Ballard homes are showing sideways trend
Home sales in the Seattle area held on strong through September, according to recent data. Real estate in Seattle and throughout King County has increased in price year-over-year. Similarly, the amount of home sales in the region has gone up by 13 percent.
According to The Seattle Times, 1,800 homes in King County closed in September, and the median home sale price was $375,000, which is 7 percent higher than it was in September 2011. Many experts believe that these statistics would be higher if there were more properties available. The number of homes for sale in King County was down 36 percent compared with last year, and condo sales were down 50 percent.
Ballard, which is one of the hottest neighborhoods in Seattle, median home sale prices are going sideways, according to the Ballard News Tribune. Since 2009, prices of non-distressed homes have been bouncing up and down between $380,000 to $460,000. Although the short term trends are proving to go upwards, the long term trends are sideways.
These trends are being driven by several major factors, some of which are apparent in all areas of Seattle. Direct trends such as low inventory on homes in the neighborhood and low interest rates are giving some individuals the nudge to make the move elsewhere. However, other trends, like a positive job market, are driving many people to move to Seattle, and it is expected that this trend will continue. After news broke that Amazon plans to buy an 11-building headquarters in the South Lake Union neighborhood, the tech sector in Seattle is expected to grow with other businesses moving into the city, according to the Times.
"You'd have to be pretty confident about the future to plunk down what is essentially $1.2 billion," Needham & Company analyst Kerry Rice told The Seattle Times regarding the pricey investment Amazon recently made. "They're obviously not worried about things deteriorating."
These upward trends are giving Seattle residents a promising outlook. Although there are some who are still unable to sell because they purchased a home before the peak in summer 2007, and cannot afford to sell. In southeast and southwest King County, prices are the most affordable and foreclosures and short sales are the most abundant in areas like Renton, Kent and Auburn. However, these areas saw double-digit year-over-year increases in September.