Another Terrific Month For Kirkland Real Estate!

It’s been a great year for real estate in Kirkland!  As the year has progressed, we’ve seen the inventory drop considerably, but the number of home sales has remained strong.  Fewer homes were sold in November than October.  In October 86 homes sold and 55 sold in November.  Still none too shabby!

The number of homes for sale dropped by almost 25% from October to November, so there were fewer homes to buy in November than in October.  Contrast this with a year ago when 188 homes, 42% more, were on the market and 52 homes sold.  The number of sales is very similar to last year, but the number of choices for buyers has dropped considerably.

We expect the number of homes for sale to continue to decline into December.

With the low inventory, if you’re thinking of selling your home in 2013, it’s probably best to start earlier in the year.  The real estate market, with these fabulous numbers, will be on your side.

If you’d like more information about the value of your home, please feel free to contact me.

Happy Holidays and all the best in the new year.

Kirkland Real Estate Is Booming!

Kirkland Real Estate Sales Through October 2012

Kirkland Real Estate is looking really good!  Real estate statistics are trending in the right direction.  In October, fewer homes were on the market and more homes sold.  There were 85 home sales, the most for any month this year.  This is phenomenal!  In fact, 62% of the homes for sale, sold in October.  This is the highest monthly percentage in 2012, far surpassing any month.

With the high sales numbers and the low inventory, it’s the best time to sell a Seattle eastside home in the last 15 years!  This October had the highest pending sales with 1,202 homes selling.  Typically, 867 homes sell in October, which means this October’s sales were 39% higher than the 15 year average.

With 1821 homes for sale, we had the lowest number of Seattle eastside listings in last 15 years and 45% less than last October!

This same positive real estate theme carries over into Kirkland real estate.  There were higher sales than usual and fewer homes were for sale. Buyers were out there, demanding good, well priced homes.

Make no mistake, just because the market is strong, buyers will not overpay for a house.  It’s just not happening.  Buyers will wait for a new listing to come on the market rather than pursue an overpriced home.  The homes that show well, are move-in ready, and priced right are the homes that sell.

Thirty-eight percent of the homes for sale in Kirkland did not sell.  More than likely, these homes were not priced right or did not show well.  These 38% of the sellers need to do some soul searching and take a hard look at the market statistics.  If a home is sitting on the market and not selling, reprice it for the market or expect to see a “for sale” sign in your yard, but not a “sold” sign.

With the low inventory, think about selling your home during the holidays, rather than waiting until after the first of the year.  The real estate market, with these fabulous numbers, will be on your side.

Kirkland Real Estate Sales Are Still Going Strong

Kirkland Real Estate Through August, 2012

Kirkland real estate sales were still strong in August, a good sign for those who are selling a home in Kirkland.  There were only a handful more homes for sale in August than in July, plus there were a few more sales.  If you look at the red line in the chart above, you’ll see the homes sales that are pending.  Pending sales are those that recently sold and have not closed yet.  The pending sales were higher in August than in July.   Looking at the numbers for last year, home sales have jumped up from 52 to 74 homes, increasing by 31%.

It’s easy to see from the chart above  that the number of homes for sale through 2012 has stayed on the low side and is gradually creeping up.  In August of 2011, there were over 100 more homes for sale.  This August, there were 182 homes for sale, inching up from the low of 132 available homes in April.

Homes are selling at a much faster pace.  This past August, homes sold, on average in 48 days, in less than 2 months time.  Last year it took just over 3 months for a home to sell.
It’s exciting to see how this year has played out.  Most of the offers we’ve had on our listings have been truly great offers because the buyers recognize the homes that stand out.  Many have sold after having received multiple offers.  The real estate market in Kirkland is doing  great!

Kirkland Real Estate is Still Hopping!

Kirkland Real Estate Sales Through April, 2012

The Kirkland real estate market is still moving along well as 36% of the listed homes sold in April.   In March, 60% of the homes sold, so it may seem as if the Kirkland market was off in April.    A sales record of 60% is phenomenal, but  36% is still an excellent return and is more typical of what is considered a stellar sales month.  It will be interesting to see if any other month is able to match March’s amazing sales record.

