Long time Ballard resident and local Real Estate Broker Sharon Giampietro shares a post on My Ballard every 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 how Greater Ballard fared in December below:
Rising prices and low inventory characterized the greater Ballard Real Estate market in 2014. Price increases were good for would-be sellers who were underwater due to the real estate market tumble several years ago.
From November’s average sale price of $580,000, prices were down in December to $560,000, although 2014 saw an average 14% rise in home values in greater Ballard this year- a very big jump.
Many homeowners have finally realized some equity, putting them in a position to sell. These additions to the market are important for buyers who want to live in the very popular greater Ballard area. Nonetheless, our inventory average this year was at less than a month and a half, representing a market where sellers are in control of prices. A more even market would have an inventory of 4-6 months.
The new talk regarding home prices focuses on interest rates. Many owners are expecting a rise in 2015 and are calculating how much an increase could add to monthly payments. With rising rents, homeownership contnues to look attractive. Buyers are talking about getting in before “the rates go up” and sellers are readying to meet the demand. Real Estate brokers are preparing for a busy first half of 2015.
Condos are selling with 23 added to the market this month and 42 closing. The average sale price rose from $239,000 last month to $284,000. In December 2013, the average price was $293,00 and prices have fluctuated over the year. For example, in March the average price was $315,000. At the end of 2014 they settled just below where they were they were at the end of 2013. In 2015, there will be more to report on the prices being fetched by the new condos selling now.
New construction homes continue to be added with 20 new homes added to the inventory in December and 24 selling. The average sale price was $742,000 up from $658,000 at the end of January. Buyers like new construction and sales show the demand continues to increase.
For buyers, it’s a good idea to talk to your lender early to start the often time-intensive loan approval process. Sellers, time to plan any improvement projects to be prepared to sell in the busy period coming up. I look forward to seing what 2015 brings!
Greater Ballard is Greenwood, Green Lake, Wallingford and other close by neighborhoods identified as “705” in the NWMLS. 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.