How competitive is Ballard in Seattle for single Family homes and condos?
In the current strong sellers' real estate market, 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 price to the list price...
They say don't look a gift horse in the mouth. But when it's a Trojan horse, you do! - Eric Johnson
Usually, as part of the home buying process, the buyer hires a licensed home inspector to inspect the home so they know what they are purchasing. However, sometimes, the seller will pre-inspect the home before listing it for sale and share that home inspection report with interested buyers.
There are two specific uses of a seller home inspection:
- The sellers do a pre-listing inspection of their home for the purposes of finding and fixing any issues before putting the home on the market.
- The sellers do a pre-listing inspection their home for the purposes of finding and fixing any issues before putting the home on the market AND intend to provide a free copy of the home inspection report to potential home buyers as a marketing strategy.
The usual home purchase procedure is for the buyer to do a home inspection AFTER the seller has accepted their offer. The buyer then has about 10 days to complete the inspection and get their home inspection report. The buyer can then either accept the home as-is, request some repairs and/or a price drop, or just walk on the sale and get their earnest money back.
The inspection will include the (1) home itself and the property it sits on (2) the sewer line from the home to the main sewer line in the street (depending on the age of the home) or alternatively (3) the septic system if the home is not connected to the sewer system. Note that in WA State at least, septic inspections are done after mutual acceptance and is paid for by the sellers.
In a hot sellers' market, like the current Seattle real estate market,...
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.