The Ballard real estate market continued its previous trend of low supply and high demand in February. With inventory down to a one month supply (compared to 2.5 months in all of King County) the few Ballard homes that are on the market are quickly selling. This is also reinforced by the 6% increase of single family homes sold this February compared to February 2013. Because of low levels of inventory Ballard homes are selling faster and for more.
The median home in Ballard this past month sold for $484,000 compared to $423,000 this time last year. While Ballard being an attractive place to live is part of the reason for the increase in home prices, another has to do with there being 14% less actives now on the market than in 2013.
If you have previously considered selling your home, there could not be a more attractive time to take advantage of this current market than now. If you would like to discuss this further or have any other real estate questions, feel free to contact me at any point.
Get ready for the next great Ballard High School Performing Arts musical, Urinetown. Next Thursday March 6th is opening night where the Ballard Foundation will host a meet and greet with the cast, a buffet dinner, and various speakers who will highlight the work done by the performing arts. Tickets to this opening night event are as follows.
Individual Tickets Upper Level $45
Individual Patron Tickets Lower Level $75
Tables for 8 $360
Patron Tables for 8 $600
If you cannot make opening night, you will have plenty of chances to catch this hilarious musical. Ballard students will also perform this on Friday & Saturday March 7 & 8th as well as the following week March 14 & 15. For more information about this musical and purchasing tickets, please visit the Ballard High School Performing Arts site.
According to Jeffrey Lin, a campus planner at University of Washington with a background in geography, Ballard would look a whole lot different than it does today if all the ice caps in the world melted. With new geographical names such as Phinney Peninsula, Crown Point, Loyal Headlands, and a new Bay of Ballard, the make up of Ballard would change dramatically. While the idea that this will take place in the near future is far fetched at best, it is interesting to see how our geography could change in the future. See his illustration of what Ballard could look like below.
Overall January was a promising month for the 705 area of Seattle which includes Ballard, Fremont, and other N. Seattle neighborhoods that are west of the I-5 and South of 145th St. This past month the number of new listings increased by over 33% compared to January 2013 which is great news since we are currently at a one month supply of inventory. Hopefully this trend continues as we move toward the spring so that we can get closer to a healthier level of inventory.
The median sold price in N. Seattle also increased by 6% compared to January 2013 from $430,000 to $456,000 in January 2014. The 705 area is well beyond the average median home price of King County. January was a strong start to the New Year. With home values increasing, more buyers looking for homes, and as N. Seattle continues to be one the most preferred areas in Seattle to live in, 2014 looks to be a great time to be in the market.
According to this MyBallard article, Reuben’s Brewery (located in downtown Ballard) has raised over $7,000 for different local charities. Beginning last May, Reuben’s hosts a different charity or non-profit organization each Thursday and then donates $1 of every pint or growler that is sold that night to the featured organization.
Another aspect that is unique, is that Reuben’s encourages representatives from that nights featured organization to attend and raise awareness for their cause by talking about what they do. Tonight from 3pm to 8pm MEOW Cat Rescue will be the featured organization. For more information about this great weekly event, please visit Reuben’s website.
According to this article by RedFin, Phinney Ridge will be one of the top ten hottest real estate markets in 2014. By comparing page views by patrons of the site to different properties all over the country, RedFin determined that Phinney Ridge is going to have a big year. They saw a 178% increase of page views of properties in this area when compared to the previous year. That coupled with the median home price in the Phinney Ridge neighborhood being just over $500,000 lands it at #7 according to RedFin.
The article states that “the real trend in the 2014 neighborhood popularity is a short commute at an affordable price. The trending neighborhoods offer a short drive to or easy access to a commuter rail line at prices that are not the most expensive in the city.” With easy access to downtown Seattle as well as many transit options, Phinney Ridge fits this description perfectly. I’m sure Red Mill will approve of this!
The Ballard Real Estate Market ended 2013 on a strong note with the amount of closed sales in the month of December up almost 30% from December 2012. As the economy is getting stronger and interest rates are starting to climb, more people want to find a home before rates get any higher. While rates are still low if you compare them to historically, the projections by analysts are for them to continue to rise as the economy becomes stronger.
December also showed that the Ballard inventory is starting to increase as there were about 9% more active listings in December 2013 compared to December 2012. One of the reasons for this is that the median sold price for a home in Ballard increased from $417,000 in Dec 2012 to $437,000 in Dec 2013. This increase in home value has caused more sellers to come to the table and thus one of the reasons for an increase in inventory.
With 2014 just begun it is an exciting time in the real estate market. Interest rates are still at a historic low, inventory is growing, and Ballard is still one of the most desirable places to live in Seattle. Whether you are a buyer or seller there are ways for you to take advantage of current market conditions.
The Woodland park play area, located at 1000 N 59th St., will be closing Monday, January 6th while new equipment is brought in and work is done to improve the park. During this time the park will be closed to the public. It is scheduled to be completed and reopen in April. The Parks and Green Spaces Levy is funding the project .
The 2nd Annual Ugly Sweater Pub Crawl brought to you by Tim’s Tavern is taking place this Saturday December 7th at 6:00 PM. There will be more than 20 different bars in the Greenwood/Phinney Ridge neighborhood participating in this festive event with proceeds going to help the Greenwood Food Bank.
The cost of the event is $15 with 2 cans of food or $20 without. This includes riding the various shuttles to different establishments as well as the opportunity to purchase drinks at the discounted rate. Make sure you dust off your favorite sweater and make the short trip over to Greenwood for this fun filled evening. For more information on this Greenwood Food Bank fundraiser, including the participating bars and the pick up and drop off times of the shuttle, check out the flier here.
This wonderful holiday marina tradition is coming! The Argosy Christmas ships festival has been anchoring at harbors around the Puget Sound since 1949, and every year we look forward to seeing the beautifully lit up ship cruise by singing holiday music – quite a treat for the eyes and ears! If you’re around Ballard, don’t miss the festivities in the Shilshole Bay Marina from 7:15-7:35pm, stopping in Blue Ridge from 8:00-8:20pm, and ending over at Carkeek Park from 8:35-8:55pm.
If you’re closer to Golden Gardens or Old Ballard, the Christmas ship will be making a stop at Golden Gardens & the Hiram M. Chittenden Locks on Tuesday the 17th.The Choir singing aboard this ship will be the Dickens Carolers, and a parade boat will of course follow the Christmas ship en route. This is always a treat for those hanging out in the marina, but if you’d like to climb aboard the Christmas ship, or the Parade ship that follows, book your seat before they fill up today!