Ballard Home Sales Rising - Why Ballard is a Buyer's Target Market

Ballard is not the most glamorous neighborhood in Seattle. It's sometimes rough around the edges. It can be funky, traditional, grungy, modern, eclectic, and contemporary all at the same.
Ballard

That seems to suit first time home buyers just perfectly these days. Ballard has been one of the hottest markets in the Seattle metropolitan area for young buyers of single family homes. During the summer months of 2009, houses in Ballard have been selling at a median time of less than one month on the market. Considering the national and local numbers for inventory and marketing times of homes, this is a fairly extraordinary statistic. When a well-priced house comes on the market in Ballard, it sells. It's just that simple.

So, why is this neighborhood, known in the past as a grungy, industrial, Scandinavian fisherman's port, now a hotbed of young professionals and home buyers?

There are three main factors working in Ballard's favor. The first, and most important, is home pricing. North Seattle prices are fairly high in general, but many homes in Ballard are in the $300,000 range. There were 13 homes under $350,000 sold in Ballard in the last two months, and there are another ten available right now on the NWMLS. These prices are right in the wheelhouse of a working couple in Seattle. They may be a bit high for a single buyer, but with two middle-class incomes, the $300k range is within reach.
Ballard Seattle

Factor #2 is the proximity to downtown Seattle. While Capitol Hill, Wallingford, and Belltown may offer a slightly quicker commute, Ballard's commute to downtown Seattle is very similar. Just 10-15 minutes from the downtown job core, Ballard commuters have ample options for bus transit and the less-used 15th Avenue corridor for car and bike commuting. Considering the price savings of 20%-50% compared to these other neighborhoods, Ballard is a relative bargain.
The third factor influencing purchases in Ballard is the lifestyle. Ballard could be the most eclectic, varied, and lively neighborhood in Seattle. Belltown has the neon lights, manicures, and fake 'n bake tans. Capitol Hill has the posh party lifestyle. The U District has rowdy college bars and clubs. Ballard has a bit of everything. From hipster bars to low-key fisherman's dives, there's never a "scene" in Ballard. Quiet enclaves have small, simple restaurants. Industrial marine street-ends have "hole in the wall" bars. Popular attractions on Market and Ballard Ave draw the young, professional night life crowd.
Ballard neighborhood

Ballard is really a microcosm of the city of Seattle's evolution. Many of Seattle's neighborhoods retain the traditional feel of the pioneers that developed the area, but new residents have modernized and added their own contemporary touches to the local scenes. While the eventuality of neighborhood progression is inevitable, it's great to see the traditional sectors of Seattle holding strong to their roots and maintaining the identity that makes them unique.

Sam DeBord and Brian Wiegand
Seattle Homes and Seattle Condos for sale on SeattleHome.com
Seattle Waterfront Homes - RE/MAX Real Estate Brokers

Ballard Real Estate Stays Strong - Home Sales up 18%

After Ballard's torrid pace of June home sales, it looks like the market for single family homes has stayed strong. Real estate sales of houses and townhomes in Ballard were up 18% in July 2009 vs July 2008. Prices, meanwhile, were 10% lower, making homes more affordable for first time home buyers.
The total inventory in Ballard, and in Seattle in general, has dropped significantly since last year. The latest numbers show about 20% decreases in houses on the market, which has created a fast-moving market. While last month Ballard houses were selling in just a couple of weeks, in July we moved up to a longer, but still relatively quick 36 days on the market. Any seller would be happy to sell in one month.

I've been involved in a handful of multiple-offer transactions in Ballard in the past month, with one home receiving 9 offers on the first weekend it went on the market. While the condo sales are not as strong, the price point for houses in Ballard seems to be attracting a lot of first time buyers. The median sold home price was $395,000, and the majority of first time buyers I'm seeing are in the $250k-$375k range.

I'd look for this market to continue strong sales through the fall as buyers take advantage of the $8000 tax credit. Most will have to have a home under contract in October to qualify, so getting pre-approved and starting the home search by September is a must.

