Kirkland home sales were robust in October, based on statistics just released by the Northwest Multiple Listing Service. Pending sales (contracted, not yet closed ) of single-family homes rose 50 percent from September and were higher by 91 percent than October 2011.
Inventory levels continue to indicate a seller’s market with 1.4 months of homes based on sales pended. The average price of homes sold was slightly
lower than one year ago, however, at $548,000.
Condo sales in Kirkland were strong also, with a 71 percent increase in pending homes sales from September and a 20 perent increase over October 2011. The average price of sold homes was $268,000, higher than price levels one month and one year ago. Inventory levels are remarkably low at one month of homes, based on current absorption levels.
Kirkland has one of the lowest levels of inventory in Western Washington. Buyers seeking homes are getting creative—looking at fixer homes they might have passed up a year ago. Homes in good condition are selling quickly, often with multiple offers and some at higher than asking prices. These improving real estate market conditions give us another reason to be thankful this holiday season.