The northern end of Seattle is a mixed bag of activity. There are 2 main areas designated in the local MLS called 705 and 710. Area 705 encompasses neighborhoods such as Ballard, Greenlake, Greenwood, and more. Basically, anything west of I-5, north of the Ballard locks/ship canal, all the way up to Seattle’s border at 145th Street. This is the largest market area of Seattle in terms of number of homes and land coverage.
Which means you’ll get a mixed bag of activity. The Ballard and Phinney Ridge areas continue to have some of the lowest on market times for homes in the more affordable price ranges (up to about $500k), with averages around 68 days. That’s about half the time when comparing that to further north areas close to the Shoreline border, such as Haller Lake and Bitter Lake. The overall area in May 2009 was up 1% in sales volume over May 2008. Prices, however, were down 14% year to date comparing year over year. Average sale price is down to $419,341 compared to 2008’s $541,963.
Going east of I-5 from University area to 145th is area 710. Also a large area, including neighborhoods such as Meadowbrook, Victory Heights, Lake City, Laurelhurst, View Ridge, Ravenna and more. Results of sales in these are a bit different because you’ve got a dense commercial area in the U-district that isn’t really covered much in MLS sales. Several commercial units are for sale right now based on emails we receive from other commercial agents touting their listings.
For residential sales the volume is close to last year, down only 5%. Average sale price has dropped from $686,204 (2008) to $503,551 (2009). Most of that likely has to do with the higher price point areas having many fewer sales and/or longer lead times overall for selling thus dragging down the average.
The good news? These are still some of the most popular neighborhoods of Seattle, particularly for many of our transplants coming from other parts of the country. Quality of life of these very walkable neighborhoods draws many to their amenities along with the ease of access to downtown Seattle. When the market starts turning around after this stabilizing period, these will be the neighborhoods that will continue to thrive.
