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
Interested in learning more about the Ballard Lofts project? There will be a design review board meeting for the 72 unit apartment complex proposed for the corner of NW 65th and 24th Ave NW on January 28th at Ballard High School. In recent months, the project has been a hot topic around the neighborhood, as it will be replacing the long standing Viking Tavern.
Bill Parks, the building developer will be leading the discussion at the meeting beginning at 6:30pm, and present the proposal to the community, and will also go over priorities presented at the previous meeting. The proposal for the project includes 25 additional residential units, and 3,665 sf of ground floor retail space, as well as parking for 36 vehicles below ground. If you’d like to learn more about the project, or application of the design review process, visit the Department of Planning and Development for updates.
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.