October home sales in Kirkland were strong again in October, according to statistics just published by the Northwest Multiple Listing Service. Pending (contracted, not yet closed) single family home sales rose almost four percent for the month, but were lower by almost 14% from October 2012.
The condo market was particularly robust with almost 17% more pending home deals over September and 23% higher sales than one year earlier.
Inventory levels remain low for both single family homes (1.6 months) and condos (1.8 months). This indicates we are still in a seller's market.
The average sales price for single family homes was higher by 11% over October 2012 levels. Condo average prices were down somewhat for the month, but are still about average for the past several months.
November activity, thus far, is strong, as buyers try to close home purchases before the holidays while interest rates are relatively low. Buyers will need to be patient to find the right home with low levels of home listings. Sellers should take advantage of the low inventory and sell soon. Next year could bring higher rates and a slump in activity.