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
If you live in Ballard, you’ve likely seen the Mars Hill mega church that sits directly across from the Trader Joe’s store. Reported in the Puget Sound Business Journal today, the church bought the property for $4.8 million in 2003, and keeping it within faith-devoted family, just sold it to local church Quest for $9 million. The Ballard location was the most valuable of 15 the locations the church owned across 5 states.
Additionally Mars Hill is selling their 40,000-sf corporate facility at 1411 N.W. 50th Street, as well as their Sammamish building which offers 30,000-sf and around two-acres of land. Both properties asking price is $6.9 million and with Seattle’s real estate industry booming, these properties are catching the interest of retail and office developers.
This beautiful three-bedroom home in Blue Ridge overlooking the Puget Sound and Olympics is on the market for the first time in 37 years! Classic features such as hardwood floors, French doors, and a fireplace alongside modern amenities make this an extremely comfortable home. Enjoy a large wrap-around lot featuring Italianate terraces, lush greenery, and the ever-present mountain and sound views. Extraordinary construction and details, fantastic living spaces, gracious scale, and old-world ambiance. Two-car garage with storage. If you are interested in this home or other homes in the neighborhood, contact your real estate agent today!
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.
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.
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.
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.
This timeless 1928 English Tudor home sits on 3/4 of an acre, and is now available. A true estate experience, this home has pillared entrance with a circular drive, sunny manicured lawns, and beautiful garden space. Features include herringbone oak floors and original stained glass windows. Extensive remodel addition includes country kitchen with eating space, Viking range refrigerator oak cabinets, living room with 2 story ceiling, a wet bar, and a large home office. The dining room is custom wall papered with French doors, and the master has a huge walk-in closet. Two car heated garage attached. For more information about this lovely home, please contact your local real estate agent today.
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.
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!