2018 has proven to be a good year for real estate across the nation. But there are some areas that are faring better than others. And Kirkland, Washington real estate is at the top of that list.
If you’re thinking about selling a home in Kirkland, there is no shortage of buyers. However, if you’re thinking about buying a home, be sure to take notice that this is an extremely competitive market right now so you’ll need to be fully prepared before making any offers.
Regardless of your intentions when it comes to buying or selling a home in Kirkland, you’ll find a market that is undying.
Here’s a comprehensive breakdown of the Kirkland Real Estate market so that you can have a better understanding of what you’re stepping into with your next home sale or purchase. Keep reading to learn more.
Kirkland Real Estate Overview
The Washington State Real Estate market was predicted to explode in 2018 and there has been no shortage of proof that this prediction has come true. The Kirkland Real Estate market is no different with an increase in demand and low inventory across the board.
According to reports earlier in the year, there was less than a month of inventory available at any given time. This compares to an average, balanced market that has a three to six-month inventory turnover which means that homes that go on the market are expected to sell within that time frame.
Let’s take a look at some of the details.
Median Listing Price
It’s no secret that the Puget Sound region of Washington State is a trending spot for real estate most times of the year, any year. That’s because the homes are luxurious and generally priced to sell. Although the median list price per square foot is higher than the Seattle Metro area average by almost $150.
You’ll find homes listed here for an average of $850,000 to $930,000 which is up from an average of $710,000 in July of 2017.
Median Sales Price
With median listing prices rising, so are the sales prices for each home sold in Kirkland. From April to July in 2018, the average sales price for a home in Kirkland was almost $775,000. This number was based on over 430 home sales and noted as an 11% increase year over year.
If you’re interested in buying a home to rent, you’ll be interested to know the median rent per month as well. For apartments in the area, rent is higher than the average in the Seattle Metro region at over $2800 per month. This is up over $300 from December of last year.
Price Per Square Foot
Of course, if the median list and sales price go up, so does the price per square foot of the home you’re interested in. This year, the average has increased by 14% compared to the same period in 2017. You’ll find most homes with an average of $472 per square foot.
These numbers have been trending upwards all year long so you may expect to pay more the longer you wait.
Knowing the crime rate in a neighborhood can help you make a decision on whether or not to buy. Crime activity is most helpful in making comparisons between two or more different locations in order to understand the safety of that area.
The crime rate in Kirkland is low compared to most American Cities. Statistics show that your chance of becoming a victim of a violent crime such as armed robbery, rape, assault, and murder is one in one thousand.
There are 49 schools in Kirkland including Elementary, Middle, and High Schools. There are also several Private and Charter schools in the area, all with high ratings. These schools span over three separate districts with an average of 67,000 students.
Most schools carry an average 3-star rating from parents in the region with Rose Hill Elementary receiving a 5-star rating. Rose Hill Middle School receives a 4-star rating. The top-rated high schools also receive 3 stars from most parents.
Depending on your age and marital status may also depend on where you prefer to live. That’s why understanding the demographics of an area is so important when searching for a home. Here’s a breakdown of what you can expect in the Kirkland area.
- Single Residents – 36%
- Homeowners – 69%
- Median Age – 38
- Median Household Income – $90,455
- Residents with a College Education – 61%
If you live in Kirkland, you’ll have an option of commuting by car, public transportation, bicycle, or walking. Although biking and walking are not popular methods of commuting.
90% of people drive in Kirkland while the remaining population uses public transportation.
In order to make a decision on where you plan to live, you’ll also want to know about the surrounding areas.
Some of the most popular cities near Kirkland are Yarrow Point, Clyde Hill, and Kenmore. The median sales prices for these areas are $3,725,000, $2,825,000, and $647,000, respectively.
Kirkland Washington Real Estate Health
Overall, the Kirkland real estate market is rated as healthy with a score of 8.9 out of ten dating through June of 2018. There are only 5.5% of homes with negative equity comparing to the national average of 10.4%, and only 0.4% of homes with a delinquent mortgage.
Final Thoughts On The Kirkland Real Estate Market
The Kirkland Real Estate market is hot right now and it doesn’t appear to be slowing down anytime soon. If you’re interested in buying a home in Kirkland, your best bet is to make an offer that sellers can’t refuse or you could risk losing the home to another bidder. Inventory is already low, so your options may be limited.
It’s important to note that job growth in the region is contributing to real estate in Kirkland, Washington. Not to mention that interest rates are historically low. Now is the time to make a move if you’re contemplating a decision.