There are a number of experts who are beginning to say that the real estate bubble has reached its’ bottom. In Kirkland, one can argue that the bursting bubble has not been nearly as big as in other parts of the country, or even within the State of Washington.

The average value of a house in Kirkland actually increased from April 2009 to May 2009 by .53%. The number of homes on the market was relatively flat from April to May 2009 at around 722 homes for sale. The average listing price is approximately $822,000. Houses typically stay on the market for 122 days. This is slightly skewed as higher priced homes generally stay on the market longer than lower priced homes. The reason for this is that there are more buyers in the lower end of the curve than on the higher end of the curve.

The housing market in Kirkland doesn’t typically follow the national, or even the state housing market trends. There are a number of factors that affect that assist in stabilizing the Kirkland housing market. One of the reasons that Kirkland has not experienced the big down turn in the housing market is the desirability of living or relocating to Kirkland. Kirkland’s attributes including proximity to Lake Washington, close to Microsoft, great restaurants, low crime rates, higher disposable income, etc., put a positive influence on the housing market. Even comparing Kirkland to neighborhoods in Seattle, such as Ballard, show that those external factors have a large influence on the housing market. In fact, the price of houses in Ballard was down year over year by about 4.6%. In Kirkland, the average price of a house decreased by approximately 1.5%.

On the lower end of the price scale, typically reserved for first time home buyers and investors, housing prices in Kirkland actually increased. Investors, seeing the values in the lower end of the market have bid up housing prices. I was recently showing a house that was introduced to the market at $325,000. It was an average rambler with 1,250 square feet with 3 bedrooms and 1.5 baths. The house was structurally perfect, but needed updates with paint and carpet. As a result of investors seeing a good deal on a house and first time home buyers using their $8,000 tax credit, the house ended up selling for $365,000. I’ve seen this type of activity on several homes priced on the lower end of the scale.

The conclusion is that if you have a home you are selling and the price is on the lower end of the market range, you can expect it to be on the market much less than the average time of 122 days a house is on the market before it sells. Also, if you are purchasing a house as an investor or first time home buyer looking to buy a house on the lower end of the market, you need to remember that there are more buyers in this range and be a little more conservative with your offers.