Ballard’s real estate market showing signs of slowing
This Week
The median list price this week for the Ballard area is $662,475 is down from last week’s $679,000. The Market Action Index (MAI see below chart) has been trending down lately, while inventory and days-on-market are climbing. The trends imply a weakening market.
Supply and Demand
The market appears to have begun to cool. As we’re still notably in the Seller’s zone, prices have not yet adjusted. If the market continues to cool, then expect prices to follow lower. It may take a few more weeks of slack demand for prices to reflect and begin to fall. Expect this condition if the index falls to the Buyer’s zone.
Price
While this week the median price in Ballard didn’t fluctuate much, we are relatively close to the market’s high-water mark. Watch for a persistent downward shift in the Market Action Index into the Buyer’s zone as a leading indicator of the price strength subsiding.
This Ballard real estate update is brought to you you by Adrian Willanger of Coldwell Banker Danforth. If you are considering selling your home I would be happy to assist you. Give me a call for a free market evaluation of your home’s value. I can be reached at 206 909-7536 or by email at Adrian@adrianwillanger.com
Related posts:
Comments(1)