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Real Estate News in Kirkland Spring 2017 - March 22nd, 2017
Still no sign of hope for home shopper/buyers here or on the near horizon. The numbers of new listings are way down, sales are still strong.

The Seattle region is the fourth strongest sellers' market in the country behind No. 1 San Francisco, which is followed by San Jose and Denver. Sacramento came in fifth behind Seattle. Baltimore is the top market for buyers.

The rankings are based on how long a home stays on the market and the percentage of listings with a price cut. In buyers’ markets, homes are on the market longer and price cuts occur more frequently. Homes in a sellers’ market sell faster and have fewer homes with a price cut.

Seattle area home prices are surging back up again to record heights, signaling the end to the normal winter cool-down in the market. The number of houses for sale in King County is at its lowest point ever.

EVER!

King County’s median single-family home price was up 6.7 ...
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2017 Real Estate UPDATE Kirkland - January 10th, 2017
Seattle Area Real Estate 2017 Forecast.

My 2017 market forecast based on numbers, not opinions.

Damn! Did the holiday season come and go as quickly for you as it did for me this year? It seems as though I had just written my market forecast for 2016!

At the end of each year I complete a yearly market forecast for real estate in the Greater Seattle Area based on numbers, not on opinions. Using accurate data, since 2011 my forecast has been spot on. My analysis is based solely on available inventory going into the new year. Specifically the current number of available homes to purchase has always been the indicator for what will happen in the next 12 months for home buyers and sellers. I take a look at the home supply as real estate prices are dictated by supply and demand along with a touch of interest rate predictions, it's simple.

Perhaps most distressing data point for home buyers starting in 2017, is the number of hom...
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Real Estate News in Kirkland - October 19th, 2016
Seattle one of the hottest housing markets of 2016
How much have areas of Denver, Portland and Seattle heated up? In April 2012, a typical home in Denver found a buyer in 36 days and in Portland it was 65 days and in Seattle it was 50. Now, homes in those markets found buyers in Denver 14 days, Portland 18 days and Seattle with the shortest market time of 10 days, respectively. This year, homes are finding buyers seemingly the day they hit the market.
About three-fourths of homes listed in Seattle area and eastside now spark bidding scenario's and most are sold within 12 days, ranking the Seattle area and eastside real estate markets among the most competitive markets in the nation.
The benchmark between a Buyer's market and a Seller's market is a six month supply of homes. The greater Seattle housing supply is currently running just below a two month supply of properties/homes for sale. A housing market that has six months' supply to be balanced...
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National Market Conditions
2017 1st Quarter Market Report: Home Sales Start Strong in 2017

The 1st quarter of 2017 ended on a strong note with March existing home sales reaching its highest pace in 10 years despite low inventories of homes for sale.

The most notable change in the 1st quarter was another huge increase in markets where there were more buyers than sellers resulting in quick sales and low inventory. Our survey showed that in 73% of the markets surveyed there were more buyers than sellers, an increase of 15% over the 4rd quarter and an increase of 13% over the 1st quarter of 2016. Additionally, 80% of our markets survey showed a tight supply of homes, an increase of 10% over last quarter and 13% over last year. Home prices are also on the rise with 92% of markets showing price appreciation in the last year.

According the National association of Realtors (NAR) existing home sales in March were up 5.9% over last year; inventory of unsold homes is at a 3.8 month supply and 48% of all homes sold in under one month. That is a strong sellers market.

The data in this report is generated primarily from our survey of HouseHunt.com exclusive member real estate agents across the United States. This grass roots approach to studying the housing market gives us a thorough look at where the real estate market is through the eyes and perspective of the local real estate agents who are living and working in the trenches of each community.

Buyer and Seller Activity
The trend in both buyer and seller activity is up slightly in the 1st quarter of 2017 compared to the previous quarter. Buyer activity increased in 74% of the markets surveyed and decreased in 14% of the markets surveyed indicating a significant 8% increase since the 4th quarter o f 2016 and a 1% decline in activity from Spring 2016. Simultaneously, the trend for seller activity continued to increase in the 1st quarter with 45% of the markets indicating increased seller activity compared to 42% of the markets in the 4th quarter of 2016 and 40% of the markets this time last year. Despite increased seller activity there are still more buyers than sellers and homes are selling quickly.

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Summer 2017 Market Update
The local Kirkland area real estate market remains very hot with extremely low inventory and prices that are rising faster than anywhere else in the country. However, that rate of price growth appears to be cooling from last year, dropping to its slowest pace in three years. Predictions of more interest rate hikes may further limit price increases. Those considering to sell their home may want to take advantage now of this perfect storm of record-low inventory and record-high prices.
Average Sold Home Price: $725,000

Average Time on Market: 10-30 days

Best Selling Price Range: $850,000 - $899,000

Existing Home Prices for the past 90 days: Increasing

Market Trend: No Change

Buyer's or Seller's Market: More buyers than sellers

Buyer Activity for the past 90 days: Increasing

Seller Activity for the past 90 days: No Change

Multiple Offers? Yes

What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? 0-5%

Is Financing Available For Qualified Buyers? Yes

Housing Inventory: Limited Supply

Greatest Activity: Repeat Buyers

Best reason to buy or sell: Job Growth

Nearest Metro Area: Seattle

Average Sold Home Price: $725,000

Contact Information
David Sprague
206-612-5000
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Real Estate Professional, David Sprague David Sprague
RE/MAX On the Lake
Specializing in Kirkland Real Estate
400 112th Ave. NE
Bellevue, Washington 98004
206-612-5000
Email Me | Receive New Listings by Email
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(Because current market conditions can change rapidly in any given marketplace,
please check with David Sprague for current Kirkland, WA market conditions before acting on this information.)
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