If you looking to buy (or sell!) Ballard, Seattle homes for sale, knowing what is happening in the local market ensures success regardless of whether you are a buyer or a seller. As a buyer, knowing what is happening in the Ballard, Seattle real estate market allows you to put together a competitive offer you feel confident about. As a seller, you can feel good about your listing price. This keeps Ballard, Seattle homes for sale from sitting too long. Even though bidding wars and quick sales are common in this hot neighborhood, the truth is that if a property is overpriced, it will sit. 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 listing homes for sale 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 17.8% at $746,818 (up from last month by over $10,000) while the median has gone up 17.4% at $710,000 (also up $10,000 from last month). Interestingly, while these are considered higher price points in general, these are still lower compared to some of the other sought after neighborhoods just minutes away. The price per square foot has also gone up 14.4% at $453. The bad news for buyers is that new listings are down 2.6%, along with homes for sale in Ballard, Seattle being down 22.7%. Pending sales have seen a minimal 1.6% increase. Closed sales are down at 2%. Even if you have done minimal research on Seattle real estate, you know this city is in a seller’s market. This neighborhood is no exception with a 0.5 month supply. This is down from last month as well as last year by 28.6%. In order to be considered balanced, a market needs a 6 month supply. Also, the median days on the market is 7, with the average being 14. Now, The average percentage of list price, which determines your negotiation power, is 106.2%, up from last year and slightly from last month. Which means on average, homes for sale in Ballard, Seattle 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.