Ballard, Seattle Real Estate Update

If you are looking for property in Seattle, WA, you probably have caught on by now that Ballard, Seattle real estate is not only one of the hottest neighborhoods, but also one of the highest priced. If you have done your research on the various Seattle neighborhoods, you probably already know about Ballard. If you are thinking about buying homes for sale in Ballard, Seattle, be prepared for a lot of competition. The inventory is very low and the demand is incredibly high. Sellers, pay attention too! If you are listing and think you have time, chances are your home will receive an offer quickly. Prepare your property ahead of time and be prepared to move quickly. Regardless of whether you are buying or selling, knowing the stats for this area is crucial as they can guide both sides towards a successful experience. The best way to get this information is from a Ballard, Seattle realtor. Working with someone who knows this local market is so necessary. So how is this area looking? Let’s check out the numbers!

The average and median sold prices for homes for sale in Ballard, Seattle have both increased compared to this time last year AND last month. The median sold price for Ballard, Seattle homes for sale has increased 13.6% at $749,950 and the average has increased 15.2% at $758,932. The average price per square foot is up 15.5% currently at $543. The percentage of list price is still 106.1%. This number is important as it tells us what your negotiation power is, but it also shows that homes for sale in Ballard, Seattle are going, on average, over asking price.

As far as inventory goes, numbers have continued to go down across the board. The amount of Ballard, Seattle homes for sale has gone down by 17.4%. New listings are down 6.8%, pendings are down 9.3% and closed sales are down 5%. Ballard, Seattle real estate has a .40 month supply so we know that the decrease in numbers is a result of no inventory. With a balanced market requiring 6 months and anything less than 4 being considered a seller’s market, we clearly know what kind of market we are in. If you are looking in this neighborhood, give us a call. As experienced Ballard, Seattle realtors, we would be more than happy to act as your advocate as you buy or sell in this area.