Kirkland's real estate market continued to show improvement, according to statistics just released by the Northwest Multiple Listing Service. Pending sales (contracted but not closed) for May 2012 were up 29.5% from April 2012 for single family homes. Inventory levels were down to 2.1 months, reflecting more of a seller's market. The median price of a single family home sold remained at $400,000, up from the beginning of the year.
Pending sales for Kirkland condos dampened a bit, down 25% for the month. However the level was up 1.8% from one year earlier. Inventory levels were down to 2.4 months. The median condo price of condos sold were up to $280,000, an increase of 9.8% for the month and a whopping 58.2% from May 2011. This increase may reflect the sale of higher-end condos, but is a good sign the long-suffering condo market may be improving. With Kirkland condo inventory at a relatively low level, we may continue to see strenthing in this segment of the market.
If Eastside hiring and in-migration continues, we should continue to see strong demand for homes in Kirkland. Multiple offers for homes in good condition are commonplace. If this year is like last, we should see some normal seasonal softening during the summer and a robust market after Labor Day.
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Michelle Spohrer is a managing broker with John L. Scott Real Estate on the Eastside who focuses on Kirkland. See her Facebook page here.
