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Ballard Seattle real estate market update for February 2017


Leif Erikson status on Ballard SeattleTime to take a look at how the Ballard Seattle real estate market fared during the month of February 2017. February is usually a month where the market is starting to emerge from winter hibernation. Or at least that used to be the case. Because of the chronic low inventory of homes for sale, Ballard and other Seattle neighborhoods are staying competitive all year round now.  

The market remains very strong and for the past few months, Seattle has been either occupying the top spot or near the top as the hottest real estate market in the country. The low number of homes for sale remains the main factor driving prices upward. 

The major difference between different times of year is the variation in the number of homes for sales that naturally cycles through the lowest number in winter and then builds up to peak activity in the spring and early summer months.

The graphic below shows how homes for sale in Ballard Seattle compared in February 2017 versus 12 months earlier in February 2016.

Ballard Seattle real estate market update for February 2017

Data summary:

  • In February 2017, there was a total of 76 new listings (single family and condos combined) which was 11% lower than a year earlier.
  • There was a big drop of 57% in the number of homes that sold.
  • The average number of days that a Ballard home took to get an offer was 17, which is similar to last year (20 days).
  • On average, homes in Ballard sold for 105% of list price which is up from last year's 103%. 

The median sale price for Ballard single family homes was $782,000 which was a 19% jump from last year. It is possible that this number is not reliable and that the average might be skewed by a larger proportion of high-end, more expensive home sales. Will need to see next month's data. 

Ballard condominium prices were up 9% from February 2016 with an average sale price of $478,00.

What's the general price trend?

The graph below shows the median sale price trend for both single family homes and condominiums over the past 10 years (using a 6-month rolling average).  Note that the median price is the price at which half the homes sold above that price and half sold for below that price. After the 2007 "bubble", bottomed in early 2012 and have been increasing ever since. 

As you can see, Ballard home prices are well above previous highs seen in 2007. Currently, the median sale price is around $700,000 versus $500,000 previously for single family homes. For condos, it's now  $400,000 compared to $330,000.

Move your mouse over the graph to see sale prices.

How is The Ballard housing inventory trending?

The graph below shows how the number of Ballard listings has dropped over the past 5 years leading to greater competition for homes which then forces prices up. Good news if you are a seller but makes for a tough market for buyers looking to buy a property in Ballard. Currently, there is only about 1 month's supply of inventory available.

Despite home prices increasing since 2012, there has not been an associated increase in the number of homes for sale. Have actually seen the opposite happening.

What do the numbers mean for you?

For sellers:  based on current price and inventory trends, the Ballard real estate market is not showing any signs of slowing down and remains a very strong seller's market. Most homes, if priced properly (don't get greedy), should sell quickly with multiple offers and sell above list price. 

For buyers, it remains a competitive market and you will probably have to compete with other buyers for the best homes.  You will need to be flexible on your offers and pre-inspections before submitting an offer are the norm at the moment. Pick your battles and only make offers on the homes you really want and be prepared to go all in. Hang in there!

A note regarding the statistics used in this report:

In order to generate more reliable data, I combined data for the 98117 and 98107 zip codes areas. Too few sales lead to unreliable data. Also, it is always better to look at the overall trends rather than focusing in on any one single month's data.  In general, there is too much variation from month to month to make any reliable predictions. So, when you see headlines in the newspaper stating "home prices surged up 6% from the previous month", take that with a grain of salt and focus on the big picture trend. 

Contact Conor MacEvilly, Seattle Realtor

Here's all the homes that are currently for sale in the Ballard area in Seattle:

