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Health & Fitness

Kirkland Real Estate Market on Fire

The Kirkland Real Estate Market Continues Its Active Sales Pace; Prices Continue Rising

The Kirkland real estate market is on fire, with homes getting snapped up as soon as they come on the market.  In statistics just published by the Northwest Multiple listing Service, March pending sales (contracted, unclosed) were up 3.6% between February and March, and increased 17.3% over March 2012 levels.

If you are a buyer, it can be tough to find a home.  Inventory levels remained at a decade-low level of 1.1 months.

Single famly homes in Kirkland had a median price of $565,000, significantly higher than one year earlier.  This reflects the fact that homes are selling in all price points.  The market is no longer just investors trying to pick up lower-priced homes for rental and speculation.

Find out what's happening in Kirklandwith free, real-time updates from Patch.

The Kirkland condo market is rapidly improving as well.  Pending sales rose 36% over February and were up 70% over March 2012.  Inventory is down to less than one month.

With inventory so low, multiple offers are the norm.  Many homes are selling well above asking price.  In recent days,  we have seen Kirkland homebuyers employ riskier tactics to buy a home, with some putting down large, non-refunable deposits, and waiving financing and inspection contingencies.  Appraisals are snit always coming in at these higher prices, so some buyers are willing to pay any difference between the appraised value and the contract price.

Find out what's happening in Kirklandwith free, real-time updates from Patch.

If you buying, you will need to be patient and may need to take some risk to buy the home you want.  If you are selling, congratulations, but make sure you have someplace to go before you close on your home sale!

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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.

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