Kirkland WA Real Estate, February 2010
February, 2010 315 homes for sale, 65 home sales 21% odds of selling a home.
January, 2010 316 homes for sale, (now 65) 72 home sales (now 20.5%) 23% odds of selling a home.*
February, 2009 448 homes for sale 27 home sales 6 % odds of selling a home.
*(Reflects the revised percentage of homes sold because some home sales failed.)
The odds 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.
Where’s Kirkland WA?
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The odds of selling a home in Kirkland was 21%, far better than last year, when only 6% of Kirkland homes sold. February real estate sales in Kirkland were almost exactly the same as January. However, home sales were up by 106%. Prices have dropped considerably from last year, by 21%. With the lower prices, the silver lining is more homes are selling as buyers are more confident that Kirkland home values are more realistic than in the past.
As is typical with spring in Seattle neighborhoods, more homes are coming up on the market. In the first two weeks of March, there’s been a jump in the number of homes for sale. Expect that trend to continue. I’ll talk about it in next month’s report when we have all the real estate numbers available for March, which will be no sooner than the first week of April.
The crunch is on to capture the last few weeks for the 2010 home buyer’s tax credit, so I expect Kirkland home sales to continue to be strong into April.
For the complete picture of Seattle-eastside real estate, check out the February blog post on eastside real estate buzz and also take a look at The Seattle Times assessment of Seattle area real estate.
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