In the past condo sales and values lagged a bit behind single family homes – not anymore. Eastside condo sales have accelerated in recent months with record attendance at open houses, shorter market time (less than 10 days), multiple offers and sales prices averaging 5% over list prices.
The number of available resale condos downtown is at an all time low. Since the first of the year 59 condos have sold (an average of 20 per month). With just 20 resale condos currently listed for sale, that’s just a one month supply to choose from. There are 20 pending condo sales, so you can easily see the available inventory is being gobbled up as soon as it comes on the market.
Downtown Kirkland is no different – since January 1st 54 condos have sold and there are currently only 21 active listings, or a 1.1 month supply of inventory, but with 37 pending sales, those 21 active listings clearly won’t satisfy buyer demand. With the continued hiring pace at Google, new companies moving into the office space at Kirkland Urban in the next 18 months, plus the new retail and dining experience Kirkland Urban will offer, there are a lot of reasons for wanting to be in Kirkland.
If you’re a seller, you’re in the driver’s seat, but you need to be ready to move quickly and have your rental or new purchase lined up for quick occupancy. Investors should seriously think about selling in this market to maximize their return on investment. Buyers . . . there are a lot of cash offers out there, but they don’t always offer the best price or the best terms for sellers. Get your financing together, listen to your Realtor® (if you don’t have a Realtor®, find a good one), be flexible, realistic, creative and patient. Prices aren’t going to go any lower and with 1,000 people a week moving into the Puget Sound region, demand will continue. Now is the time to get your foot in the door of home ownership, move-up for more space or a view or downsize to a lower maintenance lifestyle. Its not a secret anymore . . . this is a great place to live.