32 Properties Found. Showing 1-12
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2003 NW 85th Street
Seattle, WA 98117
2003 NW 85th Street Seattle, WA 98117
1 of 25
$750,000
Subdivision: Ballard
BEDS
2
BATHS
1
SQ.FT.
2,630
BUILT
1928
ON SITE
4Days
MLS ®
1149763
Rarely does a duplex become available that requires no work! Light-filled 1928 tudor has been sympathetically remodeled to combine old world charm w/ modern living. Fabulous opportunity for owner...
1525 NW 57th St #402
Seattle, WA 98107
1525 NW 57th St #402 Seattle, WA 98107
1 of 14
$425,000
Condo: Ballard Condominiums
BEDS
1
BATHS
1
SQ.FT.
879
BUILT
2000
ON SITE
3Days
MLS ®
1145309
Great location and a large 1 bedroom condo in the heart of Ballard how can you beat it. From here you are close to buses, restaurants, nightlife, movies etc. This unit includes a spacious dining...
1412 NW 64th St #A
Seattle, WA 98107
1412 NW 64th St #A Seattle, WA 98107
1 of 24
$674,950
Condo: Gilman Park
BEDS
3
BATHS
3
SQ.FT.
1,410
BUILT
2008
ON SITE
5Days
MLS ®
1136446
Welcome to Ballard! Pristine 3 bdrm, 2.5 bath end-unit walking distance to everything Ballard has to offer: restaurants, breweries, shopping & transit. Open concept living with hardwoods, SS...
3421 NW 66th St
Seattle, WA 98117
3421 NW 66th St Seattle, WA 98117
1 of 25
$1,800,000
Subdivision: Sunset Hill
BEDS
5
BATHS
4
SQ.FT.
3,880
BUILT
2017
ON SITE
5Days
MLS ®
1148406
Stunning new construction in Sunset Hill with expansive views of Puget Sound and Olympics.House features an elevator and rooftop deck. Main level has Master Suite, 2 bedrooms, and full bath.Open...
1536 NW 64th St #A
Seattle, WA 98107
1536 NW 64th St #A Seattle, WA 98107
1 of 20
$695,000
Subdivision: Ballard
BEDS
3
BATHS
2
SQ.FT.
1,420
BUILT
1904
ON SITE
5Days
MLS ®
1148130
This is the Ballard home you have been waiting for! Built in 1904...completely renovated in 2012 w/new siding, windows, electrical, plumbing...new kitchen, baths, walls and fixtures! 3bed/2baths,...
7044 Earl Ave NW
Seattle, WA 98117
7044 Earl Ave NW Seattle, WA 98117
1 of 17
$850,000
Subdivision: Ballard
BEDS
3
BATHS
1
SQ.FT.
2,350
BUILT
1929
ON SITE
4Days
MLS ®
1146507
The adorable Ballard home you've been waiting for! Seattle charm & old world details throughout every room. Refinished oak floors w/ gorgeous inlay. Updated kitchen and bath for modern living....
3015 NW 77th St
Seattle, WA 98117
3015 NW 77th St Seattle, WA 98117
1 of 24
$645,000
Subdivision: Sunset Hill
BEDS
3
BATHS
2
SQ.FT.
2,380
BUILT
1940
ON SITE
4Days
MLS ®
1149038
Prime Sunset Hills location. 2 Bedrooms 1 Bath on main, plus 1 Bedroom, 1/2 Bath upstairs. This home is cute and has a spacious open floor plan. Lots of natural light. Nice, flat & sunny lot....
908 NW 58th St
Seattle, WA 98107
908 NW 58th St Seattle, WA 98107
1 of 16
$550,000
Subdivision: Ballard
BEDS
2
BATHS
1
SQ.FT.
1,160
BUILT
1919
ON SITE
4Days
MLS ®
1148642
In the desirable neighborhood of Ballard sits this vintage 1919 cottage set on a level full 5,000 sq ft lot. Just blocks from the heart of Ballard, this property offers amazing proximity while...
7043 8th Ave NW
Seattle, WA 98117
7043 8th Ave NW Seattle, WA 98117
1 of 20
$589,000
Subdivision: Ballard
BEDS
3
BATHS
2
SQ.FT.
1,640
BUILT
1926
ON SITE
6Days
MLS ®
1147060
Classic Seattle charm in this 3 bedroom Ballard craftsman. Several recent updates: new paint in/out, water heater, electric panel, insulation, sewer and waterline, and more... Quiet back yard with...
1512 NW 62nd St #A
Seattle, WA 98107
1512 NW 62nd St #A Seattle, WA 98107
1 of 22
$789,000
Subdivision: Ballard
BEDS
2
BATHS
3
SQ.FT.
1,715
BUILT
2015
ON SITE
6Days
MLS ®
1144789
4-STAR GREEN BUILT masterpiece by premier Seattle Builder: Isola Homes. Set in the heart of Seattle's Ballard neighborhood, and with a 91 Walk Score you can walk/bike anywhere. Entertainment-sized...
2422 NW 58th St #102
Seattle, WA 98107
2422 NW 58th St #102 Seattle, WA 98107
1 of 18
$440,000
Condo: Waypoint Condominium
BEDS
1
BATHS
1
SQ.FT.
813
BUILT
1999
ON SITE
7Days
MLS ®
1146249
Here's the great 1 bedroom condominium you've been hoping would come on the market in Ballard Now you can live close to all the fun things you want to do there! Stay in and cook in the generously...
812 NW 49th St
Seattle, WA 98107
812 NW 49th St Seattle, WA 98107
1 of 17
$699,800
Condo: SS# 3020270
BEDS
3
BATHS
3
SQ.FT.
1,323
BUILT
2017
ON SITE
7Days
MLS ®
1147340
Last home left!! Unit B. New modern Ballard rowhomes in ideal location and modern, functional floor plan. Gorgeous designer finishes, rich hardwoods, custom tile work, sleek fireplace, floating...
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All listings featuring the icon are provided courtesy of the Northwest Multiple Listing Service (NWMLS), Copyright 2017. All rights reserved. The database information herein is provided from and copyrighted by the Northwest Multiple Listing Service (NWMLS). NWMLS data may not be reproduced or redistributed and is only for people viewing this site. All information provided is deemed reliable but is not guaranteed and should be independently verified. The information contained in these listings has not been verified by Coldwell Banker Danforth and should be verified by the buyer. All properties are subject to prior sale or withdrawal. All rights are reserved by copyright. Property locations as displayed on any map are best approximations only and exact locations should be independently verified.

Listing information last updated on Sunday, June 25, 2017 at 4:22 AM PST.

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