Ballard Real Estate Report – July 2017

Past Sale by Ewing and Clark

Our Ballard neighborhood continues to be a hot ticket item in the Seattle real estate market. Our neighborhood had 46 sales last month; 7 more than last year. Like many other Seattle neighborhoods, the inventory remains low leading prices to rise. The average sales price for a Ballard home was at $684,508 in July of 2016, the number jumped to $781,272 this July. The highest cost for a Ballard home sold was at $1,600,000 compared to just $960,000 last July. Single-family homes in Ballard were on the market for an average of 7 days last month versus 17 days last July. There are currently 19 active listings and 44 pending.

Past Sale by Ewing and Clark

Ballard condo sales were down last month compared to July 2016. There were 7 less sales but reports show an increase in prices. The average sales price rose from $349,991 (July 2016) to $496,101 (July 2017). The highest cost for a Ballard condominium jumped from $425,00 to $680,000, and the median price increased from $378,000 to $505,000. There are currently 5 active condominium listings and 16 pending.

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

 

Classic Brick In Blue Ridge Available For $2,195,000

Blue RidgeThis 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!

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

Charming Broadview Home Available: $437,500

broadview home1

This beautiful Broadview neighborhood home is pleasantly positioned on a large corner lot with views to the northwest of the Sound and Olympics. This easy, one-level home has a circular floor plan and maximizes every square foot of livable space. The sizable living room features a wood fireplace and corner windows looking out to views. Clean, sweet, period kitchen has gas stove, and the family room located in the back of the house is perfect for relaxing and watching a movie! In floor radiant heat throughout home, and huge yard is ready for you to put your thumbprint on it. If you’re interested in this or other neighborhood homes, please contact your real estate agent today.

Status: For Sale
Bed/Bath: 2//1
Price: $437,500

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 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.

 

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.

In Need of a Real Estate Agent? Things to Keep in Mind

According to this Curbed Seattle article, if you are in search of a real estate agent for your Ballard home, many of the traditionally questions that you may have asked in the past no longer apply to today’s internet dominated world. In the article it touches on questions that you should no longer ask your real estate agent and instead provides you with more relevant ones to consider. One example that they provided was that in today’s online focused world it is important to ask your agent what type of online marketing would they provide for your listing compared to the type of news print advertisement.  With many new and more cost effective ways to market your Ballard home, Curbed Seattle states that the type of marketing plan your agent comes up with might show you how current they are in today’s trends. 

Curbed Seattle focuses on the fact that you want an agent who is up with current marketing trends as well as an agent who knows the area where your house is located. Choosing the agent who works at the most popular agency may not necessarily be the best choice for your property. Instead having an agent who specializes in the market where your house is located at is many times the most important factor in receiving top dollar for your house.