Local inventory is up as buyers and sellers prep for spring real estate market

Local inventory is up as buyers and sellers prep for spring real estate market

February’s snowfall temporarily slowed down sales.

By Erin Flemming

Special to the Reporter

If you’re looking to purchase a home this winter or spring, you’ll likely benefit from the uptick in inventory at all price levels in the Kirkland area. Mona Spencer, branch manager for John L. Scott’s Redmond office, said many buyers in February appreciated the options and the less hurried pace in the local market.

In Kirkland, there were 250 homes for sale in February, which is more than double the number of homes for sale in February the year prior. When looking at months of inventory in Kirkland, the city had 0.8 months of inventory in February 2018, and just a year later we are at 1.7 months of inventory.

Spencer said these numbers are encouraging and a move in the right direction toward a balanced market, though multiple offer situations are still a possibility for well-priced homes in certain areas.

“We did see fewer buyers in February competing over more homes,” said Spencer. “There are fewer frenzied bidding wars, which gives buyers an opportunity to include inspection contingencies and finance contingencies in their offers. However, we are still seeing some multiple offers depending on price point, location and condition.”

Kirkland was hit with multiple inches of snow in February, which led to school and business closures affecting many residents. Though snow did slow things down a bit, Spencer said the local real estate market wasn’t brought to a complete standstill due to the weather.

“Our snowy February slowed down sellers from putting their homes on the market,” said Spencer. “It also slowed down buyer viewings of existing listings due to challenging driving conditions. The sales that happened during the snow were buyers that were very motivated to purchase. Once the snow melted, listings and sales picked up.”

As the snow has melted and temperatures increase, many homeowners are looking to do a bit of spring cleaning and home improvement. Some spring cleaning and repairs can translate to a higher return on investment when homeowners do decide to sell. A recent report from ATTOM Data Solutions detailing year-end sales numbers for 2018 noted that the highest profits from home sales are in the West, with an average return on investment in Seattle of 70.7 percent.

Getting the ball rolling on repairs now can pay off in spring, when Spencer said the market sees the most listings and buyers. She anticipates many of the buyers this April, May and June will be current renters who may take advantage of the inventory and interest rates to begin building equity.

“If interest rates stay low, inventory continues to grow, and our local job market stays strong, we should see a solid spring market,” said Spencer. “If interest rates remain low, it will help buyers with affordability. Renters entering the market realize that they are paying the landlord’s mortgage and are therefore not building their own equity, may not be able to have pets and are not able to control rising rental costs.”


In consideration of how we voice our opinions in the modern world, we’ve closed comments on our websites. We value the opinions of our readers and we encourage you to keep the conversation going.

Please feel free to share your story tips by emailing editor@kirklandreporter.com.

To share your opinion for publication, submit a letter through our website https://www.kirklandreporter.com/submit-letter/. Include your name, address and daytime phone number. (We’ll only publish your name and hometown.) We reserve the right to edit letters, but if you keep yours to 300 words or less, we won’t ask you to shorten it.

More in Business

2021 Lexus RX 350L. Courtesy photo
Car review: 2021 Lexus RX 350L

By Larry Lark, contributor It’s always a good day when a Lexus… Continue reading

2021 Chevrolet Blazer. Courtesy photo
Car review: 2021 Chevrolet Blazer

By Larry Lark, contributor When it comes to certain car models they… Continue reading

The Cadillac CT4 is designed to appeal to a new generation of Cadillac buyers with its athletic design and astute driving dynamics. Courtesy photo
Car review: 2020 Cadillac CT4 Premium Luxury

By Larry Lark, contributor With apologies to Oldsmobile, “the 2020 CT4 Premium… Continue reading

2021 Mercedes E-350 luxury sedan. Courtesy photo
Car review: 2021 Mercedes E-350 luxury sedan

By Larry Lark, contributor Mercedes-Benz occupies rarified air in the automobile pantheon.… Continue reading

Photo courtesy of Fisher Scones
Fisher Scones parent company fined for overworking teenage employees

Washington State Department of Labor and Industries found more than 1,500 instances of violations including missing meal breaks, working during school hours and more.

Pexels photo
Ways to shop small on the Eastside

The city of Bellevue has developed a quick list of easy ways to support local businesses

Courtesy photo/Artists Sunday
Artists Sunday, following Black Friday, puts out call for participants before Nov. 29

The movement has a website that offers a free directory of artists and art organizations that participate

best of kirkland
Best of Kirkland Contest Winners are here

Read the results for the Best of Kirkland 2020

Dick’s Drive-In announces search for new Eastside location
Dick’s Drive-In announces search for new Eastside location

The local popular burger chain is looking for public suggestions on possible properties

PSE offering four businesses an energy upgrade
PSE offering four businesses an energy upgrade

You can nominate your favorite business by Oct. 18

Stock photo
Union files charges against QFC, Fred Meyer over Black Lives Matter button ban

Grocery store workers condemn ban; QFC spokesperson says wristband options available to employees