If you are thinking of selling or buying Ballard, Seattle real estate, knowing what is happening in the local market ensures you have a good experience as a buyer and a seller. As a buyer, knowing what is happening in the Ballard, Seattle real estate market allows you to be confident in your offer price. As a seller, you know you priced according to market value. This keeps your home from either sitting past the desired window (generally two weeks, depending on the property) or selling too low if you decided to price well below market value in the hopes of starting a bidding war. Truth be told, when priced according to the comparable sales, quick sales and bidding wars resulting in over asking offers are common in the Ballard, Seattle real estate market. It is a highly desired neighborhood with top ranked schools that is conveniently situated close to Seattle’s best amenities. With demand so high and inventory so low, homes for sale in Ballard, Seattle move quickly. Of course, working with a qualified Ballard, Seattle realtor who can guide you in both selling and buying makes a huge difference. So how is this neighborhood looking currently? Let’s take a look!
The good news for homeowners thinking of selling real estate in Ballard, Seattle is that prices have gone up! The average has gone up 14% at $702,256 while the median has gone up 15.4% at $675,000. Interestingly, while these are considered higher price points in general, these are still lower compared to some of the other nearby sought after neighborhoods. New listings are down 2.5%, homes for sale have taken a hit at 14% but pending sales and closed sales are up between 1.1%-2.3%. Whether you are buying or selling in Seattle, you likely already know we are in a seller’s market. However, this neighborhood in particular is dealing with some VERY low inventory. The month supply is currently 0.6. In order to be considered balanced, a market should have a 6 month supply. Also, the median days on the market (which is the amount of time a home goes from active to pending) is 8, with the average being 16. Now, The average percentage of list price (which basically determines your negotiation power) is 105.3%. Which means on average homes are not only going for asking, they are getting well over in most scenarios. 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. This ensures you get to see it before everyone else does and hopefully get one of the first offers in. Not to mention, there are other fabulous perks that come with working with a Ballard, Seattle realtor that knows the local market and industry like the back of their hand.
If you are thinking of buying or selling real estate in Ballard, Seattle, give me a call. I would be happy to help you navigate this competitive market.