Ballard isn't 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.
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.
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, understated 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 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
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