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

 

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.

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!

Southbound Lane Closure on Ballard Bridge Today

Painting crews are moving over to the other side of the bridge this week after finishing up on the Northbound side of the bridge, and the outside southbound lane will be closed from 10am-6pm today. The lane will be closed 10am-6pm Tues-Fri this week, and will close the following week 8pm-6am Mon- Thurs. Bicyclists should also note that the sidewalks will be closed on the west side, but the east sidewalk will remain open. Bicyclists can use the Fremont Bridge, or cross the ship canal  to the Ballard Locks during this time. For more traffic updates, click here.