Kirkland Real Estate Sales Through Dec, 2011

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.

Kirkland Real Estate Sales Through November, 2011

Sellers are taking their homes off the market in Kirkland.  Look at the difference between July and November.  There are 100 less homes on the market in November than earlier this year and in November of last year.  This is the lowest number of homes we’ve seen on the market so far this year, and for a number of years.

Real estate sales in Kirkland have bounced between a low of 41 in January to a high of 79 in April. Because there are so many fewer homes on the market now, the chances of selling a home in Kirkland increased dramatically this month.  If your home was on the market in November, there was a 31% chance it would have sold.  These odds were the highest on the eastside.

Median pricing in Kirkland followed King County,  dropping considerably this month, from $530,000 to $477,000.  Median pricing is based on the sales that happened during November and is a function of what sold that particular month.  In addition, the statistics on pricing were greatly affected by a number of bank foreclosures and short sales.  Non-distressed sales do not show such a huge drop in pricing.  However, the numbers for all sales get lumped together when statistics are reported.

Thirty-one percent of the available homes sold last month.   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 105 days to sell and sold within 92% of the original asking price.

Even though there’s a really low number of homes for sale right now, the above chart follows a typical pattern.  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.

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 wonderful holiday season and a Happy New Year.

I’m personally excited and thrilled for the City of Kirkland.  I started writing about this issue way back in the spring of 2007 because the corridor wraps around the northern and western boundary of our neighborhood.   I’ve written 28 posts over the years about what was to be the latest and greatest with the trail.  I’m looking forward to future posts, which will be about the plans to develop the trail along the corridor.   Woo Hoo!  See you out on the trail!

Fun on the what will be the future Cross Kirkland Trail

Walking Along What Will Be The Future Cross Kirkland Trail

Related articles

• Kirkland City Council unanimously approves purchase of Eastside Rail Corridor for $5 million (pnwlocalnews.com)
• Kirkland May Buy Eastside BNSF Segment (seattletransitblog.com)

Blocked Kirkland Storm Drain

We had a huge amount of rain come down our street on a really blustery day.  Our street in the Kirkland Highlands ends in a cul-de-sac where the water was collecting by a clogged storm drain.  The drain was filled with leaves.

November is the beginning of the critical season to keep the drains clear of debris because of falling leaves.  Kirkland needs neighborhood volunteers to keep the storm drains clear and streets from flooding.  Can you volunteer, adopt a storm drain and keep your street from flooding?

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!

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?

I’m here to tell you that Kirkland is a great place to live for a lot of people, no matter whether they are rich, not rich, married or single.  You don’t have to be rich or single to live here and enjoy Kirkland.

Perhaps with the presence of a huge Google office and the games division of Microsoft, people feel Kirkland is filled with young singles.

If you drive around town, especially along Lake Washington Boulevard and by Marina Park, you’ll see people of all ages. Some are single and some are not.  Some have families and some don’t.  Stop by any of our parks and you’ll see singles, families, young kids, teens, young adults, and seniors hanging out and enjoying the day.  The boulevard is a popular place for people to stroll, some with baby carriages, some with pets, some in groups, and some by themselves.

So Kirkland is filled with people of all ages, not just the young and single.

Having fun In Kirkland

Enjoying Downtown Kirkland

What about being rich in Kirkland?  Sure there are waterfront properties, mega-mansions, and tony condos.  But there are condos and homes in Kirkland that start at $45,000 for a one bedroom, 1 bath in Kingsgate to a waterfront property priced at$7 million that’s subdividable into 4 lots, two of them being waterfront.  There is only one home priced above $5,000,000 and it really is several waterfront lots.

Kirkland is a wonderful place for a lot of reasons.  Many of the reasons it’s wonderful is because there is such a variety of people who live in the city, even if you’re single! What do you love about Kirkland?

Hardly anyone has signed up for October 8th food drive.  You only need to volunteer for 2 1/2  hours to collect the food.  That’s all you have to do.  Couldn’t you spare a few hours to help those who are in need?

Can’t make it to volunteer on October 8th?  Go to the your favorite supermarket to shop and donate on either September 24th or October 8th.  You can also donate throughout the month at a variety of sites all over the eastside.  Remember the drive is a month long so there is a lot of time for you to give.

Collecting Food for Eastside Month of Concern for the Hungry

Below is the text from Kari Page, Kirkland neighborhood coordinator regarding the food drive.

Local Mayors proclaim September 24-October 22 as “Eastside Month of Concern for the Hungry”

The Mayors of several East King County cities will soon proclaim September 24 through October 22 as “Eastside Month of Concern for the Hungry” as part of the annual “Day of Concern for the Hungry” campaign sponsored by the Emergency Feeding Program of Seattle & King County.  The proclamations officially launch the annual “Share What You Can” campaign to benefit those served by local food banks and feeding programs.  The emphasis is to fill food bank shelves with non-perishable food items as the school season begins.  Donation centers include, various community centers, City Halls, and fire stations.  In addition, on Saturdays throughout the month, volunteers will be collecting food at select grocery stores throughout East King County.

Last year more than 60,000 pounds of food and over $10,000 in cash donations were collected as part of this effort.   These donations help local food banks meet the increasing demand for food assistance at a time when many organizations are experiencing significant funding cuts.  In fact, Hopelink reported that in 2010 the demand was up by 12 percent and has risen by 47 percent over the past three years.

In participating communities, neighborhood associations, community leaders, faith organizations, businesses, hospitals, and schools are encouraged to rally by hosting food drives and fundraising events and volunteering at hosted stores.

For more information or to volunteer, please sign up at Kirkland’s volunteer link.

Huffing and Puffing Up 112th in the Kirkland Highlands

Kirkland Triathlon in the Highlands

The Kirkland Triathlon came through the Kirkland Highlands last Saturday.  The race gave me a new appreciation for the difficulty of getting up 112th Ave NE into our neighborhood!  While taking photos, I looked at the road in a different light, noticing the long climb to the road.   As you can see from the first photo, 112th actually disappears as it drops down towards NE 87th.  This made it slow moving for a lot of the bikers.  The race began downtown, headed east on 7th, then north through the Highlands over to Rose Hill and then back into Kirkland in Houghton.

I got to see some of the leaders of the bike race as they flew downhill through Houghton.  I’d just finished working out and before I headed back to the Highlands, some of the leaders came zooming town the hill on NE 68th. The leaders were coming through Houghton just after 9 AM.  These folks were really moving!

Triathletes Speeding Downhill in Houghton

Kirkland Triathletes

Kudos to all who participated in this great annual event!

Kirkland Real Estate Sales Through August, 2011

Fortunately for those Kirkland home owners trying to sell a home this year, there has not been a huge increase in the competition.  Since March between 276-287 homes have been for sale each month.  Sales are still fairly steady, which means if your home has been on the market for a while, it probably is priced too high for the market.  In August,  62 homes or 22% sold.

Most homes on average were on the market for 95 days.

Several of the home sales that happened in July, fell apart in August with these homes coming back on the market.  When I first reported July home sales, there were 67 homes that had sold.  Nine of these home sales failed, which means 14% 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.

It was great to see the news media finally supporting the positive real estate market we’ve been having for most of this year.  Our boom years began in 2003, but the years 1998-2002 real estate on Seattle’s eastside were nice and steady.  Our market is beating those nice and steady years.  The 2011 sales were up by 35% from last year with 22% fewer homes on the market, very positive, realistic news.

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