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Home prices down 4% in Ballard

Posted by Geeky Swedes on April 7th, 2008

Good story in the Seattle Times makes an attempt at explaining our current real estate market: sales are way down but prices have been holding somewhat steady in “Seattle’s most sought-after neighborhoods.” Here in Ballard, there are 82% more homes on the market over last year, sales are down 18%, but home prices are off just 4%. For example, the Market St. home in the photo has been on the market for 95 days. It was marked down 5% to $475,000 in February. “The reason for the relatively modest year-over-year price decrease, real-estate economists say, is sellers’ unwillingness to cut prices,” writes Elizabeth Rhodes in the Times. Meanwhile, buyers are waiting it out to see if prices drop more. So what do you think will happen with Ballard real estate?

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  • sky
    As a homeowner, I'm hoping that prices don't drop... but as a realist I think that they probably will A BIT. Ballard is a popular neighborhood so I don't think we will drop as much as other neighborhoods.

    I go on walks almost every afternoon and the number of "sold" signs has doubled in the past month. These homes are ones that have recently been put on the market. There are also those homes that have been sitting all winter with the sign in the yard.

    I'm curious how many "pending" sales are in Ballard.
  • Suthii
    Tear down that hideous Denny's and prices will spike 5% overnight....
  • Michael
    It certainly seems like this huge influx of new condo units is coming at a bad time.

    If sales are down and buyers are expecting for prices to drop, how are they going to sell all those units? It seems like they will have to drop the prices down for those and then probably the house prices will follow suit after that.

    I mean even NoMa hasn't sold all its units yet, and that doesn't seem anywhere as big as many of the other ones that are going up.
  • Bill
    I think home prices won't take a huge hit, but the massive influx of new condos will keep house prices from rising substantially any time soon.
  • JuneBug
    Everyone here brings up a good point with the condos. "82% more homes on the market.." I wonder how many of those are condos vs. single family homes. It would be interesting to know how many more houses (just houses) are on the market.
  • joe
    I think it hinges on the national economy. Although we're impacted less because of the strength of Seattle's own economy, we won't be insulated for long. Places like Ballard will be hurt less than others, but won't be immune. As soon as the national economy begins to recover, the price surge will begin anew.
  • Ballardwannabe
    I've been watching condos and the number of listings has grown quite a bit in the last month. Prices are softening but only a little.

    But good grief, Canal Station is hideous.
  • Matt
    I believe another factor is that lenders are more strict these days. So increasing supply and then some buyers are waiting to see what happens to lending rates. I know this is happening with larger loans. Not sure about regular conforming loans. Once lenders start loosening up, demand may increase a bit.
  • strike
    I don't know what condos you are looking at Ballardwannabe because I'm pretty impressed with the appearance of Canal Station. Maybe you would prefer the vacant, run down lot that was there previously.
  • John
    Yes, "Strike", those of us who are not new would have preferred "the vacant, run down lot that was there previously".
  • Elttaes
    You really couldnt find anywhere else to troll this morning Strike? Im sure theres a Dennys thread somewhere....
  • strike
    oooh I hate change... I'm against McCondos... All the yuppies are ruining Ballard... I don't recognize the Ballard of my youth... Blah blah blah.

    Physical change happens to people and to places. Societal norms shift. It is a fact of life. One can fight it or embrace it. Pretty clear that I choose the latter. That's first time someone has intimated that I'm a troll though. Pretty cool.
  • Ballardwannabe
    What, the choice is between a vacant lot and a grossly overscaled, badly designed splodge of ticky-tacky? Seriously, what was the planning history of that thing? Ballard has some unimaginative condos elsewhere, but nothing as disfiguring as Canal Station.

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