Ballard Comps: The Poster Child

As a follow-up to my post about the King County median prices for April 2007, I broke down the sold statistics available on Redfin for the three months prior to May 14 to see how they compared to the April 2007 NWMLS figures for area 705. Area 705 is the northwest corner of Seattle; it’s a superset of the five neighborhoods I cover since it also includes properties to the north of 85th.

Of the three northwest Seattle areas I track, Ballard is by far the closest to the numbers for the whole MLS area. Consider it the poster child for area 705.

The average price for condos is $295,000, which is nearly dead-on to the area 705 median of $295,500. