Seattle real estate is one of the hottest markets in the country right now. It is #2 only after San Francisco as one of the most popular spots for millennials to move. Due to the Amazon boom, and tech boom in general, Seattle’s real estate market has become incredibly desirable. Demand is high and inventory is still at record lows. There are certain neighborhoods that are considered more popular than others due to a variety of factors: close proximity to good schools, nightlife, shopping, outdoor recreation and more. One of these neighborhoods is Ballard. If you are buying homes for sale in Ballard, Seattle, you should know you are entering a very competitive market and that things are moving fast. Same advice goes for sellers. This popular area is sought after by buyers and Ballard, Seattle homes for sale are moving at a record pace. Regardless of what side of the transaction you are on, working with a qualified Ballard, Seattle realtor is crucial. We work to not only guide you through the entire process, but also work as your advocate in getting you the best deal and helping you navigate any problems that could arise. Another important way to prepare yourself is by understanding the current market conditions. This includes details like days on market, average and median sold price and more. These numbers help buyers understand their competition while sellers get a good idea of what to price at. The best way to get this information is from a Ballard, Seattle realtor. Working with someone who knows this area is incredibly important. So how is Ballard looking? Let’s check out the numbers!
The good news for sellers is that the average and median sold prices for homes for sale in Ballard, Seattle are both up compared to this time last year AND last month. The average sold price for Ballard, Seattle homes for sale is up 17.9% at $754,997. This is up from last month’s $737,147 a considerable amount. The median is up 15.9% compared to this time last year at $715,000. Interestingly, this is down from last months median sold price of $738,800. Also, an interesting detail is the price per square foot is $463, while up compared to this time last year by 15.5%, this is actually down from last months $517. One home can throw off an average or median number, SO buyer’s shouldn’t rejoice just yet as the percentage of list price is up! It is up 1.8% compared to this time last year at 106.3% and up compared to last months 105.9%. The percentage of list price indicates your negotiation power. In this particular scenario, it is telling us that Ballard, Seattle homes for sale are getting well over asking price in most situations. Once again, I stress the importance of using a qualified Ballard, Seattle realtor if you are looking to buy in this area OR looking to sell.
Inventory wise, the numbers have gone down. The amount of Ballard, Seattle homes for sale has decreased by 21.9%. The amount of new listings are down 3.4% while pendings are down 2.2%. This is all due to the incredibly low month supply. Ballard, Seattle real estate has a .50 month supply. While this is up .10 compared to last month, this is still incredibly low. A balanced market requires 6 months and anything less than 4 is considered a seller’s market. If you are looking in this neighborhood, give me a call. As an experienced Ballard, Seattle realtor, I would be more than happy to act as your advocate as you buy or sell in this area.