Kirkland Real Estate Sales, Nov 2009

November, 2009   371 homes for sale          54 home sales                        15% odds of selling a home.

October, 2009       393 homes for sale         70 ( now 57) home sales                  18% (now 14.5%) odds of selling a home.*

November, 2008        457 homes for sale       17 homes sold             4% odds of selling a home.

*(Reflects the revised percentage of homes sold because some home sales failed.)

If you click on the link, you’ll see the MLS charts which show the real estate trends, including median price, for the past five years in Kirkland.

The chances of selling is another way to characterize the “absorption rate” in which we take the number of homes sold in a particular month and divide it by the number of homes on the market. This number tells us what the odds are that a home will sell.  In November, there was a 15% chance of selling a home in Kirkland.  Out of 100 homes for sale, 15 homes received and accepted offers.

The median price in Kirkland remained the same at $739,000.  Considering the drops in median price we’ve seen each month, this is a huge deal.  To me, it indicates the real estate market in Kirkland is no longer spiraling down and, hopefully, has leveled off.  The next few months will tell us if this is true.

The number of sales increased by 148% from last November! More buyers are feeling good about getting out and buying a home.

The real estate market in Kirkland is so much stronger than it was last year and the first part of this year.  Fewer homes are on the market and more homes are now selling.  It’s as if a huge weight was lifted off the Kirkland real estate market during the summer and this “weight” may now have disappeared.  On Seattle’s eastside the number of homes for sale is the lowest number we’ve seen since March, 2007.

I am hopeful the 2010 home buyer tax credit, which now includes most buyers, will continue the positive trend in Kirkland real estate sales.

For the complete picture of home sales on Seattle’s eastside, check out my eastside blog post.