If you are thinking of listing or purchasing Ballard, Seattle real estate, knowing what is happening in the local market ensures success regardless of what side of the transaction you are on. As a buyer, knowing what is happening in the Ballard, Seattle real estate market allows you to be confident in the offer you make. As a seller, you know you priced appropriately. This keeps your home from either sitting too long OR selling for a lower priced you aren’t satisfied with. Truth be told, bidding wars and quick sales are a common theme in the Ballard, Seattle real estate market for multiple reasons. It is a hot neighborhood with highly ranked schools that is conveniently located close to all of Seattle’s best amenities. With demand so high and inventory so low, homes for sale in Ballard, Seattle move quickly. If they are priced according to the recent comparable sales, they are more likely to sell quickly and receive multiple bids. Of course, working with a qualified Ballard, Seattle realtor who can guide you in both selling and buying makes a huge difference. So how is this neighborhood looking currently? Let’s take a look!
The good news for homeowners thinking of selling real estate in Ballard, Seattle is that prices have gone up! Both the average and median sold price is up compared to this time last year AND just last month. The average has gone up 15% at $723,433 while the median has gone up 15.8% at $695,000. Interestingly, while these are considered higher price points in general, these are still lower compared to some of the other nearby sought after neighborhoods. The price per square foot has also gone up 12.2% at $440. The bad news for buyers is that new listings are down 5.1%, along with homes for sale at 20.1%. Pending sales have seen a minimal increase at 2.2%. Closed sales are barely down at 0.1%. Whether you are buying or selling in Seattle, you likely already know we are in a seller’s market. However, this neighborhood in particular is dealing with some VERY low inventory with a month supply of 0.6. In order to be considered balanced, a market should have a 6 month supply. The only slight positive to this is that while it has gone down compared to last year, it hasn’t changed from last month. Also, the median days on the market (which is the amount of time a home goes from active to pending) is 7, with the average being 15. Now, The average percentage of list price (which basically determines your negotiation power) is 105.7%, up from last year and slightly from last month. Which means on average homes are not only going for asking, they are getting well over in most scenarios. As a buyer, this sounds frustrating. Our only recommendation is choosing a qualified local Ballard, Seattle realtor. You want someone who has local ties and good working relationships with other brokers so they are aware of Ballard, Seattle real estate before it even comes on the market. This ensures you get to see it before everyone else does and hopefully get one of the first offers in. Not to mention, there are other fabulous perks that come with working with a Ballard, Seattle realtor that knows the local market and industry like the back of their hand.
If you are thinking of buying or selling real estate in Ballard, Seattle, give me a call. I would be happy to help you navigate this competitive market.