Low Inventory Hurts Kirkland Real Estate Sales

Kirkland real estate activity falls as inventory levels fall to multi-year lows

Kikland real estate activity was slower in December, according to The Nortwest Multiple Listing Service.  Pending sales (contracted, but not closed) were lower by 25% from November 2012 levels, but were 25% higher from one year earlier.

The reason for this reduced activity?  Low inventory.  At the end of 2012, there were only 1.7 months of inventory on the market, the lowest level in over 10 years.

The average price for single family homes at $532,000 was slightly lower in December than in November, but was significantly higher than the low of the mid $400,000s in the Spring of 2012.

Kirkland condo sales activity were also lower, with a 28% reduction from the previous month.  This level, however, was an increase of 32% from December 2012 activity.  Condo Inventory is very low at 2.1 months. 

The average price of sold Kirkland condos was $401,000, considerable higher than one month earlier.  This may reflect more sales in the higher end, however.

If home-buyer demand stays high, we should continue to see home prices rise.  It is not uncommon to see multiple offers for homes in good condition and many homes are selling at or above their lisitng prices.  Good time to be seller!

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