Uncategorized November 25, 2017

Ballard, Seattle Real Estate Update

If you are thinking of selling or buying Ballard, Seattle homes for sale, knowing the current conditions ensures success regardless of what side of the transaction you are on. As a seller, you know you priced appropriately. This keeps Ballard, Seattle homes for sale from either sitting too long OR selling for a price you aren’t satisfied with. Truth be told, bidding wars and quick sales are a common theme in the Ballard, Seattle real estate market for multiple reasons. It is a hot neighborhood that is family friendly with good schools but also has a popular nightlife scene that is located close to some of Seattle’s best amenities. With inventory in this neighborhood so low, homes for sale in Ballard, Seattle already move quickly. If they are priced according to the recent comparable sales, they are more likely to sell quickly AND receive multiple bids. As a buyer, knowing what is happening in the Ballard, Seattle real estate market allows you to be confident in the offer you make.  Working with qualified Ballard, Seattle realtors who can guide you through both the selling and buying nuances can makes a huge difference. So how is this neighborhood looking currently? Let’s take a look!

The good news for potential sellers is that prices for homes for sale in Ballard, Seattle have gone up! Both the average and median sold price is up compared to this time last year AND just last month. The average has gone up 16.1% at $735,558, which is also up from last month by about $12,000. The median has gone up 16.0% at $700,000 from last year and up about $5,000 from last month. The price per square foot has also gone up 12.9% at $446. The bad news for buyers looking in this neighborhood is that new listings are down 3.2%, along with homes for sale in Ballard, Seattle being down 21.3%. Pending sales have seen a minimal 1% increase. Closed sales are barely down at 0.4%. Even if you have done a little research on the Seattle real estate market, you probably already know this city is in a seller’s market. This neighborhood is no exception with a 0.6 month supply. In order to be considered balanced, a market should have a 6 month supply. The median days on the market is 7, with the average being 15. Now, The average percentage of list price (which basically determines your negotiation power) is 106%, up from last year and a little from last month. Which means on average, homes for sale in Ballard, Seattle are going for over asking. As a buyer, this sounds frustrating. Our only recommendation is choosing a qualified local Ballard, Seattle realtor. You want someone who has local ties and good working relationships with other brokers so they are aware of Ballard, Seattle real estate before it even comes on the market.

If you are thinking of buying or selling real estate in Ballard, Seattle, give us a call. We would be happy to help you navigate this competitive market.