Kirkland Real Estate: A Tale of Two Markets

DESPITE HEADLINES that King County home prices dropped considerably last month, Kirkland's home prices performed much better. October sales statistics for Kirkland just released by the Multiple Listing Service show that the average sold price for single family homes was down 3.2% from a year ago, but increased 5.2% from the September level, to $515,000.

Pending home sales (contracted, but not closed) were up for the month and for the year for single family homes. Inventory levels were down to 4.7 months, less than half the 9.7 months of a year ago. These inventory levels reflect a more normal market.

The story continues to be much different for the condo market in Kirkland. We saw a significant reduction in prices to an average of $216,000, compared to $288,000 one month ago, and $397,000 one year ago. Pending sales were down for the month, but were higher than the level one year ago. However, pending sales for condos were very robust in spring and early summer. Condo inventory levels are down to 6.2 months, reflecting a continuing buyer's market.

Instead of the feverish pace we saw for the spring through fall season, we appear to be moving into a normal, seasonal pattern for single family homes. If the normal seasonal pattern plays out, we should see somewhat lower levels of activity until early spring. Condos will continue to be a challenge for some time, with prices unlikely to rise until inventory levels drop further. 

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Michelle Spohrer is managing broker with John L. Scott specializing in Kirkland and the Eastside. See her Facebook page here.