Kirkland Real Estate Market Goes RED HOT ! ($1,000,000 and over)
By Greg Perry, Kirkland Realtor
For months, I have been tracking the Eastside real estate markets, especially Kirkland. I've been fascinated by the rebirth of the East of Market (Norkirk), West of Market (Market), Downtown and Houghton neighborhoods, as it seems every week an old bungalow falls to make way for a new McMansion. NWMLS area 560, which consists of Kirkland/Bridle trails has carried more $1,000,000 plus home in inventory than any other Eastside Area. I've also watched Kirkland with concern, as inventory levels seemed to continually build, creating very high absorption rates (the rate of inventory sell through). Kirkland has been plodding along selling 3-5 homes per week in this above million dollar price range supported by inventory of up to 120 homes. That is until the last 2 weeks! For the week ending 05/16, 8 homes sold in Area 560 above the million dollar mark. For the week ending 5/23, 11 homes sold in this price range! That's 19 sales in a 2 week period! The 2 weeks prior, 05/02 had 4 sales and 05/09 had only 2 sales. (Inventory is tracked Tuesdays through Wednesdays)
The Buyers are clearly out and buying in Kirkland. Here is the sales breakdown for the 2 week period (for residential houses (not condos)):
$1,000,000 to $1,249,999 - 6
$1,250,000 to $1,499,000 -4
$1,500,000 to $1,749,000 - 5
$1,750,000 to $1,999,999 - 3
$2,000,000 to $$2,249,999 - 1
$2,500,000 and up - 0
Sales refer to sales that have gone PENDING in the NWMLS system (a listing with a Pending date within the week). A quick check of the NWMLS in area 560 shows an additional 13 properties that have sold STI (subject to inspection). Once inspections issues are solved, they are changed in the NWMLS system as Pending. Interesting to note that there are two properties that have sold STI for over $2,500,000!
In the same two week period, million dollar plus properties in Area 500 (South Bellevue/Issaquah) had 15 (up from an average of 1-3 per week).
Area 510 Mercer Island had only 3 Pending sales.
Area 520 West Bellevue had 9 Pending sales (representing a nice spike).
Area 530 East Bellevue had 4 Pending sales
Area 540 Sammamish/Pine Lake Plateau had 10 Pending sales.
Area 550 Redmond/Carnation had only 1 sale the week end 5/16 and 0 sales for the week ending 5/23 for at total of only 1 sale.
Area 600 North Kirkland/Woodinville had 4 sales.
If you would like specific information on your eastside neighborhood by price range, contact us today! gregperry@working-for-you.com
Data is from NWMLS and is deemed reliable, but not guaranteed. This information not verified or published by NWMLS.
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