As word spread about rising home prices, more homes came on the market and the pace of Kirland real estate sales slowed in April. In statistics just published by the Northwest Muliple Listing Service, pending sales (contracted, not yet closed) were down by 22% from March and were 7% lower than one year ago.
Inventory doubled to 2.4 months of supply, still a seller's market, but higher than the low levels of the past several months.
The average single family home price was a bit lower in April, but is significantly higher than one year ago.
Activity in the Kirkland condo market slowed also, down 7% for the month. However, there was very little inventory with only nine condos on the market. The average condo price was down slightly, but was substantially higher than in April 2012.
It is not unusual to see higher inventory levels during the Spring selling season. We are seeing some price resistance with more homes on the market, but prices should continue to rise as the inventory sells.
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