Long time Ballard resident and local Real Estate Broker Sharon Giampietro shares a regular post on My Ballard to keep readers informed about the local real estate market
The big news for the end of June is that the average sold price of a residential home in our area shot way up, jumping from $606,000 at the end of April, to $653,000 by June’s end. At the end of June 2014, the average sold price was $571,000 and this sharp 12 month rise is causing buyers, sellers, Real Estate Brokers, and lenders to pay close attention to this current trend.
In the last 10 years we have seen prices swing high, low and now high again– what will the second half of 2015 bring? These past few months are traditionally busy months so we may possibly see a slowing in the average sale price but as our unemployment rate stays low (3.9 percent for the month of May) and our population increases, the pressure is still on for more housing.
The amount of newly added residential inventory in May and June was just over 460 homes – about the same as March and April. Buyers who are new to the area, looking for more room and a different lifestyle, often must compete intensely, as they did in March and April, for available homes. Offer prices continued to escalate–asking $745,000, sold for $900,000; asking $749,000 sold for $875,000; asking $695,000 sold for $871,000. Most Real Estate brokers know potential sellers who want to move, but in watching these numbers the brokers think sellers will have difficulty finding something they like and can afford in an area where they want to be. So they don’t sell.
Condos continue to be added to the market, although most new construction is of apartments. In May and June, 124 condos were added along with 17 new construction condos. At the end of April, the average sold price was $298,000 and at the end of June it was $303,000. Condo prices are moving up but at a much slower pace than residential homes. In May and June, 53 new construction homes were added to the pool (most of them “modernos”); their average sale price jumped from $699,000 at the end of April to $814,000 at the end of June. Condos add more options but with generally smaller living spaces and new construction adds volume but at higher prices.
July and August are vacation months and everything Real Estate–wise usually slows down a bit. Some planning a move in the fall may be pondering their “wish list.” My guess is choice and affordability will top most lists.
Greater Balllard is Greenwood, Green Lake, Wallingford and other close by neighborhoods identified as “705” in the Northwest Multiple listing Service. All residential and condo numbers are rounded to the nearest thousand and unless noted do not include new construction. Statistics not compiled or published by the Northwest Multiple Listing Service.