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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:

27 Properties Found. Showing 1-12
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1212 NW 77th St
Seattle, WA 98117
Open House
1212 NW 77th St Seattle, WA 98117
1 of 25
$1,475,000
Subdivision: Whittier
BEDS
4
BATHS
4
SQ.FT.
3,769
BUILT
2014
ON SITE
1Day
MLS ®
1207589
Stunning 3yr old traditional w/contemporary flair. Open bright design w/rich hrdwds, frml dining, office, stone gas frplc, & great rm concept. Spacious gourmet ktchn w/SS viking appliances, huge...
1478 NW 73rd St
Seattle, WA 98117
Open House
1478 NW 73rd St Seattle, WA 98117
1 of 20
$615,000
Subdivision: Ballard
BEDS
2
BATHS
2
SQ.FT.
1,133
BUILT
1904
ON SITE
1Day
MLS ®
1205457
Location, Location, Location, close to bus line. This unique home has a remodeled kitchen and bath, great room concept, hardwood floors in the lower level. Impressive tile shower on first fl....
1512 NW 63rd St
Seattle, WA 98107
Open House
1512 NW 63rd St Seattle, WA 98107
1 of 17
$769,000
Subdivision: Ballard
BEDS
3
BATHS
3
SQ.FT.
1,445
BUILT
2014
ON SITE
1Day
MLS ®
1209367
Beautiful Modern TH in Seattle's Hottest Neighborhoods. Light & Bright open floor plan with open luxury kitchen. Quartz Counters, modern cabinets, stainless steel appliances, large countertops +...
842 NW 52nd St
Seattle, WA 98117
842 NW 52nd St Seattle, WA 98117
 
$749,000
Subdivision: Ballard
BEDS
3
BATHS
4
SQ.FT.
1,670
BUILT
2007
ON SITE
0Day
MLS ®
1207410
Contemporary stand alone townhouse in popular Ballard neighborhood. Quiet south facing unit close to parks and all the Ballard Vibe. Courtyard entry and patio. Great room style main floor living...
7047 12th Ave NW
Seattle, WA 98117
Open House
7047 12th Ave NW Seattle, WA 98117
1 of 23
$679,000
Subdivision: Whittier
BEDS
3
BATHS
2
SQ.FT.
1,460
BUILT
1995
ON SITE
2Days
MLS ®
1207710
Tree-lined street in wonderful Ballard location in the heart of Whittier Heights. Stand alone home w/spacious rooms. Main living areas up at tree top level. Front balcony off liv rm. Master bedroom...
2413 NW 59th St #303E
Seattle, WA 98107
Open House
2413 NW 59th St #303E Seattle, WA 98107
1 of 23
$459,000
Condo: Sunset at the Locks
BEDS
2
BATHS
1
SQ.FT.
704
BUILT
1987
ON SITE
3Days
MLS ®
1206035
Pain au chocolat! If you can't resist the deliciousness of Cafe Besalu, then this turnkey light filled two bedroom home in the heart of Ballard is the one you've been waiting for. Hardwood floors,...
5615 24th Ave NW #65
Seattle, WA 98107
Open House
5615 24th Ave NW #65 Seattle, WA 98107
1 of 23
$485,000
Condo: The Metropole
BEDS
1
BATHS
1
SQ.FT.
709
BUILT
2006
ON SITE
3Days
MLS ®
1207591
Elegant top floor, west facing condo w/soaring 10ft ceilings, & sunset views over the Olympics. This meticulous condo resembles a W Hotel suite w/rich hardwoods, distinctive lines, recessed art...
2820 NW 66th St
Seattle, WA 98117
Open House
2820 NW 66th St Seattle, WA 98117
1 of 25
$999,950
Subdivision: Ballard
BEDS
3
BATHS
3
SQ.FT.
1,880
BUILT
2011
ON SITE
3Days
MLS ®
1207755
Recently built quality construction modern home w/low-maintenance landscaping! Open concept living/dining boasts high ceilings, bamboo floors & abundant natural light. Entertainment sized gourmet...
8011 32nd Ave NW
Seattle, WA 98117
8011 32nd Ave NW Seattle, WA 98117
1 of 9
$675,000
Subdivision: Sunset Hill
BEDS
3
BATHS
2
SQ.FT.
2,680
BUILT
1947
ON SITE
4Days
MLS ®
1207903
Sunset Hill remodel project. Walk to Golden Gardens Park with Off-Leash dog park just down the nearby foot path. Stroll to Sunset Hill View Point Park for a spectacular view of Shilshole Marina, the...
312 NW 74th St
Seattle, WA 98117
Open House
312 NW 74th St Seattle, WA 98117
1 of 19
$575,000
Subdivision: Ballard
BEDS
2
BATHS
1
SQ.FT.
810
BUILT
1915
ON SITE
4Days
MLS ®
1208205
This classic Seattle bungalow retains much of its period charm with updates for today’s buyers. Traditional wide trim work, high ceilings and a classic claw foot tub blend seamlessly with a...
3036 NW 68th St
Seattle, WA 98117
Open House
3036 NW 68th St Seattle, WA 98117
1 of 18
$675,000
Subdivision: Sunset Hill
BEDS
2
BATHS
1
SQ.FT.
2,080
BUILT
1951
ON SITE
4Days
MLS ®
1201129
Sunset Hill cape cod in prime location across from Webster park and Nordic Heritage Museum. Southern exposure fills this home with natural light. Gleaming hardwood floors throughout main floor. Home...
2429 NW 57th St #B
Seattle, WA 98107
Open House
2429 NW 57th St #B Seattle, WA 98107
1 of 18
$765,000
Subdivision: Ballard
BEDS
3
BATHS
3
SQ.FT.
1,730
BUILT
2000
ON SITE
3Days
MLS ®
1208431
This light-filled 3 bed/2.5 bath townhome shines with many updates. Open main floor plan with hardwoods -- kitchen overlooks dining area, living room & deck. Top floor boasts 2 good-sized bedrooms,...
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 Friday, October 20, 2017 at 4:22 AM PST.

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