Kirkland Homes Sale Statistics of August

Deny Smith Thursday, September 29, 2022 Content Leave a comment

Are you looking for Kirkland home sales statistics for August? If yes, then you are at the right place. This article will share Kirkland Homes’ sales statistics for August 2022. The market is very competitive these days. People want to get into Kirkland, WA Real Estate faster than ever before. This has led to a surge in the number of houses being sold.

Local newspapers, websites, and even social media are some of the places you can find information about current housing trends. However, some information is not available in those sources.

Properties Sold

August property sales were 88, down 33.3% from 132 in August 2021
It was also 54.4% higher than the 57 sales last month.

1. Depreciating Average Sold Price per Square Footage

The average price per square foot is a good indicator of the direction of home prices. Since median sold price and average sold price can be impacted by the mix of high- or low-end homes in the market. The average sold price per square footage is a more normalized indicator of the direction of home prices than either the median sold price or average selling price.

In August of 2022, the average sold price of $694 was down 12.3% from $791 last month, reflecting the continued downward trend in home prices.
It was also up 8.1% from $642 in August last year.

2. The Average For Sale Price is Neutral

The average sale price in August was 1,250,000 dollars, down 7.4% from 1,350,000 dollars in August 2021.
It is down by 9.7% compared to 1,384,000$ last month.

3. The Median Sold Price is Depreciating

The median sold price in August was $1.5 million, up 13.2% % from $1.325 million in August 2021.
But compared to last month, it was down 15.3% % from $1.771 million.

Inventory

A relatively low number of months of inventory is generally more favorable for sellers. In contrast, a high number of months of inventory tends to benefit buyers.

Buyer’s Market: More than six months of inventory.
Seller’s Market: Less than three months of inventory.
Neutral Market: 3 – 6 months of inventory.

Inventory Based on Closed Sales

The August 2022 months of inventory based on closed sales of 1.6 was up by 451.6% from last year.
It was down 46.7% from last month.

Inventory based on Pended Sales

The August 2022 Months of Inventory based on pended sales 1.6% was increased by 334.7% compared to the previous year.
It also went down 29.9% compared to last month.

Pended Properties

There was an increase of 26% in the pended properties in August, with 92 properties versus 73 last month.
Whereas the pended property sales were 13.2% lower than last year’s.

Absorption Rate

In real estate investing, the absorption rate refers to the percentage of buyers who purchase a property within 30 days of seeing it listed. This number is very important because it shows whether or not the seller has priced their home correctly. If they haven’t, you can expect a lower absorption rate.

Absorption rates vary depending on the type of property being sold. For example, single-family homes for sale in WA tend to have higher absorption rates than condos. Also, properties in desirable neighborhoods sell faster than those in less desirable areas.

1. Absorption Rate Based on Closed Sales

The August 2022 Absorption Rate based on closed sales of 61.5 was decreased by 82.3% compared to last year
It also went up 84.6% compared to last month.

2. Absorption Rate Based on Pended Sales

The August 2022 Absorbance Rate based on the pended sale of 64.3 was decreased by 76.9% compared to last year.
It fell went up 50.6% compared to last month.

The Days on Market Shows Neutral Trend

The average Days on the Market shows how many days an average listing is on the market before selling. A downward trend in DOM means that properties are moving off the market faster, indicating a move towards more of an Investor’s market.

August 2022 was 19, up 72.7% from 11 days last month
It also increased 137.5% from 8 days in August last year.

The Sold/Original List Price Ratio is Stable

The Sold Price vs. Original List Price reveals the % of the selling price being reduced from the original list price. The higher the number, the greater the demand for the product.

This month’s Sold Price vs. the Original List Price of 96% is down 1% % from last month
Unfortunately, it is down from 9.4% % in August of last year.

Final Words

When it comes to buying a home in Kirkland, WA, there are some great deals out there. Seattle Real Estate prices have remained constant throughout the year, and appreciation rates have increased. Some experts believe the market could begin selling homes above the prices asked by the end of the month. Realtors are optimistic that this could soon happen.

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