September statistics show more of the same, although all three figures show the “minor relief” for buyers that was predicted in May 2021.
Median closed sales price vs $1,310,000 up 26% year over year vs
August $1,300,000 up 24%
July $1,330,563 up 32%
June $1,364,000 up 40%
70% of homes sold for over list price.
As predicted, August statistics show some relief for buyers. The median price for homes on the Eastside has been relatively flat since March (ranging from $1,298,475 to $1,364,000) and is expected to continue through the end of the year.
Summer is almost over and that means kids are going back to school soon. As usual, there is a strong push for buyers to get into new homes and register for the school year. Unfortunately, the lowest inventory in history is not helping and its not getting any better. The multiple offers and price appreciation continues as buyers fight for good homes. In June we saw home prices rise to a median of $1,330,563, a 32% increase from last June.
As much as I want to share the stats of recent sales and tell you how busy we’ve been and the bidding wars we’ve encountered. I would much rather answer the question that I keep hearing over and over. “Is this market sustainable? Are we in a bubble? Is the market going to crash?”
Finally, the sun returns this week, and you know what that means for downtown Kirkland, busy, busy, busy. We always say, Kirkland is a “solar-powered community” and, let’s be honest, no other city shines as bright as Kirkland on a sunny day.
If you’ve been following along on my social media you can see, the market is hot! Two new listings this week and they’re booked solid with showings this weekend and slated for offer reviews on Monday.