How does the current Ballard Seattle real estate market compare to the 2007 bubble market?
Around 10 years ago in 2007, the US real estate market began to implode and dragged Seattle along with it. The Seattle market was one of the last major cities to be affected and one of the first to emerge from the bottom of the market in 2012.
Today, the Ballard and Seattle real estate markets are booming, with Seattle consistently being at, or near, the top of US cities for home price increases.
Ballard Seattle is a sought after neighborhood by many home buyers. Ballard has it all! Just like all Seattle neighborhoods, Ballard Seattle homes for sale are attracting multiple offers and about 50% of Ballard homes selling for above list price.
So how does Ballard Seattle real estate in 2018 compare to the last price surge in 2007?
I looked at the following real estate statistics for between 2005 and 2017.
- Median sale price.
- Number of months of inventory.
- Ratio of the sale price to the list price.
- The number of homes for sale compared to the number of sold homes.
All data was taken from the North West Multiple Listing Service (NWMLS). Note that MLS data only goes back to 2005, no data is available for the years prior to that.
Ballard Seattle homes for sale price trend.
The graph below shows how the Ballard real estate market peaked in 2007 with a median sale price of $490,000 and subsequently dropped by 19% to $398,000 by early 2012.
How competitive is Ballard Seattle real estate for single Family homes and condos?
In the current strong sellers' real estate market in Seattle, home buyers are having to compete to buy a home. The housing inventory is, and has been for a few years, acutely low. Home buyers will probably feel like every home is getting multiple offers and selling for well above list price. Some buyers will give up trying to buy a home and feel like they will never get their foot in the home ownership door.
Are all homes for sale in Ballard Seattle WA really selling for above list price with multiple offers?
So, what is the reality of the current Ballard Seattle WA real estate market?
I looked at sale statistics for Ballard single family homes (houses and townhomes) and condos that sold over the 3 month period up to the middle of January 2018.
All data was pulled from the Northwest Multiple Listing Service (NWMLS). Data was combined for the area covering Ballard, Loyal Heights, Sunset Hill and Whittier Heights neighborhoods.
Note that is the middle of winter when the market is usually "slower" than the spring and summer months. In this market, slower is a relative term.
Ballard single family homes:
I looked at the sales of single family homes in 3 different price ranges:
- Less than $750,000
- Between $750,000 and $1,000,000
- Above $1,000,000
The percentage of homes that sold for above, below and for list price for the 3 different price ranges is shown below:
When you look at the ratio of the sale...
Homes for sale in Ballard Seattle are a popular option with many home buyers. Ballard is a great, self-contained neighborhood with lots to keep you occupied but also a quick hop to downtown Seattle.
Home buyers often inquire as to how Ballard Seattle home prices vary in different parts of the neighborhood. The Ballard neighborhood Seattle, or let's say the "greater Ballard area" starts with Whittier Heights to the east and extends to the appropriately named Sunset Hill area to the west, with Loyal Heights in between.
do Ballard Seattle homes prices increase as you move closer to the water?
I looked at home sales in the following 4 sections of Ballard (see map below):
- Between 8th and 15th Ave NW (includes Whittier Heights area).
- Between 15th and 24th Ave NW and NW 85th Street.
- Between 24th and 32nd Ave NW (includes Loyal Heights homes).
- West of 32nd Ave NW (Sunset Hill area).
All section were bordered by NW 85th Street to the north and NW Market Street to the south. The 4 sections were chosen based on the main north-south arterial roads through the Ballard neighborhood Seattle.
I looked at the sale of all Ballard single family homes (houses and townhomes). The data does not include condos. I looked at homes that sold over the 6 month period from July through December 2017. All data were extracted from the NWMLS.