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Health & Fitness

Kirkland Real Estate Continues Rebound

The Kirkland real estate market continues to rebound, based on statistics just published by the Northwest Multiple Listing Service.  June pending sales (contacted, not yet closed) for single family homes were up slightly over May's level, and were 33% higher than June 2012.  

Inventory levels rose a little to 1.6 months of supply, which is still very low and reflects a seller's market.

The average price for closed single family home sales was higher too, coming in at $613,000, a 16% increase over the June 2012 level.

Recovery is strong for the Kirkland condo market also, with a 5.7% increase in the number of pended sales in June over May's activity level.  This was 16.7% higher than the same time period one year earlier.

With inventory low at 1.3 months of supply, condo prices continue their rise also, up 8% from June 2012, to $385,000.

July and August may not be so rosy, though, as buyers and sellers are historically distracted by summer activities and vacations.  Also, we see evidence of buyer "sticker shock" with the combination of rising interest rates AND home prices.

Time will tell, but if rates continue their path up, we may see a dampening of the market to a more normal activity level with fewer multiple offers and houses staying on the market a little longer.

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