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June 11, 2013

One of the most beautiful Seattle suburbs is Kirkland, a small town located on the eastern shores of Lake Washington, directly north of the town of Bellevue. It's proximity to Redmond, where Microsoft headquarters is located, has created a boon in the Kirkland real estate market. Although home sales took a dip after the housing bubble collapse six years ago, home sales in Kirkland continue to tick upward in 2013. Kirkland real estate prices are among the fastest growing in the Seattle metropolitan area.

Kirkland's downtown area faces Lake Washington and draws tourists with its boating expeditions up and down the lake. The town is known for its dining and shopping as well. Many homebuyers are drawn to Kirkland, no doubt, by its wide range of recreational opportunities. It features several waterfront parks for lake recreation as well as walking trails and scenic beauty. Its major thoroughfare is Highway 405, and it offers easy access to Seattle to the west and Redmond to the east.

Recent statistics from Trulia.com found that the average price per square foot of a home in Kirkland has risen 20.5 percent since 2012. As of May 2013, the average price of a home, based on the sales between February and April was $405,000. The number of homes that sold had increased 37.5 percent over the previous year. In late May 2013, the average listing price in Kirkland was approximately $977,000.

Although prices have dropped significantly since five years ago, properties prices are on the upswing. The average price of a three-bedroom home in Kirkland as of late May 2013 was $419,000, up 16 percent from the previous quarter. The average price in May 2012 was $359,500, while the price in 2008 was $479,500.

Kirkland is comprised primarily of two neighborhoods, North Rose Hill and Moss Bay. Home prices are significantly lower in North Rose Hill. The average home selling price between February and April of 2013 was approximately $339,000, an increase of 23.6 percent over the same period in 2012. This price was based on 28 sales. The average listing price was about $466,000 in late May 2013. The average price per square foot was $215, up approximately 24 percent the price during the same time period in 2012. Rose Hill is located on the east side of Highway 405 between Kirkland and Redmond.

Moss Bay, located right on Lake Washington, saw a slight decrease in home sales over the same time period in 2012. These statistics are based on the sales of 34 homes. The median price decreased 3 percent, but the number of homes that sold went up over 21 percent. The average price per square foot was $370, an almost 13 percent increase over the same time period in 2012. As of late May 22, the average price of a home in Moss Bay was about $1.1 million, and had increased slightly over the previous week's sales.

Central Houghton neighborhood home sales have remained relatively stable over the last year. Between February and April of 2013, the average home on the market sold for nearly 15 percent more than the previous quarter and only up approximately 3 percent over the sale prices the year before. The average price of a home in Central Houghton is also well above the average in Kirkland. The average selling price in early 2013 was $720,000. This is down from nearly $920,000 five years ago.

Another popular Kirkland neighborhood, South Juanita, has maintained stable housing prices over the last five years. It also has some of the lowest-priced homes in Kirkland. The median average selling price from February to May 2013 was $310,000. This average had increased 13 percent over the previous quarter, but had gone down over the average sales price in 2012 at the same time, which was about 5 percent. The average listing price in South Juanita is much higher, $610,000. Last year the average listing price during the same time period was approximately $649,000.

According to Movoto.com, the number of houses on the market in Kirkland is down significantly since a year ago. As of late May, 237 homes were on the market, compared to 311 at the same time in 2012. That is nearly a quarter fewer homes for sale. The list price has risen according to the number of homes on the market. Movoto.com found that prices have increased 36 percent in the last year. In May 2012, the average price of a home selling in Kirkland was $537,500. Today the average is $729,950.

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