Spring Season for Kirkland Real Estate Arrives Early

The Spring selling season has arrived early in Kirkland. There has been strong activity since the New Year began, with some open houses attracting 50 people or more.

This is evident in the Northwest Multiple Listing Service data for January, just published. Kirkland pending single-family home sales increased 44.7 percent over December and were up 28.3 percent from January 2011. Inventory is down to 3.1 months based on pending sales, down from 6 months one year earlier.

The median price, however, was down 3 percent from December 2011, to $430,000.  his level is up 10%, however, from the low in October 2011. Kirkland condo sales were also strong, with pending sales up 35.7% from December 2011 and inventory dropping to 4 months. Median condo prices were down, though, to $191,000. This is considerably higher than the October 2011 low of $144,000.

With home inventory levels low and buyers looking to take advantage of low prices and interest rates, we should start to see prices inch up. Matthew Gardner of Garder Economics predicts a 1.6% price increase for Puget Sound homes in the later half of the year.

If the current activity continues, I wouldn't be surprised to see a 3-4 percent increase this year for the central King County area. It would be nice to see this normal level of appreciation after several years of declining prices.

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Michelle Spohrer is managing broker with John L. Scott specializing in Kirkland and the Eastside. See her Facebook page here.