Homes are selling fast!  When I check our daily statistics, I see a lot of the newer listings selling in under a week.   Buyers jump on these homes if they’ve been out looking at homes for awhile.  They’ve been educated and know a good home when they see it.   Multiple offers are fairly common, if a home is priced well and shows well.  We sold several of our listings in a matter of days with multiple offers.   It reminds me of the boom years!  The difference now is that home prices are at a more affordable price point.

The lack of supply, the homes for sale, continues.  So far this year, there are fewer homes on the market each month, which is highly unusual for this time of year.  We may see more homes on the market as the school year comes to an end.  Sellers are also feeling more comfortable in this positive market, so more homes could come up for sale, increasing the inventory.  We still suspect inventory to remain on the lower side this year.

In Kirkland, 36% of the homes sold in April.  It took on average 72 days for a home to sell and homes sold within 95% of the original asking price.  Last month the average number of days to sell a home stood at just over 3 months, so the time it takes to sell a home is dropping.  Median pricing was down from April, 2011.  This year the median price for the homes sold in April was $430,000.  Last year, the median price of the April sales was $550,000.  Remember, the median price reflects only what sold during the month of April.  It is important to look at a 6 month trend to determine where prices truly are at.

If you’d like to find out more about the Kirkland real estate market, don’t hesitate to call or email us.  Have a great month and let’s hope the sun keeps shining.  It’s terrific out there!

A Fabulous Real Estate Market in Kirkland, WA

Kirkland Real Estate Sales Through March 2012

The terrific real estate market in Kirkland continued into March.  Almost 60% of all the homes for sale got offers and sold. 

Why is the Kirkland real estate market so hot?  Well, for one thing, if you look at the graph above, it’s easy to see that there aren’t many homes for sale right now. Through most of the summer months in 2011,  the number of homes for sale was double what we have in Kirkland now.  This increased competition among home sellers.  Secondly, buyers are far more positive than they’ve been for years.  Buyers feel good about making an offer for a home now.  Finally, interest rates have crept up slightly, which can also spur buyers to literally make the move.

In Kirkland, 57% of the homes sold in March.  It took on average 94 days for a home to sell and homes sold within 94% of the original asking price.  Median pricing was down from March, 2011.  This year the median price for the homes that sold was $469,000.

I can truly say this is the best to sell a home that we’ve seen in the Seattle and Kirkland area since early 2007.   Sellers do need to remember, though, selling a home in today’s real estate market still requires competitive pricing and a home that shows well.

Kirkland Real Estate Was Booming in February, 2012

Kirkland Real Estate Sales Through Feb, 2012

Wow, this is the most exciting real estate market Kirkland has experienced in 5 years!  Almost half of all the homes for sale in February got offers and sold!  That’s an incredible statistics, for any real estate market.

Why is the Kirkland real estate market so hot?  Well, for one thing, if you look at the graph above, it’s easy to see that there aren’t many homes for sale right now. Through most of the summer months in 2011,  the number of homes for sale was double what we have in Kirkland now.  This increased competition among home sellers.  Secondly, buyers are far more positive than they’ve been for years.  Buyers feel good about making an offer for a home now.  Finally, interest rates have crept up slightly, which can also spur buyers to literally make the move.

In Kirkland, 48% of the homes sold in February, compared to only 19% in 2011.  It took on average 98 days for a home to sell and homes sold within 95% of the original asking price.  Median pricing is down from February, 2011.  This year the median price for the homes that sold was $442,000.

I can truly say this is the best to sell a home that we’ve seen in the Seattle and Kirkland area since early 2007.   Sellers do need to remember, though, selling a home in today’s real estate market it must be at today’s pricing.

How Was Kirkland, WA Real Estate in January, 2012?

Kirkland Real Estate Sales Through January, 2012

There were only 155 homes for sale in Kirkland in January.  It’s easy to see from the chart that this number means there aren’t a lot of homes for sale in Kirkland right now.  The lack of supply should enhance the prospects for those sellers whose homes are priced right and show well.  The good homes should sell more quickly this year.

In January, 26.5% of the supply of homes sold, which is similar to the high percentage of sales in the April and May of last year.  Not as many homes actually sold in January, but not as many homes were on the market either. 

Median pricing in Kirkland went from $534,000 to $522,000.  Median pricing is based on the sales that happened in January and is a result of what sold that particular month.   On average, it took only 62 days for the homes to sell last month and most homes sold within   % of the original asking price.

