February home sales were strong in Kirkland, according to statistics just published by the Northwest Multiple Listing Service. Pending sales (contracted, unclosed sales) of single family homes increased 9% over January levels, but were down from February of 2013.
Lack of inventory and distractions from the Super Bowl are the likely culprits in the lower yearly sales activity. The inventory level remains low at 1.6 months of supply. Open houses are very well intended and there are multiple offers in many situations.
Single family home prices were down for the month, but may reflect the lack of inventory in the higher-priced neighborhoods. The median price of $543,000, however, was considerably higher than one year earlier.
Condo pending sales were up 9% from January levels but were the same level as in February 2013. Inventory levels were also at 1.6 months of supply, and prices were flat for the month with a median price of $235,000.
Inventory has started to increase, so we should see strong sales in March. Great time to be a seller, but you need patience, realistic expectations, and a good strategy to be a successful buyer in this market.
This post was contributed by a community member. The views expressed here are the author's own.
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