Sam DeBord and Brian Wiegand

Seattle Homes and Seattle Condos for sale on SeattleHome.com

Seattle Waterfront Homes - RE/MAX Real Estate BrokersThis information not compiled or published by the Northwest Multiple Listing Service. MLS data used, may not include all sales

Wallingford Condos under $300,000

The Wallingford neighborhood of Seattle is comprised mainly of single family homes. There are a few pockets of condos, mostly built around the Southern part of the neighborhood near Lake Union. The majority of Wallingford condos are South of N 40th Street, and close to Gasworks Park, although there have been a few new construction condos built near the business and entertainment center of Wallingford, N 45th Street.

Although prices for condos in Wallingford remain fairly high, there are a handful of good buys for first time buyers or people looking for a bargain in this well-known neighborhood.

As of today, there are 8 condos in Wallingford under $300,000. Most are 1 bedroom, 1 bath condos, but the lowest-priced home is actually a 2 bed/1 bath. Situated near 41st St and Whitman Ave, this 1940s era unit is 700 square feet and surrounded mostly by single family homes and has quick access to highway 99. It's listed at just under $250k, the only condo in this category currently.
Moving up above $250k we have 4 condos currently for sale in the Biscayne, a fairly new building. There are a couple of one bedrooms and a couple of two bedrooms available, with the two-beds listed closer to $270k. A couple of these have Lake Union water views and Seattle skyline views from the balconies. Located at 34th St and Wallingford Ave, these condos are perfect for walking down to Gasworks or commuting from Highway 99 or I-5.

On the Southeast end of Wallingford, there's a large one bedroom (almost 900 sq ft) listed under $275k in Landings Lake Union. This is one of the biggest condos available in this price range, and a quick I-5 commute location. It's also just steps from the University Bridge, street end parks on the waterfront, and Ivar's on the lake.

Sam DeBord and Brian Wiegand

Seattle Homes and Seattle Condos for sale on SeattleHome.com

The Wallingford neighborhood of Northwest Seattle is known as being fairly expensive, but there are some houses that have come on the market recently that ease that label. While most Wallingford homes start around $600,000, there are a few houses for sale that are under $550k and worth looking into.

There are a couple of townhomes listed at just under $400,000 right now, and both are fairly new construction, good-looking homes. Wallingford doesn't have a lot of townhomes or condos in general, so this is a good first buy to get into the neighborhood without breaking the bank.
The lowest-priced house is on the West end of Wallingford, between Stone Way and Aurora.

It's a good-looking Craftsman house, 3 beds, 2 baths, and listed near $420k. At over 1800 sq feet, it has plenty of space and is inexpensive on a per sq ft basis. This area is thought by some to be part of Fremont, and alternately called Freford or Wallingmont. Technically, it's part of the Wallingford neighborhood according to the city, as Aurora Ave (Highway 99) is the true border.

There are a handful of other townhouses between $400k and $500k, all fairly new and high quality construction. There is also a very modern, minimalist single family home listed just under $500k. It's a green-built, brand new home that exudes style. This is not your average Wallingford craftsman, but a splash of funky design in a quiet enclave.

There are 3 or 4 more homes between $500k and $550k right now, all classic Craftsman homes, 3 or 4 bedrooms, 2 baths, 1500 to 2000 square feet. These kinds of homes seem like the best investment right now. Remember the old saying..."Buy the smallest house in the nicest neighborhood"?

Sam DeBord and Brian Wiegand

Seattle Homes and Seattle Condos for Sale at SeattleHome.com

Queen Anne, Seattle Real Estate Sales Are Up in June

Home Sales in Queen Anne followed the general trend of Seattle real estate sales, with a 30% increase in house and townhome sales this June as compared to last year. There were a total of 30 of these homes sold in Queen Anne this June, as opposed to just 23 in 2008. The sales prices actually showed a slight increase this year, moving up from a $625,000 median to $629,000 this year.

The only low point for the house and townhome market in Queen Anne was marketing time, as time on market moved up slightly from 39 days to 44 days. Considering the other bright statistics, I don't think that this minor increase in Days On Market will dampen anyone's spirits about the state of Queen Anne real estate.

Sam DeBord and Brian Wiegand - SeattleHome.com - Seattle Real Estate Brokers

Queen Anne Homes For Sale - Seattle Homes For Sale

Information derived from MLS data, total sales figures may differ. The Northwest Multiple Listing Service did not compile or publish this data.

