The end of the summer is not meaning the end of a strong real estate market in Kirkland. At the moment, Kirkland home values are up by 8.2 percent, according to the National Association of Realtors. The nearby city of Kenmore home values are up by about the same percentage, 8.1.

Right now, real estate company Redfin has the median list price for a Kirkland home during the last three months at $750,000, and it reports the Seattle metro area continues to see its lowest recorded supply of homes, at around 1.4 months, 0.8 months lower than last year. The Seattle metro area was also the second fastest growing market in July with half of all homes selling in nine days or less, beat only by Denver at six days. The reasons for the steady rise in both home values and sales prices haven’t changed much since March. According to Don Zender, Vice President and Senior Lending Manager at Bellevue-based Evergreen Home Loans, Kirkland’s combination of tech jobs, livability, and geographical location next to Lake Washington make it hard to resist for those who have the money to pay for it.

“Kirkland happens to be positioned in a great location compared to other cities,” he said.  It’s very livable. probably, on the highest livability area almost anywhere… you’ve got wonderful waterview, overlooking the bay and the lake.”

Those flocking to Kirkland tend to fall into certain groups, one of which is tech workers employed at the numerous tech companies either located in Kirkland itself, like Google, or companies such as Amazon located in Seattle.

“You think Kirkland is pretty expensive, but when you compare it to California, it’s a bargain,” he said. “To us who live here, it’s a more expensive place to buy into, but you’re going to get your return over a long time.”

Another group of buyers are retirees. Now that the kids have moved out or off to college, couples look for a city with accessible amenities.

“There are some nice dining areas, and it has that small town feel that is very unique,” he said. “I don’t have to drive somewhere, I can walk somewhere. That right there is a big deal for people…They’re thinking ‘When I can retire eventually, I don’t have to drive everywhere to go someplace and I don’t have to be in a housing development.’”

Another cause behind Kirkland’s local housing boom is that while many are eager to get a home inside the city, few are leaving, according to Zender.

“You have individuals who come here, the demand for going into Kirkland, but you don’t see a lot of people saying, ‘I’m going to leave Kirkland and go somewhere else,” he said. “Not a lot of people are moving out.”

Like others involved in the real estate market, Zender said that the real estate market’s growth is healthier and more stable than the housing boom in the 2000s, which started to taper off in 2007, followed by the stock market crash in 2008. According to Zender, Kirkland has a closure rate of around 3.1 percent. Additionally, 9.1 percent of Kirkland homes had negative equity – meaning they’re worth less than what’s owed on the mortgage. This compares to a 15.4 percent national average for negative equity.

“A lot of what was driving real estate in 2004-07 were lending programs that allowed people to buy more than they could afford,” he said. “It built up a false sense of security. That’s not here anymore. All those loans are gone.”

As far as the future is concerned, Zender said Kirkland could possibly be reaching the end of the boom, but it could also continue for another decade if conditions are right.

“With all the growth coming into Seattle and Bellevue, the commercial side, the industries that are coming in, Seattle is changing,” he said. “I don’t think the economy is built like it was before. There may be corrections or slowdowns, but I think the city of Seattle is becoming a different city.”

For mortgage companies like Evergreen, Kirkland also presents an interesting situation where many would-be home buyers using the traditional loan to purchase have to compete with others offering cash. In March, a fourth of single-family homes sold in Kirkland (21.6 percent) were purchased with cash, Redfin. The cash offers and low inventory led to an all-out bidding war, which according to Zender is still present. He said such cash purchases and those offering to buy homes with cash have since tapered off, but continue to present a challenge for those who require a loan. However, he said the cash offers can be beat in a house bid, if the other buyer is prepared.

“We’re always explaining to our clients to be in a position and make your best offer first,” he said. “How can you position yourself? Do your due diligence and be ready to go in as strong as you can.”

One way is to be pre-approved with a strong lender, not just pre-qualify. Also, Zender said they can do a pre-inspection of the house so that they can waive inspection if necessary.

“If you’re trying to waive contingencies, the more you waive the stronger the position,” he said. “We also call the realtor on the listing side and tell them a little bit about the strength and potential of this buyer and how soon we’ll be able to close. That makes the difference, waiving whatever you can waive and dealing in fast closings. And then you can compete with a cash offer.”

Sometimes, Zender said, the buyers themselves are what convince the homeowner to sell other than their asking price.

“I’ve seen buyers where they weren’t the highest offer, but they (the homeowners) wanted someone who would take care of it, someone who is going to appreciate the house,” he said.