Happy New Year! We are so grateful for everyone’s support in 2022 and am proud to say that we had a very successful year. We closed 70 transactions and over $200MM in total volume ranking #3 in the state!

As the market continues to stay volatile we are noticing an uptick of buyer activity, partly due to lower interest rates that we have seen in the last 4 weeks. Sold listings and median prices are down by about 26% from December 2021.

The median price in Kirkland is down from $1.75MM in December 2021 to $1.3MM in December 2022. 30 year fixed rates were 6.36% in comparison to 3.1% this time last year. What does this mean to a buyer? That same house that was 1.75MM is now 1.3MM, but the mortgage payment difference is only $625/mo. As interest rates continue to drop, buyers will have an opportunity to refinance further reducing their monthly payment.

My prediction is that inventory is going to continue to stay low through the year and as interest rates continue to drop we may see an uptick in prices as buyers reenter the market. I believe that prices will remain relatively flat for at least the first 6 months while we wait to get some momentum.

Cheers to a great 2023!