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If you are looking to list or purchase Ballard, Seattle homes for sale, knowing the local market ensures a successful experience regardless of what side of the transaction you are on. As a buyer, knowing what is happening in the Ballard, Seattle real estate market allows you to put together a competitive offer you can feel good about. As a seller, you can feel confident about your listing price. This keeps Ballard, Seattle homes for sale from sitting too long. Even though bidding wars and quick sales are common in this hot neighborhood, the truth is that if a property is overpriced, it will sit. Of course, working with a qualified Ballard, Seattle realtor who can guide you in both selling and buying makes a big difference. So how is this neighborhood doing currently? Let’s take a look!
The good news for homeowners thinking of listing homes for sale in Ballard, Seattle is that prices have continued to go up! Both the average and median sold price has increased compared to this time last year AND just last month. The average has gone up 17.8% at $746,818 (up from last month by over $10,000) while the median has gone up 17.4% at $710,000 (also up $10,000 from last month). The price per square foot has also increased 14.4% at $453. This neighborhood is definitely sought after so seeing prices go up in a tight market is not shocking.
Unfortunately, buyers don’t have the best news this month. New listings are down 2.6%, along with homes for sale in Ballard, Seattle being down 22.7%. Pending sales have seen a minimal 1.6% increase. Closed sales decreased by 2%. Of course being in a sellers market is the root of these low numbers. This neighborhood is no exception with a 0.5 month supply. This is down from last month as well as last year by 28.6%. In order to be considered a balanced market, we need a 6 month supply. Also, the median days on the market is 7, with the average being 14. Which means properties are pending fast. Now, the average percentage of list price, which determines your negotiation power, is 106.2%, up from last year and minimally from last month. This means that on average, homes for sale in Ballard, Seattle are not only going for asking, they are getting well over in a lot of cases. 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.
