The Spring selling season continued at a strong pace for Kirkland real estate, based on statistics just released by the Northwest Multiple Listing Service. Pending sales (under contract) of single family home rose 18% from April levels and were 80% higher than one year earlier.
The flood or new listings in April were quickly purchased in May,with the the level shrinking back down to about 1.2 month of supply. Still a seller's market.
With inventory low, prices continue to rise. The average price of a single family home sold in Kirkland in May was $607,000, a 12% increase over May 2012.
Kirkland condo sales were down somewhat, with an 18% drop in pending sales from April. This level was 80% higher, however, than the levels in May 2012.
Condo supply remains low at 1.1 months of inventory and prices are steadily rising, with the average price up 17.5% from May 2012.
Rising rates and home prices mean that buyers are anxious to purchase homes before their buying power is erroded. We should see a continuation of strong sales activity until late Summer when buyers get distracted with vacations and good weather.