Capitol Hill Condo Sales Take Big Jump in June

There were 36 Capitol Hill Condos sold in June of 2009. The median price was $286,500, and lasted just 37 days on the market. While the overall Seattle condo market has been fairly slow this year, the Capitol Hill neighborhood seems to be selling at a much faster pace. The median condo was a 1 bedroom 1 bath home. The maximum price paid last month was $565,000 for a 3 bed, 2.25 bath condo.

Compared to June of last year, we saw a 33% increase in condo sales on Capitol Hill, with just a 6% decrease in prices (median last year was $305,000). Considering that much of King County has seen 15% drops in prices since last year, this market remains very strong.
Capitol Hill, Seattle Condos For Sale

This data was not compiled or published by the Northwest Multiple Listing Service.
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Seattle Home Sale Up Big in June

The latest numbers coming in from the NWMLS are showing a stronger real estate market in King County, led by big numbers in North Seattle and move-up buyers pushing mid-priced homes into a more positive market.

June statistics - 2009 vs. 2008
Total sales in King County: Up 4% vs. June 2008
Total sales in Seattle: Up 11%
Total sales in Northeast Seattle: Up 26%
Total sales in Northwest Seattle: Up 16%

Prices are also finally starting to show an upward trend, with prices up approximately 4% since January 2009.

While no one will attribute these numbers to a definite turning point in the the market, these are the strongest signs we've seen in two years that the real estate market is getting healthy. The total sales closed in June were the most since October 2007.

First-Time Home buyers fueled much of the buying earlier in the year, but it looks like mid-priced homes are starting to move as well. Those homeowners who have sold early in the year are moving up in to higher-priced homes, which accounts for the increase we've seen recently in median prices.

Seattle Homes For Sale

Green Lake, Seattle Homes - 2009 Sales

Green Lake homes are selling at a fast rate in 2009. At just 31 days, the median time on the market shows a popular neighborhood where single family homes are still in demand.

Most local real estate professionals understand how loosely the "Green Lake" neighborhood label is applied. I've seen it used for homes as far South as 45th St and as far North as 100th St. Real estate agents understand the power of the neighborhood name being associated with a home.

The median home price in 2009 for single family homes is $445,000, with a max sale of $1.2 million and a low of $200,000 (undoubtedly a family sale/tear down/distress sale, etc). It seems that the Green Lake neighborhood is surviving some of the downturn that has hit other neighborhood's real estate markets.

Green Lake Seattle Homes For Sale

Lake Union, Wallingford Houseboats

Most Lake Union houseboats and floating homes are in the Eastlake and Portage Bay waterfront neighborhoods, but there is a large enclave on Northlake Way in Wallingford that is less well-known. This area of the lake has quick freeway access, open public parking for cars and boats, and great parks like Gasworks just steps away.

There are a handful of houseboats on the market right now in Wallingford's stretch of Lake Union. There have been just two sold so far this year, although summer is always the peak of houseboat buying season. The two sold so far are a two story house barge at $235,000, and a 48' vessel with two stories and a top deck. The vessel sold for $255,000.

Houseboats in Wallingford start at around $150,000 and quickly break above the $500,000 mark. There are such a variety of styles of live-aboards, from tiny towable barges to long, sea-faring vessels that you need to take a walk down the docks to understand the different lifestyles afforded by each type of home.

Lake Union floating homes

Wallingford Condos Sold, YTD 2009

Condos make up a low percentage of housing in the Wallingford neighborhood of Seattle, but those condominium buildings that do exist carry substantial price tags.

The median price for condos sold so far in 2009 in Wallingford was $265,000. This is a 1 bed, 1 bath condo of about 600 square feet. Marketing time for condos this year has been just over 2 months, at 65 days on market. Almost all of the condos sold in Wallingford sold between 30-90 days on the market this year.

Seattle - Wallingford Condos For Sale

Seattle Water View Homes - New Search Features

SeattleHome.com has launched a new type of search for water view homes this week. Without having to search for each neighborhood, type of view (river, bay, lake, city, territorial, etc.), and other features, the new search quickly narrows down water view homes by neighborhood.

Select from each drop-down menu for Northwest Seattle, Northeast Seattle, Central Seattle, Southwest Seattle, and Southeast Seattle. All homes returned will be water view homes, from peekaboo views to waterfront villas.

There are also Greater Seattle areas included such as Bellevue, Kirkland, Redmond, Shoreline, Edmonds, and Burien water view homes.

Seattle Water View Homes Search