Ballard Housing Market Recap: June 2015

Blue RidgeBy JJ Heinrich, Ewing & Clark, Inc.

The month of June has come and gone, and both the weather and Seattle’s real estate market have been extremely impressive. It’s well known that the summer months typically signal the busiest time of year for the real estate market, and the Ballard neighborhood has been quite dynamic. Let’s take a look at some of the real estate highlights for the month of June in Ballard:

According to the Northwest Multiple Listing Service, June brought about the sale of 44 single-family homes. The median sales price of those 44 homes was approximately $638,511. The homes that sold in the month of June averaged being on the open market for just 9 days, in line with the average for homes in Seattle. The total dollar amount of those transactions totaled roughly $28,094,497. Not a bad month’s work!

There were also 11 condominiums sold in Ballard in June at a median sales price of $375,958, and those units averaged being on the market for 46 days.

As you can see by the statistics provided above, the real estate market in Ballard continues to be extremely active, and we don’t anticipate that to change as we get deeper into the summer months. For more information on Ballard (and Seattle) real estate, or if you are curious about what your house might be worth in this strong market, please contact your local real estate broker for a free market analysis and conversation about your home.

February Real Estate Recap

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.

Blue Ridge

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

 

Ballard Real Estate Recap

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

 

Ballard Real Estate Recap

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

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.

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

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.