Ballard, Seattle Real Estate Update

If you are buying homes for sale in Ballard, Seattle, you probably have learned by now that this is very competitive market and that things are moving at record speeds. “Blink and you’ll miss it” is a common saying. This is also good to know for sellers as this popular area is sought after by buyers and Ballard, Seattle homes for sale are moving very quickly. 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 beyond as we act as your advocate in getting you the best deal. An 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 15.7% at $751,971. The median is up 14.5% compared to this time last year at $744,150. The average is up compared to just last month, while the median is actually down a little bit. The price per square foot is up 15.4% at $539 (also up from last month quite a bit) while the percentage of list price is up 1.9% at 106%. This number is a great tool as it indicates your negotiation power. It also tells us that Ballard, Seattle homes for sale are getting 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. Especially with the month supply only having a .40 month supply. To put this in perspective, anything less than 4 months is a seller’s market and a balanced market needs 6 months. This tells us that the Ballard, Seattle real estate market is not only in a seller’s market, but that there is VERY little inventory to choose from. The amount of Ballard, Seattle homes for sale has decreased by 21.7%. New listings are down 6.9% while pendings are down 6.7% and closed sales are down 11.8%. 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.