The Kirkland market continued its upward momentum in September, based on statistics just published by the Northwest Multiple Listing Service.
Pending (contracted, not yet closed) sales for single family homes were almost 5% higher than August sales, and were 25% higher than in September 2012. Inventory levels remain low at 1.8 months of supply based on current absorption rates, which represents a seller's market.
The average price of a single family home was down somewhat for the month, to $644,000, but was above the average for the past year.
Kirkland condo activity slowed somewhat, with pending sales down almost 16% from August. Pending sales were up 32%, however, over the level one year ago in September of 2012. Condo levels remain low at 1.9 months of inventory.
The improving sales activity for condos, combined with low inventory levels, resulted in the average condo price up for the month to $340,000.
October open house activity has been robust thus far. That, together with interest rates lower than the rates this past summer, means we should see strong sales activity this Fall. Buyers will want to take advantage of the lower rates while they can. Sellers will want to make the most of the seller's market we have resulting from low inventory.