Ballard, Seattle Real Estate Update

If you have been thinking of listing or buying homes for sale in Ballard, Seattle, you will want to make sure you pick an experience Ballard, Seattle Realtor to be your trusted guide and advocate throughout the process. You will also want to gain an accurate understanding of what the Ballard, Seattle real estate market looks like. When you understand details like the month supply, days on market and the average and median sold prices of homes for sale in Ballard, Seattle, you can be confident you are going into this journey with achieving the goal of a successful experience. The best resource for finding out what is happening with homes for sale in Ballard, Seattle is through a Ballard, Seattle Realtor. We have resources straight from the NWMLS that tell us what is happening in the Ballard, Seattle real estate market. This, in turn, can guide you as both a buyer and a seller. As a buyer, you can find out the necessary details that help you put together an offer on Ballard, Seattle homes for sale that stands out in our competitive market. As a seller, knowing the sold prices are a great way to price your property according to market value. The benefits of pricing appropriately from the start are a great way to achieve a shortened market time and more than one offer allowing for an increased chance at making money at resale. So how is the Ballard, Seattle Real Estate market doing? Let’s take a look!

As far as the average and median sold prices for homes for sale in Ballard, Seattle goes, prices are up. The average is up 13.7% from this time last year at $766,103. The median sold price is up 11.1% at $750,000. The average percentage of list price for this neighborhood is at 106.1%. In a nutshell, this number indicates your negotiation power. It also tells us that Ballard, Seattle homes for sale are going for over asking. Your realtor in Ballard, Seattle will further explain how you can use this number to your benefit when it comes to making or accepting an offer.

As far as inventory in this neighborhood is concerned, the amount of Ballard, Seattle homes for sale is down 22% while the amount of new listings is down 11.6%. Closed sales are down 9% and pending sales are down 15.2%. This is not great news for buyers, however, this is all a result of a low month supply. This number is down from this time last year by 20% at 0.4. This number tells us that this neighborhood basically has close to no inventory. Which is not a huge surprise seeing as it is one of the most desirable areas in Seattle. To better understand the importance of what month supply means, it tells us who has control of the Ballard, Seattle real estate market. Anything less than 4 is a seller’s market while anything over 6 is considered balanced. Your realtor in Ballard, Seattle will be able to share what this number is as it changes with the market. Both the average and median days on market are down. The median days on market for Ballard, Seattle homes for sale is 7 while the average is down to 11. Sellers, be prepared to move fast and buyers, “blink and you’ll miss it”, aka if you see a home you like, write an offer immediately. Waiting even an hour could put you out of the running.

If you are looking for a Ballard, Seattle Realtor or Ballard, Seattle homes for sale, feel free to give me a call. I would be happy to help!