Across Lake Washington from Seattle, quiet Kirkland is in for a bustling future. Prior to the pandemic, the city was experiencing growth as it worked to accommodate 8,361 new housing units and 22,435 new jobs by 2035, averaging out to about 363 housing units and 975 jobs per year. Even with the pandemic in mind, Kirkland is preparing for a growth spurt.
The cause of this exponential growth? Everything from continued investment from businesses like Google, new construction projects and the annexation of land from nearby Finn Hill, Juanita and Kingsgate. The result is a population increase of 82 percent between 2011 and 2019, and a sizeable increase in land area thanks to the newly incorporated areas.
To accommodate a growing population and increasing job opportunities in the area, Kirkland is also developing a Bus Rapid Transit (BRT) system that will include a new station in the city which will serve the greater I-405 corridor. The station will also allow for transit-related development and new construction within a half-mile radius of the station. Currently, the area includes multi-family residences, schools, parks and commercial/retail and office spaces.
One of the other notable new projects includes the completion of the Village at Totem Lake. The 26-acre urban lifestyle village has been under construction since 2016, but the development plans to wrap up by the end of this year. The Village includes commercial tenants such as Cinemark, Whole Foods and Nordstrom Rack, while the nearby Aura Totem Lake apartments have 202 housing units available, with two more complexes to be completed by spring 2021.
Another developing property, Kirkland Urban, is a mixed-use project on 11.5 acres in downtown Kirkland. The project caught the attention of Google, who purchased most of the property for $435.7 million in 2019, and has now added 1.1 million square feet of office space in the city. Google already had offices in the area, and during the pandemic many of its employees will continue to work from home. Additional businesses in the area will include restaurants, bars, shopping and more housing at the recently-opened Uptown Apartments.
Thanks to its rapid growth, Kirkland is now more committed than ever to the “Innovation Triangle” it forms with Bellevue and Redmond. Together, the three cities have formed an attractive hub for tech businesses and workers alike, as they foster improved commutes, residential areas, job opportunities and positive growth.
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While our lives are very different than they were a year ago, the local real estate market has recovered to 2019 levels. Record low interest rates are helping spur demand. Sales were up, home prices increased and multiple offers were common.
- The number of pending sales, a measure of current demand, was higher in June than for the same period a year ago.
- The supply of homes on the market remains very low, with just a month of available inventory. When inventory is this low, quick sales over full price are common. That was the case in June when about 40% of homes sold for more than the asking price.
- Home prices in King County rose 4% over a year ago. Snohomish County home prices increased 5%.
- More sellers put their homes on the market. While total inventory remains low, the number of new listings in June was similar to the same time last year.
The monthly statistics below are based on closed sales. Since closing generally takes 30 days, the statistics for June are mostly reflective of sales in May. If you are interested in more information, every Monday Windermere Chief Economist Matthew Gardner provides an update regarding the impact of COVID-19 on the US economy and housing market. You can get Matthew’s latest update here.
This post originally appeared on GetTheWReport.com
As we move to the next phase of reopening, life feels like it’s slowly inching back towards normal. The same is true in real estate. Statistics on home sales in May provided the first true picture of the effects of COVID-19. Those reports confirmed the incredible strength and stability of the local real estate market.
- The Stay Home order, as expected, continued to impact the number of sales. However, the market is starting to move its way towards more normal activity. Pending sales, a measure of current demand, have risen every week since April.
- The slight drop in median closed sale price is a result of a proportionately larger number of lower priced homes selling than is normal. It should not be interpreted as a decrease in individual home value.
- There were significantly fewer homes for sale in May than the same time last year. With less than a month of available inventory, competition among buyers was intense. Bidding wars and all-cash offers were common.
The monthly statistics below are based on closed sales. Since closing generally takes 30 days, the statistics for May are mostly reflective of sales in April. If you are interested in more information, every Monday Windermere Chief Economist Matthew Gardner provides an update regarding the impact of COVID-19 on the US economy and housing market. You can get Matthew’s latest update here. As we adapt to new phases of reopening, know that the safety of everyone remains our top priority.
This post originally appeared on GetTheWReport.com