If you looking to purchase or list Ballard, Seattle homes for sale, knowing the local market ensures success regardless of whether you are a seller or a buyer. As a buyer, knowing what is happening in the Ballard, Seattle real estate market allows you to put together a competitive offer you feel confident about. As a seller, you can feel good about your listing price. This keeps Ballard, Seattle homes for sale from sitting too long. While bidding wars and quick sales are common in this desirable neighborhood, if a property is overpriced, it will sit. Of course, working with a qualified Ballard, Seattle realtor who acts as your advocate in both selling and buying makes a huge difference. So how is this popular neighborhood looking currently? Let’s take a look!
The good news for homeowners thinking of listing their homes for sale in Ballard, Seattle is that prices have increased! Both the average and median sold price has gone up compared to this time last year AND just last month. The average has increased 17.8% at $746,818 (which is 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. The bad news for buyers is that 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 are down at 2%. Even if you have done minimal research on Seattle real estate, you know this city is in a seller’s market. 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 balanced, a market needs a 6 month supply. Also, the median days on the market is 7, with the average being 14. Now, The average percentage of list price, which determines your negotiation power, is 106.2%, up from last year and slightly from last month. Which means on average, homes for sale in Ballard, Seattle are not only going for asking, they are getting well over in most scenarios. As a buyer, this can get frustrating. Our only recommendation is choosing a qualified local Ballard, Seattle realtor. 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.