Kirkland real estate sales activity slowed in September, according to statistics just released by the Northwest Multiple Listing Service. Pending sales (contracted, not yet closed) were lower by 33 percent for the month and flat year over year. Why? Lack of inventory, which is at 2.3 months based on current absorption levels.
There is strong demand, but not enough homes to meet buyers’ needs, statistics released recently by the Northwest Multiple Listing Service indicate. Multiple offers are routine and homes in good condition are often selling over asking prices. As a result, the average sold price was $583,000, an increase of 8.2 percent from September and 14.8 percent higher than in September 2011.
Pending sales of Kirkland condos were lower also, down by 7.7 percent from August and 14.3 percent less than in September 2011. Inventory levels are down to less than one month, so prices are rising. The average price for sold condos in September was $251,000, 48.5 percent higher than the price in August, but 17.1 percent lower than September 2011. With inventory low and single-family home prices rising, we should continue to see condo prices increase.
Unlike last year, when we saw mostly relocation and investor buyers snapping up bargains, we now see the move-up and down-sizers in the market again. This should keep demand high and lead to further home price increases.
----
Michelle Spohrer is a managing broker with John L. Scott Real Estate on the Eastside who focuses on Kirkland. See her Facebook page here.
