KIRKLAND'S YEAR OVER YEAR REAL ESTATE TRENDS 2017/2018

THE REAL ESTATE RECAP OF KIRKLAND'S HOT MARKET IN 2017/18


Due to the same supply constraints afflicting Bellevue in 2017, Kirkland saw slightly fewer single-family home transactions year over year-down by 3.0 percent from 2016, to 1,233 from 1,271.

Kirkland's market has highly favored sellers. In 2017, the median single-family home price in Kirkland rose by 12.4 percent, to $810,000 from $720,800 in 2016. Median cumulative days on market in Kirkland reached six in 2017 Q2. fourth quarter market times were sharply reduced, from 27 days in 2014, to 17 in 2015, 10 in 2016, and eight in 2017.

The market is being pushed from the bottom. Competitive bidding drove the 25th-percentile price higher than the listed price by 10 percent and 10.5 percent in Q1 and Q2, respectively. At the 75th-percentile price, the premium to sellers peaked at 5.5 percent in 2017 Q3, and reversed to - 1.9 percent in Q4. in the top quarter by selling price, single-family homes in 2017 Q1 actually sold for less year over year; but this condition was reversed in the second quarter, and price increases across all bands were into double digits by the fourth quarter. Entry-level prices were consistently strong - the lowest year-over-year quarterly increase at the 25th-percentile price was 17.4 percent in the third quarter.

Kirkland continues to offer a similar quality of life as homes in Bellevue at a discount to Bellevue prices. Three-, four-, and five-bedroom homes in Kirkland sold for respectively 18.3 percent, 25.1 percent, and 18.5 percent less than those of its southerly neighbor.

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