Ballard, Seattle Real Estate Update

If you are thinking of listing or buying homes for sale in Ballard, Seattle, the first step is finding a Ballard, Seattle Realtor who can not only guide you through the experience, but also educate you on what is happening in the Ballard, Seattle Real Estate Market. When you align yourself with a professional, qualified Ballard, Seattle Realtor who has a proven track record, you can rest easy knowing you have someone to professionally represent you throughout the transaction. Additionally, a Ballard, Seattle Realtor will have the ability to tell you what exactly is happening in the Ballard, Seattle Real Estate Market. You can use details like average and median sold prices for homes for sale in Ballard, Seattle, along with the month supply and days on market to your advantage. As a buyer, you can find out the necessary details that help you put together an offer that stands out in our competitive market. As a seller, knowing the average and median sold price helps you to price your property according to market value. This allows you to experience a shorter time on the market as well as attract multiple offers. So how is the Ballard, Seattle Real Estate market doing? Let’s take a look!

As far as the average and median sold prices for homes for sale in Ballard, Seattle goes, prices are up. The average is up 13.7% from this time last year at $766,103. The median sold price is up 11.1% at $750,000. The average percentage of list price for this neighborhood is at 106.1%. In a nutshell, this number indicates your negotiation power. It also tells us that Ballard, Seattle homes for sale are going for over asking. Your realtor in Ballard, Seattle will further explain how you can use this number to your benefit when it comes to making or accepting an offer.

As far as inventory in this neighborhood is concerned, the amount of Ballard, Seattle homes for sale is down 22% while the amount of new listings is down 11.6%. Closed sales are down 9% and pending sales are down 15.2%. This is not great news for buyers, however, this is all a result of a low month supply. This number is down from this time last year by 20% at 0.4. This number tells us that this neighborhood basically has close to no inventory. Which is not a huge surprise seeing as it is one of the most desirable areas in Seattle. To better understand the importance of what month supply means, it tells us who has control of the Ballard, Seattle real estate market. Anything less than 4 is a seller’s market while anything over 6 is considered balanced. Your realtor in Ballard, Seattle will be able to share what this number is as it changes with the market. Both the average and median days on market are down. The median days on market for Ballard, Seattle homes for sale is 7 while the average is down to 11. Sellers, be prepared to move fast and buyers, “blink and you’ll miss it”, aka if you see a home you like, write an offer immediately. Waiting even an hour could put you out of the running.

If you are looking for a Ballard, Seattle Realtor or Ballard, Seattle homes for sale, feel free to give us a call. Our team would be happy to help!