If you are thinking of selling or purchasing Ballard, Seattle homes for sale, knowing what is happening in the local market helps to ensure that you have a good experience. As a buyer, you can utilize the current Ballard, Seattle real estate market stats to come up with an offer you feel confident about. As a seller, you know you priced according to the local market conditions which keeps Ballard, Seattle homes for sale from sitting too long. Which in this market isn’t really an issue unless the home is completely overpriced. Bidding wars and quick sales happen more often than not in the Ballard, Seattle real estate market. 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 listing homes for sale in Ballard, Seattle is that prices have gone up! Both the average and median sold price has increased compared to both this time last year AND just last month. The average has gone up 16.1% at $735,558 while the median has gone up 16.0% at $700,000. Interestingly, while these are considered higher price points compared to the national average, these are still lower compared to some of the other popular nearby neighborhoods. The price per square foot has also increased by 12.9% at $446. Unfortunately for buyers, new listings are down 3.2%, along with a 21.3% decrease for homes for sale in Ballard, Seattle. Pending sales have seen a minimal 1% increase. Closed sales are barely down at 0.4%. Even if you have done little research on Seattle real estate, you are probably aware that this city is in a seller’s market and this neighborhood is no exception. In fact, the monthly supply in Ballard is just 0.6. 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 just 15. This means a majority of homes are accepting offers within two weeks or less. Additionally, the average percentage of list price is 106%, up from last year and slightly from last month. This basically means that in most scenarios, homes for sale in Ballard, Seattle are not only going for asking, they are getting over. If you are a buyer and this feels frustrating to you, us Seattle Realtors get it. My recommendation is choosing a qualified Ballard, Seattle realtor. They usually have strong local ties and close working relationships with other brokers. 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 popular neighborhood.