June Real Estate Report

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.

May Real Estate Report

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.

 

*Data provided by the NWMLS

April Real Estate Recap

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.

 

*Data provided by the NWMLS

March Real Estate Recap

The Ballard real estate market continues to be very active in March as we saw 13% more units sold this past month than in 2013. While the average price per sale decreased by about $10,000 when you compare it to March 2013, the year to date average sale price in Ballard is over 5% higher than 2013. One reason that Ballard home prices are higher is due to the limited inventory available. Currently the Ballard inventory is less than one month’s supply which is lowest in the Seattle area. Sellers are taking advantage of this market due to the greater demand for the few quality properties available. Multiple offers, waiving of contingencies, and short closing periods are all common in today’s market. Currently the average home in Ballard is on the market less time (26 days) than any other area in Seattle. If you are looking to sell your home or if you have any real estate related questions, feel free to let me know.

*Stats provided by the Northwest Multiple Listing Service

Broadview English Tudor Home for Sale

If you are in the market for a home in the Broadview area, then take a look at this 1928 English Tudor which sits on 3/4 of an acre of land. With a grand entrance and a circular drive way, you get the feeling that you are about to enter a luxury estate. Included in this home are 4 bedrooms, a large fire place, and many other custom features that make this home what it is.

GetMedia

For all the information on this property, check out this site. Or better yet, there will be an open house this Sunday March 23rd from 1:00 to 3:00pm where you can see for yourself what this place has to offer.

Ballard Real Estate Recap: February 2014

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.

Ballard Real Estate Update

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.

 

Phinney Ridge Makes Top Ten

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!

 

Ballard December Real Estate Recap

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.

Housing Inventory Rises in Seattle

If you have been active in the market to buy a new home, you know how tough it has been to find a property that meets your needs and fits your budget. For most of 2013 more people were looking to be buyers rather than sellers which led to an inventory shortage in the Seattle market. For the first time this year (according to this Seattle PI article) we are starting to see the inventory of houses increase while the number of buyers stay roughly the same. Currently the level of housing inventory is about the same as November 2012 with the median home price in Seattle at $408,000. All of this is a good sign if you are in the market for a new home.489177

While there are more houses available today than a couple months ago, that does not mean the real estate market is slowing down. Compared to last year the total number of sales for the month of June increased 11%. With interest rates still low and the inventory of houses increasing, this may be a great time to consider purchasing!