Long time Ballard resident and local Real Estate Broker Sharon Giampietro will be sharing a post on My Ballard each month to keep readers informed about the local real estate market. Giampietro comes from a long line of realtors and has lived in Ballard for 30 years. She is currently a Broker at Windermere Real Estate in Greenwood.
Check out Giampietro’s recap of the 2013 greater Ballard Real Estate market below:
In 2013, housing prices continued to go up. In the Greater Ballard area* in 2011, the average sale price of an MLS listed home was $432,000. In 2012, the average price was $459,000. In 2013, that number was $510,000. Home prices keep going up as evidenced by an 11% increase in home prices from 2012 to 2013. Greater Ballard is very popular and buyers are paying more each year to live here.
The number of sales is rising too. In 2011, 1364 homes were sold in the area; in 2012 the number was1644, and last year 2054 homes were sold. This continued increase in inventory has been good news for buyers who are prepared. Homes are selling more quickly. Buyers saw more inventory, but faced more competition. In all of 2013, there were 2386 homes for sale (up from 1964 in 2012) and 2054 sold. Monthly, on average there were 198 homes for sale and 172 sold. This is calculated as 1.15 months of housing inventory which is slightly less than last year and is a very low inventory. The average time on market of 18 days this year is almost two weeks less than 2012, and in addition, many homes sold in a just few days with pre- inspections and multiple offers. This market was dizzying for 2013 buyers who had to respond quickly, arrange pre-inspections, and in many cases be prepared to pay more than the asking price.
Fewer “short sales” and “bank owned homes”. In the greater Ballard area in 2013, of 2054 homes sold only 4.5% were short sales and bank owned which limited buyers’ choices for homes that might have a lower price point. To compare, in all of King County, short sales and bank owned homes represented 22% of homes sold. Sellers in the greater Ballard have had less competition from distressed properties.
Condo prices and sales were up. The average sale price for 2011 was $244,000. It took a dip in 2012 to $237,000 and in 2013 it was up $271,000. The average days on market were 63 in 2012 and 34 days in 2013. Condos are rebounding in popularity. Most of that big building new construction we see going up in Ballard in particular is apartments, not condos, and the demand for condos will probably increase.
In 2014, sellers who bought at the height of the market are looking to re-coup their investment. Some are already there and others are getting close. Buyers who bought when the market dipped have increased home equity.
*The Greater Ballard area is the northwest area of Seattle including Greenwood, Greenlake, Wallingford and other close by neighborhoods. Dollar amounts are rounded to the nearest thousand. Data does not include new construction or condos except as noted. Statistics not compiled or published by the Northwest Multiple Listing Service.