This February we saw another unbalanced month of real estate in the northwest Seattle market. It continued the trend of last year of being a very strong sellers market as home prices jumped when compared year over year. With less homes coming on the market it is forcing the many buyers in the market to pay more, be aggressive with their offer, and compete in a multiple bid process, where often times the final sales price will end up well above the asking price. Below are some stats that will reinforce these points.
For February 2015
10% fewer homes came on the market than in February 2014
7% fewer homes sold than in February 2014
The median home sold went for 16% more than in February 2014
There is currently less than a 1 month supply of inventory (which is lowest in King County)
Average days on market is 34 days (lowest in King County)
If you have any questions about the northwest Seattle real estate market feel free to reach out and we would be happy to assist.
*Statistics not compiled or published by the Northwest Multiple Listing Service
According to the Seattle Times, there are 1,200 market-rate apartments in various phases of construction in Ballard, with hundreds more planned for the future. The question has come up for residents and those fond of the neighborhood: Is Ballard at risk of being overbuilt? Developers form Chicago and Virginia are building large high rise complexes where Jacobsen’s Marine and other longtime Ballard businesses once set up shop.
Sometime in 2014, when all of those building are completed, the number of units available in Ballard is projected to increase 70%, more than any other neighborhood in Seattle. And that doesn’t even include other projects that haven’t broken ground, another 750 or so that should be completed by 2015. During the recession few buildings were planned, and the last building completed in Ballard was built over two years ago. Developers are responding to the high demand for rentals today, with an influx of young adults who are looking for in-city living at a time when there’s little new inventory available. Analysts believe that in a year or so, when all of the new construction becomes available, supple and demand might be imbalanced, and the number of inventories might outweigh the demand. Rents will be lower and stabilize, and landlords might start throwing in bargains like a month’s free rent. For more information on the Ballard apartment boom, visit the Seattle Times.
Design plans are currently in the works for a six story residential tower where the Viking has been for the past 50+ years, at 6404 24th ave NW. Applicants for the Ballard residential project have applied for a design review, and a meeting will be held at Ballard High School, open to the public to discuss the design, and the design review board will also be present for questioning.
copyright the Viking
The residential plan includes 6 stories of 60 units, and 5,000sf of retail space, as well as 60 parking spaces for tenants. If you’re interested in obtaining more information on the project, contact the Land Use Planner.