According to several of the first time home buyers I am working with, Ballard is their top choice of neighborhoods to buy in. Most of my clients, when buying their first house, are looking to spend under $400,000 (and often much, much less than that). The sad reality is that very few houses are currently for sale in that price range in Ballard. And when homes come in the market in the highly coveted 98107 zip code, they are just as quickly sold as they are listed. I have a certain client, who will remain unnamed, that loves good old fashioned charts and graphs. To help him understand what was happening in Ballard and why we were having such a challenging time finding him a home, I came up with a few handy charts
A bit more real estate information for you. A healthy market, in which it isn’t a “buyers market” or a “sellers market”, we have an average of 6 months of inventory. In King County, inventory is at a low of 2.6 months, a number that hasn’t been seen since February 2006. In contrast, Ballard is seeing inventory levels of:
This record low inventory is causing multiple offer situations. When my buyers are up against 4 or 5 other offers, some of those other offers paying in cash and waiving inspection contingencies, it can be even more challenging to “win” the house.
The graph below helps grasp how quickly homes sell (CDOM, Cumulative Days on Market), and how they are selling for almost full list price (Sales Price versus List Price).
Long story short, it’s a competitive market out there. Buyers, get pre-qualified and be ready to see the home as soon as we let you know it has come on the market. Sellers, if you are ready to move on, up, or out I beg you to sell your house. I very well know someone that wants to buy it :).