The Ballard neighborhood Seattle is a popular choice for many home buyers and like much of Seattle has seen a strong seller's market since the market started heading upward in 2012.
However, over the past few months Ballard real estate, like the rest of Seattle, has started to show signs of slowing down.
So what's the current state of affairs?
If you are interested in Ballard Seattle homes for sale, this post provides you with an update on the most recent numbers and will give you a good idea of how the real estate market is doing in this Seattle neighborhood.
I looked at the sales of both Ballard single-family homes (houses and townhomes) and Ballard condos. For more reliable real estate statistics, it is always better to look at a larger area and longer-term trends than focusing in on any single month. All data was taken from the Northwest Multiple Listing Service (NWMLS) and includes the latest data (August 2018).
Note: for the purposes of this post, I combined data for the neighborhoods shown in the map below. Yes, this is not just Ballard but if you look at just Ballard sales in isolation there would have been too few sales to generate reliable statistics. Plus, these adjacent neighborhoods would be expected to behave in a similar manner to Ballard home sales.
First, let's take a look at Ballard home prices.
The graph below shows how the monthly median sale price of both single family homes (houses and townhomes) and condos has varied over the past 10 years.
Ballard real estate market update for houses: May through November 2017
Ballard Seattle is a popular choice for many home buyers and like much of Seattle, has seen a strong sellers market over the past few years. Obviously that's good news for sellers but it makes for a tough market for home buyers looking to get into the Ballard neighborhood.
If you are interetsed in Ballard Seattle homes for sale, or more specifically a Ballard house, here's an update on all the numbers you will need to give you a good idea idea of how the real esate market is doing in this Seattle neighborhood.
I looked at the sales of Ballard single family homes (houses only, excludes townhomes and condos) over the 6 month period covering May through October 2017. For reliable real estate statistics, it is always better to look at larger time periods rather than focusing in on any single month. All data was take form the Northwest Multiple Listing Service (NWMLS).
This update specifically looks at houses only. Separate updates for Ballard condos and townhomes will follow in sepatate posts.
What's the average sale price of houses in Ballard?
I looked at the sale price of single family homes based on the number of bedrooms. Not unexpectedly, as the number of bedrooms increases, so does the average sale price. As shown below, prices averaged from $684,000 for 2-bedroom homes to $1,043,000 for Ballard houses with 4 or more bedrooms. Three bedroom single family homes sold for $816,000.
Time 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.
- 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...