Debra Sinick

What Were The Chances of Selling Your Kirkland Home in October, 2008?

In buyers, Kirkland News, Kirkland WA, Kirkland, WA Real Estate, market statistics, Real estate, sellers on November 20, 2008 at 10:40 pm

I was at the Kirkland Highland’s neighborhood this meeting and was asked the usual real estate question: “How’s the market doing?”  Here are the facts for Kirkland real estate from last month’s NWMLS:statistics.

Sellers had a 5% chance of selling a home in Kirkland in October, 2008.

(Click on the link above to see a chart with Kirkland’s real estate trends for the last few years.  The chart shows trends for Kirkland, south of NE 116th St.)

October 2008          495 homes for sale, 28 sales, 5% chance of selling.

September, 2008     509 homes for sale, 47 sales, 9% chance of selling.

October 2007          424 homes for sale, 48 sales, 11% chance of selling.

October was the toughest month to sell in Kirkland, and on the eastside, so far this year.  This is no big surprise, given the pre-election jitters, the general economic news, and the huge fluctuations experienced in the stock market in October.

In Kirkland, the number of homes for sale dropped by only 14, but the number of sales was almost half as many as the month of September. True to the irony we often see in Seattle area real estate, even though the sales numbers dropped, the median price in Kirkland rose by 8%.

Are prices holding more steady here?  Only time will tell.  Of the 10 months that statistics are available so far this year, 3 of the months showed an increase in median pricing in Kirkland, while the other 7 months showed a drop in price.  What I did not mention at the meeting tonight is that one should look at the statistics over a few months period to see any trends.  One month’s worth of statistics only reflects the real estate sales activity for that particular month and not anything more significant.

Things were slow on the eastside in general.  The most active area, East Bellevue and the Redmond area around Microsoft, had an 11% chance of selling. Every other area was in the single digits.

For a complete update on Eastside real estate, check out my eastside blog post.

Am I worried about Kirkland real estate and eastside real estate in general?  No, I’m not. Forbes magazine came out with an article that pinpoints our area as the number one city to rebound because of our local economy, which is stronger than most.

If you are thinking of making a move now, then be prepared to be extremely competitive, in top-notch condition, and the best priced home in its “class.”  Homes are selling, but only those which stand out head and shoulders above the competition.  If you don’t need to move or this scenario is not comfortable for you, then wait until the market changes, and it will.  However, if you’re going to sell because you want to downsize or look for a larger home, then it may make sense to consider a move.  I have clients right now who are doing this very thing.  They are being incredibly “accommodating” in the sales price of their home, but plan to make up for it on the home they are buying by getting that home at a killer price.

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