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!

Posts about the acquisition of the line this past week.

Walking On The Cross Kirkland Trail

But this is a project near and dear to me, something I’ve been advocating over the last 5 years.  I began writing about the corridor and the trail vs. rail issue in 2007.  I’ve written close to 40 posts on the subject, from the last hurrah for the dinner train, the Port of Seattle’s involvement, the first opportunity to walk on the trail, and the City Council voting to purchase the corridor.

A special thanks to the Eastside Trail Advocates, a local group who worked hard to see this vision happen in Kirkland by sponsoring the first walk on the the proposed trail, speaking at City Council and neighborhood meetings, and holding open houses to demonstrate the value of a trail for the city.

See you on the trail!

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 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.

Free Recycling Event at Windermere Yarrow Bay

Here’s your chance to get a jump on Spring cleaning!  Clean out all that stuff that’s hard to dispose of properly.  You know all that stuff  you never use that’s cluttering up your garage.  Bikes, appliances, electronics and more are being picked up and recycled next Saturday, the 25th at Windermere’s Yarrow Bay office in Kirkland.  Come on down!

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.

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?