The Kirkland real estate market was very active in January, according to statistics just released by the Multiple Listing Service. Pending (contracted, not yet closed) sales of single family homes were up 59% from December 2012 and increased 21% over January 2012 levels.
Listings were up, but inventory remains low at 1.7 months, meaning that homes are being sold quickly after coming on the market.
The median price was somewhat lower, however, possibly reflecting the sale of lower-priced homes.
The picture is rosy for the Kirkland condo market as well. Pending sales more than doubled over the levels of December 2012 and were 38% higher than one year earlier. The median price was a bit lower, again, reflecting more sales at the lower end of the price range.
As the Spring selling season moves into full force, and prospective sellers hear about rising prices, we should see more home inventory coming on the market. Strong buyer demand means we will continue to see multiple offers in many situations. Buyers may need to be patient and have a strategy to deal with a competitive buying market. Sellers--congratulations--you're in a good situation to sell your home quickly!