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...
The Ballard neighborhood Seattle is a great place to live and is a sought after area by many Seattle home buyers. Currently, the Seattle real estate market is ranked as the hottest in the country, overtaking Portland, Oregon late 2016. Seattle home prices went up up 12.7% over 2016.
Many buyers looking to buy a Ballard home and who may have lost out on a home already, are probably wondering what percentage of the homes for sale in Ballard are likely to be purchased by an all-cash offer. Also how do Ballard condos and single family homes compare. Finally, how does the Ballard neighborhood compare with other areas.
To answer this question, I looked at statistics for the following:
- The 100 most recent sales for each of Ballard and Capitol Hill (Seattle neighborhoods) and Bellevue (city on the other side of Lake Washington, for those of you who are newer to the area).
- Looked at both condos and single family homes (houses and townhomes) of all sizes and prices.
- Data was taken from the NWMLS on February 2nd 2017.
When you compare the percentage of cash buyers for each of these 3 areas, you see the following:
For Ballard, about one in ten single family homes sell for cash and about 1 in 5 condos (11 and 19% respectively). For the Capital Hill neighborhood in Seattle, twice as many houses sell for cash compared to Ballard but slightly fewer condos (22 and 15% respectively).
When you pop over to Bellevue, it jumps up again with about...