We’re excited to see how this real estate market will turn out this year.  It should be the best Kirkland real estate market in 5 years, but don’t expect prices to go up by much, if anything.

If you would like information about your home, please contact Brooks or me and we’re happy to help you.

How Was The Kirkland Real Estate Market in October 2011?

Kirkland Real Estate Sales Through October, 2011

Real estate sales in Kirkland have been been fairly steady over the last few months, despite what the media said about October’s sales.  Tne news media focused on the drop in real estate values for all of King County.  Median pricing in Kirkland followed King County,  dropping considerably this month, from $592,000 to $501,000.  But remember, these numbers are based on the sales that happened during October and is a function of what sold that particular month.  We’ll need to follow the next several months to see if there truly is a trend here.

There is some good news here to temper concerns about pricing:

1.    The eastside is in a better position, literally and figuratively, than many parts of King County.  It has a stronger economic base and a better location:

What you see emerging in our local market is an East/West corridor,” (Stan) Humphries (of Zillow) said, with houses holding their value in Eastside neighborhoods with good access to State Route 520 and Interstate 90 for an easy commute to work.

2.    Home prices are also becoming far more affordable.  Right now home values are the most affordable they’ve been in 17 years.   Home ownership may be cheaper than renting!

3.   This past month there was a big drop in the number of homes for sale. This drop is a very good thing as it decreases the competition among home sellers.

Slightly over 25% of the available homes sold last month.  A year ago, there were over 100 more homes on the market in Kirkland. If the number of homes on the market continues to drop, then a higher percentage of homes may sell next month.  Homes took on average 99 days to sell, just slightly over 3 months.

With fewer homes on the market, more affordable prices, and low interest rates, I expect homes will continue to sell even as we head into the holiday season.  Have a great Thanksgiving!

How Strong Was the Kirkland, WA Real Estate Market in September, 2011?

Kirkland, WA Real Estate Sales Through September, 2011

The number of homes for sale in Kirkland continues to be fairly constant, although the number dropped a bit this past month.  I expect to see this number drop even more as we head to the end of the year.  (Hard to believe, but we are almost there!)

In September, 21% or 57 homes in Kirkland sold.

Homes on average were on the market for 87 days.

As we’ve seen most months, there were several home sales that did not stay together.   When I first reported the August home sales,  62 homes had sold.  Eight home sales failed, leaving 54 home sales intact in August.  This means 13% of the offers did not go through.   Sales can fall apart over the inspection, financing or simply because a buyer has cold feet.

Kirkland is one of the faster places for selling a home on the eastside. This is a testament to the city’s prime location close to jobs here in Kirkland with Google in the Houghton neighborhood of Kirkland.  Microsoft, is just down the road in Redmond, which is an easy commute for many people coming from Kirkland.

Image via CrunchBase

Image via Wikipedia

The variety of housing stock and price ranges bring a huge mix of people to Kirkland. Plus, the ambiance of the city, with its access to Lake Washington, is a big draw for many people.

Image via Wikipediapeople.

How are real estate sales in your neighborhood?  Are they stronger than last year?

How Strong Were July, 2011 Real Estate Sales in Kirkland?

Kirkland Real Estate Sales Through July, 2011

Since March, the number of homes for sale in Kirkland hasn’t changed much, varying between 276-289 homes for sale. Sales numbers, however, have bounced around a bit with April looking like it’s the high for Kirkland real estate sales so far this year.  In July, 67 homes sold, which meant 23% or almost 1 in 4 homes got offers.

When I first reported June home sales, there were 57 homes that had sold.  Seven of these home sales failed, which means 13% of the offers did not go through.  This is not all that unusual on the eastside and in many areas these days.  In some areas of King County the failure rate for sales is much higher.   Sales can fall apart over the inspection, financing or simply because a buyer has cold feet.

On the flip side, interest rates are just fabulous, which should help spur some people to buy.

Conventional FNMA
30 yr fixed: 3.95%
15 yr fixed: 3.25%
10 yr fixed: 3.0%
5 yr ARM: 2.875%

Real estate is very location specific, so take the national news with a grain of salt.  Look more at local reports, and even city specific reports, such as this to find out what’s really happening with real estate.

How are real estate sales in your neighborhood?