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Jan. 6, 2008 - Kirkland Real Estate Stats as of today

Over on Rain City Guide I posted the stats for King County.  With so many people tracking the real estate market to see where the market is headed in 2008, I'll be posting stats for King County at RCG on Sunday nights and do a different City each week over here.

The housing stats become much more meaningful when you break them down into the City and price range you are buying or selling in.

For Example, let's look at Kirkland all together both single family and condos in all price ranges.

The orange portion represents the 1,604 properties sold in Kirkland in 2007.  If you divide the number sold by 12, you get an average of 133.66 sold in a month.  If you divide the number of homes for sale of 616 by 113.66, you see that there is a 4.6 month supply on market.

That would be a moderate buyers market.  BUT if you are looking to buy a condo for over a million dollars, you would be in a very strong buyer's market as shown below in the graph for condos over a million dollars.  As you can see, the green portion of the pie is more than the orange portion, meaning the number currently for sale exceeds the number sold in the entire year of 2007.  Much more bargaining power if the seller needs to sell and sellers should not be overpricing their homes given this absorption rate of current inventory of over a year.

The median price for all condos sold in Kirkland in 2008 was $329,000.  The median price for all condos for sale right now is $415,000.  So if property is not selling, it could simply be because sellers are asking to much as a whole and you should be very careful to make sure you are buying the few that are priced well. 

If you look at the state of the condo market for sale at that median price of $329,000 or less, the outlook is completely different and it is not a strong buyer's market.  But it's not a seller's market either.  If you are looking to buy a condo for under $250,000, the odds that the seller will need to negotiate strongly are less than if you are buying one for $650,000. 

81 condos in this price range is about a 2.8 month supply if you do the math as shown above.

 

SINGLE FAMILY HOMES IN KIRKLAND

Let's jump to single family homes and look at the strong buyer's market for homes priced over $1.5M.  Not quite as bad as sellers of condos priced over a million dollars, but still a strong buyers market for homes priced over $1.5 million.

The median price range for all single famil homes sold in Kirkland in 2007 was $590,000 and the median price of all single family homes for sale today is $799,000.  Again, the high inventory can be at least partially blamed onthe fact that sellers are pricing too high and higher than the comps from previous sold property.  So be very careful to only consider the few that are priced well.

Not a strong buyers or sellers market for the homes priced at the median sold price of $590,000 or less though.  Condition and Location are the most important factors in this group as to whether or not the asking price is a good value.

I'll try to do stats every Sunday and pick a different City or Zip Code each week.  Next week I'll do Bellevue and highlight 98005 and 98007 unless someone has a special request for another area.

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Jan. 13, 2008 - RE: Kirkland Real Estate Stats as of today

Posted by Tim Harris

Insight into these kinds of transactions is always helpful.  Being knowledgeable and motivated are key to surviving in today's more difficult market conditions.  Don't you agree that putting both of these halves together is the ingredients of success??

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Jan. 13, 2008 - RE: Kirkland Real Estate Stats as of today

Posted by ARDELL
Not sure how to respond to that vague comment.  Did you know my partner's name is Kim Harris?  Seems a huge coincidence given I don't get many comments here, that your name is so similar.  I know he didn't post the comment because he was with me :)
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Jan. 29, 2008 - RE: Kirkland Real Estate Stats as of today

Posted by McKenzie

I love your use of pie charts to demonstrate market activity, I think it is a much more effective technique to get minds to bend around accurate numbers. . . I think I might employ the same thing onc ei get more of the blogging skills honed.  :)  Thanks for the idea.

McKenzie

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Feb. 20, 2008 - RE: Kirkland Real Estate Stats as of today

Posted by PlanOpen
Interesting data and informative graphs.  Thanks!
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Feb. 22, 2008 - RE: Kirkland Real Estate Stats as of today

Posted by Seminar John
I noticed the hard 4th quarter fall off, which contribbuted mightily to that 35%–we had the same here in 4th quarter unit sales, a sharp decline. How did the prices hold up ‘07 to ‘06 Terry McDonald
http://www.johnbeckseminar.com/
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Mar. 5, 2008 - RE: Kirkland Real Estate Stats as of today

Posted by ARDELL DellaLoggia

Not well, and the 32% drop YOY is continuing through early 2008.

I post the stats on Sunday Nights at www.RainCityGuide.com for King County.  Condos were down even further to a scary level at end of February.  More sales are still being posted, but the result will still likely be down 40% or so YOY

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ARDELL DellaLoggia of Sound Realty on Seattle Real Estate process and market including Kirkland, Bellevue, Redmond, Green Lake and most areas around the top of Lake Washington North of Downtown Seattle. Phone: 206-910-1000 - Mailto:ARDELLd@gmail.com

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