In December, 2011, there were very few homes for sale in Kirkland. Ninety fewer homes were for sale than in December, 2010. Looking at October, 2010, when 356 homes were for sale, will give you an idea of how dramatically the decline has been in the number of homes for sale.
I thought the percentage of sales, the absorption rate, would be higher this month than it is because there were so few homes on the market. Apparently, buyers decided to focus on the holidays rather than buying a home in Kirkland in December. Only 19% of the supply of homes sold, whereas 31% sold in November.
Median pricing in Kirkland went from $498,000 to $510,000. Median pricing is based on the sales that happened in December and is a result of what sold that particular month. It does not mean prices were up for the year. Median pricing in Kirkland was down to the mid $400,000’s for the year.
Looking back at 2011 in Kirkland real estate:
- The fewest home sales ( pending): 32 in December.
- The most number of homes sales (pending): 79 in April.
- The fewest number of homes for sale: 167 in December
- The most number of homes for sale: 289 in June and July
- The best absorption rate (supply to sales): 28% of the homes sold in April and November
- The lowest absorption rate: 16% in January
The above chart follows a typical pattern with more homes coming on the market in the summer. Almost every year, more homes are for sale in the summer than at the beginning or end of the year. That being said, if you plan to sell your home, consider putting it on the market before the middle of the summer. Your home will have far less competition.
If you would like information about your home, please contact Brooks or me and we’re happy to help you.