Kirkland Real Estate Market Strengthens; Inventory Low

Statistics released by the Northwest Multiple Listing Service this week revealed that Kirkland's real estate market continued to strenghten in June.

Pending sales for single family homes rose 33.3 percent for the month and were up 5.9 percent from June 2011. Inventory continues to be low, at 2.1 months, indicating a seller's market. The median price of homes sold was $364,000, a slight drop from the previous month. However, this is due to the amount of sales in the lower end and is not a reflection prices in the overall market.

The Kirkland condo market continued to improve but has little inventory. In fact, there was only 2.4 months of inventory in June this year, down from 5.2 months one year ago. Because of the lack of inventory, pending sales dropped 16.9% for the month and 12.5% from June 2011 levels. The median price of condos sold was down to $130,000, but reflects more sales in the lower end.

If you haven't seen a "For Sale" sign on your block for a while, there is a reason.  Sellers are reluctant to move up or down as they may not have home equity remaining or because they fear they may not be able to find a new home. If local hiring continues, this inventory level for Kirkland homes could go even lower.  Good news for prices if you are a seller!

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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.