $285,000- $3.7 million with a median listing price of $939,000.  When we look at sold homes, there have been 166 sales in the past 90 days, ranging from $225,000- $7.75 million with a median sale price of $830,000. The graph below demonstrates the average days on market as well as the sale price to list price ratio.

When you compare October 2013 to October 2014 (the most recent up to date data), we see a slight decrease in the sale price to the original list price and a huge increase in inventory.  What this graph fails to show is that the average sale price has gone up 57%, from an average sale price of $667,000 in October 2013 to an an AVERAGE sale price of $1.5 million in October 2014.

As of today, there is 2.09 months supply of inventory when pending sales are included and 1.63 months supply of inventory when only active listings are included.  The market is seeing a shortage of inventory and there is still a backlog of buyers ready to jump at their perfect home.  If you are thinking of selling, now is a great time!

If you or someone you know has an interest in a specific area or market, please feel free to contact me at rachelwagner@johnlscott.com or call/text 425.324.0302. I am happy to answer any of your questions, as they relate to real estate! Have a great week!

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