The combination of summer distractions plus higher home prices and interest rates impacted real estate sales activity in Kirkland in August. According to statistics just published by the Northwest Multiple Listing Service, pending sales (contracted, not yet closed) were down 7% for August compared to July. However, pending sales were a significant 40% higher than they were in August one year ago.
The inventory level for single family homes remained at 1.8 months of supply, a low level and one which indicates we are still in seller's market. The median price was slightly lower at $534,000.
The condo market was a little stronger, with pending sales higher by 6% over July levels and 40% higher than one year ago.
Condo inventory edged higher to 1.3 months of supply, but is at low levels. The median condo price was slightly lower at $240,000.
It remains to be seen how the combination of higher home prices AND higher interests will impact Kirkland home sales. I suspect it will slow the market to more of a normal pace. Sellers will need to be a bit more patient and more realistic with prices. The good news for buyers is there is less competition for homes and they are less likely to face multiple offer scenarios.