A shortage of homes lead to higher home prices in Kirkland in December, according to statistics just published by the Northwest Multiple Listing Service. Pending sales for single family homes were down 13% from November and were lower by almost 10% from the level in December 2012.
Far fewer homes came on the market than in recent months, and inventory remains at the low level of 2.4 months of supply. This indicates we are still in a seller’s market, which results in higher prices. The median price of single family homes rose to $532,000, an increase of 22% over the level of December 2012, and higher than the level of the past several months.
Condo sales were down as well, with 40% fewer sold in December than in November and almost 17 percent less than in December 2012. Inventory levels rose slightly to 2.5 months of supply, but prices were slightly lower for the month and slightly higher than one year ago.
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Based on the open house sales activity in January so far, sales activity is expected to be higher for this month. Multiple offers continue to be the norm for homes in good condition. There continues to be strong demand for homes and buyers are trying to snap up homes before interest rates rise, which is projected later in the year.