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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:

36 Properties Found. Showing 1-12
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608 NW 77th St
Seattle, WA 98117
Open House
608 NW 77th St Seattle, WA 98117
1 of 24
$619,950
Subdivision: Ballard
BEDS
3
BATHS
2
SQ.FT.
2,000
BUILT
1926
ON SITE
2Days
MLS ®
1180988
This homes has been completely remodeled. New wiring throughout entire house. New plumbing, new windows, chimney tuck-pointed. New kitchen and baths. New insulated finished basement. 2 car garage....
6759 16th Ave NW
Seattle, WA 98117
Open House
6759 16th Ave NW Seattle, WA 98117
1 of 20
$527,500
Subdivision: Ballard
BEDS
1
BATHS
1
SQ.FT.
1,430
BUILT
1909
ON SITE
2Days
MLS ®
1180755
This Ballard cottage will capture your heart with it's sweet exterior & modern interior. The open-concept floor plan features hardwoods, a wood ceiling & exposed wood beam creating a feeling of...
8018 18th Ave NW
Seattle, WA 98117
8018 18th Ave NW Seattle, WA 98117
1 of 15
$550,000
Subdivision: Ballard
BEDS
2
BATHS
1
SQ.FT.
1,210
BUILT
1925
ON SITE
3Days
MLS ®
1179695
This house is ready for a major renovation or build new here. Builder/Flipper Alert! West facing lot with some elevation for privacy, and an alley. House square footage does not appear to include...
717 NW 70th St #101
Seattle, WA 98117
Open House
717 NW 70th St #101 Seattle, WA 98117
1 of 16
$350,000
Condo: Ballard Ridge
BEDS
1
BATHS
1
SQ.FT.
562
BUILT
1983
ON SITE
3Days
MLS ®
1177579
You've found it! A rare ground level unit with its own fenced pet friendly backyard oasis. The covered trellis and lighted patio is a magical place to entertain. The well designed unit beautifully...
6539 26th Ave NW
Seattle, WA 98117
Open House
6539 26th Ave NW Seattle, WA 98117
1 of 15
$789,000
Subdivision: Ballard
BEDS
4
BATHS
3
SQ.FT.
1,740
BUILT
1975
ON SITE
2Days
MLS ®
1180573
Wonderful and functional heart of Ballard home! 1975 built Split Level with over 1700 sq ft on a lg delightful beckoning lot. With commanding street appeal, this 4 br 3 bth home has numerous updates...
6511 36th Ave NW
Seattle, WA 98117
Open House
6511 36th Ave NW Seattle, WA 98117
1 of 25
$995,000
Subdivision: Sunset Hill
BEDS
3
BATHS
3
SQ.FT.
3,120
BUILT
1921
ON SITE
2Days
MLS ®
1180718
Sunset Hill Craftsman w/modern living spaces, tall ceilings & more! Dual level decks. Sound/Mtn View master w/vaulted ceilings, cherry kitchen,granite & stainless, all hardwood floors. 2005 Full...
6710 23rd Ave NW
Seattle, WA 98117
Open House
6710 23rd Ave NW Seattle, WA 98117
1 of 14
$675,000
Subdivision: Ballard
BEDS
3
BATHS
2
SQ.FT.
1,320
BUILT
1950
ON SITE
4Days
MLS ®
1177215
Charming updated home in the fabulous Ballard area! This one level home offers a relaxing large master suite looking out to the private yard, two additional bedrooms and full bath. The spacious...
6712 22nd Ave NW
Seattle, WA 98117
6712 22nd Ave NW Seattle, WA 98117
1 of 8
$715,000
Subdivision: Ballard
BEDS
3
BATHS
2
SQ.FT.
1,530
BUILT
1909
ON SITE
4Days
MLS ®
1179418
Grandfathered duplex in single family zoning. Within walking distance to downtown Ballard & all its amenities but far enough away to offer a quiet neighborhood feel. Opportunity to fix it up for the...
8318 18th Ave NW
Seattle, WA 98117
Open House
8318 18th Ave NW Seattle, WA 98117
1 of 24
$624,950
Subdivision: Loyal Heights
BEDS
2
BATHS
2
SQ.FT.
1,370
BUILT
1940
ON SITE
4Days
MLS ®
1171927
Classic 1940's home in one of Ballard's prime neighborhoods situated high above the street. Hardwood floors, vinyl windows, newer furnace, updated kitchen & bath, & attached garage. Two spacious...
354 NW Market St
Seattle, WA 98107
Open House
354 NW Market St Seattle, WA 98107
1 of 18
$649,999
Subdivision: Ballard
BEDS
3
BATHS
2
SQ.FT.
1,540
BUILT
2006
ON SITE
4Days
MLS ®
1179642
Townhouse. Vacant. Shows very well, nice view of the city and mountains, lots of sunlight. Ready for move in. All appliances stay (SS), granite counter tops, oak floor on main level. Lots of open...
1525 NW 57th St #320
Seattle, WA 98107
Open House
1525 NW 57th St #320 Seattle, WA 98107
1 of 25
$489,950
Condo: Ballard Condominium
BEDS
1
BATHS
1
SQ.FT.
908
BUILT
2000
ON SITE
4Days
MLS ®
1179516
The Ballard has it all! Situated on a quiet tree lined street in the heart of Ballard w/95 walk score! Amenity-rich building includes: secured entry & parking, concierge, pool, hot tub, gym &...
9501 15th Ave NW
Seattle, WA 98117
Open House
9501 15th Ave NW Seattle, WA 98117
1 of 23
$737,500
Subdivision: Ballard
BEDS
3
BATHS
2
SQ.FT.
2,340
BUILT
1951
ON SITE
5Days
MLS ®
1177293
1950's Brick Home on Large, Secluded Lot in Superb N. Seattle Location! Expansive & light-filled liv/din room opens to big west-facing deck for endless sunset dining, perfume of the Puget Sound,...
NWMLS Copyright Infringement Information


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 Saturday, August 19, 2017 at 4:22 AM PST.

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