September was another strong real estate month in the Ballard market. During that time we saw an 8% increase in the number of new listings that hit the market but at the same time there were 20% fewer active listings available for purchase when compared to September 2013. While more homes came on the market this past September than the previous year, it still did not make up for the overall low inventory of homes that has plagued the Ballard area. Inventory levels are at a one month supply which is the lowest level in King County. As a result, we saw the median home price rise this past September in part due to fewer homes available to purchase. The median single family home price on closed sales in Ballard was $524,500 last month. That is a 12% increase when compared to September of 2013 where the median home price of a sold home was $468,500. With interest rates still at historic lows and Ballard attracting a lot of buyers, this trend of low inventory and high prices is set to continue. If you would like more information on the Ballard real estate market, please feel free to reach out.
*Statistics not compiled or published by the Northwest Multiple Listing Service
The 2014 real estate market in Ballard has been one of low inventory and high prices which is also the trend for the entire North Seattle market. When looking at the year to date figures, the average single family home price has increased by almost $40,000 which is about an 8% increase when compared to the first seven months of 2013. When looking at the year to date median single family home price, that has increased by over 10% when compared to 2013. These increases are a result of the market trends that show Ballard is a top Seattle neighborhood to purchase in as well as the low inventory levels have caused home prices to increase.
Another figure that can help explain the current market conditions in North Seattle is that the number of sales closed has decreased by almost 5%. While it is hard to pin point the exact reason for this, one explanation could be that some buyers are stepping out of the market in the short term because they are tired of losing out on homes that they made offers on. When looking back on the Ballard real estate market in 2014, buyers are losing out on homes even when offering well above asking price. This frustration in my opinion is part of the reason for fewer sales in 2014.
For more information about the Ballard real estate market or if you are looking to buy or sell your come, please feel free to contact me.
*Statistics not compiled or published by the Northwest Multiple Listing Service
The North Seattle real estate market has continued to be a high demand low supply market. While the level of inventory has inched closer to a one month supply, we are still nowhere near a normal market condition. Because of the low levels of inventory, historic low levels of interest rates, there are a lot of buyers in the market and not enough homes for sale to satisfy the demand. As a result, the average home in North Seattle sold for 13.5% more last month than it did in June 2013. If we compare median home prices, that increased by more than 12% from the previous year. With no shortage of interested buyers, this is a great market if you are looking to sell your North Seattle home for a premium price.
In Ballard, we saw similar trends as the rest of North Seattle saw with homes selling for a premium amount and closing in a short period of time. The demand to live in Ballard is evident in multiple ways as new construction homes are popping up everywhere. Another indicator of the strong sellers’ market in Ballard is the fact that homes are receiving multiple offers and closing for well above the asking price. If you are looking to buy or sell your home in Ballard, please feel free to contact me.
The real estate market for the North Seattle area continued the year long trend of being a sellers’ market. Houses are selling faster and at a higher price point than a year ago. The average days on market for a North Seattle home in 2013 was 24 days, this past month a home sold on average in 20 days. More buyers are having pre-inspections completed, writing cash offers, and waiving other contingencies, all to compete for their dream home. Compared to May of 2013, the median price on a home sold in North Seattle increased by 10%. That increase is a result of more buyers who are looking to live in North Seattle.
More specifically in Ballard, the median home price rose from $436,000 in May 2013 to $500,000 in May 2014. That is a 15% increase from the previous year and 5% higher than the average home sold when compared to the rest of North Seattle. If you are looking to buy or sell your home and would like more information, feel free to contact me with any questions.
April continued the trend of 2014 as a seller’s market. In the North Seattle area the median home price sold for 7.5% more when compared to April of last year. This increase in price has to do with the sharp decrease in the number of new listings that came on the market. Compared to April 2013 there were about 20% less new listings than there were in April 2013. Inventory is overall still very low with less than one month supply.
When looking at the specific area of Ballard we saw similar trends. The number of new listings decreased by 21% and the average days on market for a home in Ballard was 19! Compared to April of 2013, the median sold price of a Ballard home in April 2014 rose by 16.9% or almost $75,000. While much of this has to do with the decrease in overall inventory it also has to do with the popularity of the Ballard neighborhood. If you are looking for more information on the Ballard real estate market, feel free to contact me.
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.
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.