In statistics just published by the Northwest Multiple Listing Service, Kirkland home sales prices showed marked signs of improvement in April. The median price for single family homes sold last month increased 7.2 percent over March 2012 prices and were up 6.8 percent from April of 2011, to $400,000.
Inventory levels for single family homes were down significantly to only 2.4 months. This tight inventory resulted in fewer pending sales compared to a month ago and year-over-year.
The story for Kirkland condo sales activity and prices was even rosier. Pending sales were strong, up 37.5 percent from March and higher by 17.9 percent from April one year ago. Inventory levels for condos were down to 1.9 months, reflecting more of a seller's market, something that has not been seen in a while.
The median condo price was higher by 73.5 percent from March, probably reflecting sales of larger units, and increased by 24.4 percent over April 2011 levels, to $255,000.
The bidding wars we've seen in Kirkland over the past couple of months, resulting from low inventory levels, are starting to positively impact home prices. If inventory continues to be low, this should bode well for continuing home price increases.
