June Statistics on the Kirkland housing market were recently published by the Northwest Multiple Listing Service.
There were fewer new listings in June of 2009 over June of 2008. There were 105 vs. 130. This tells me that sellers are waiting for the market to recover over the next few years before they decide to sell. However, the supply side effect really doesn’t come into play (meaning lower supply = higher prices), because of the downward push on prices from distressed and foreclosed real estate in Kirkland. This still means it’s a good time to buy in Kirkland.
The average price of a house sold in Kirkland has gone down from June of 2008 to June of 2009 by approximately 7%. The average home sold went from $1.172 million to $1.086 million. Now, don’t panic. This statistic is misleading. It simply says houses SOLD in June of 2009 were valued 7% lower than houses sold in June of 2008. Not that the average value of a Kirkland home is 7%. The values of Kirkland homes have stayed pretty solid over the rest of the United States and Washington state overall. The depreciation in values is somewhere between 3% and 4%.
If you are considering selling your Kirkland home, or relocating to Kirkland, you’ll be interested to know that the average days on market went up from 99 days in June of 2008 to 120 days in June of 2009. Obviously the credit crunch getting financing is an obstacle that’s causing the number of buyers to go down. This decreases the demand on houses, even though housing prices are down, thus causing houses to stay on the market a bit longer. The average days on market for all of Washington state is somewhere around 150 days. So, the Kirkland real estate market is in better shape than the rest of the market.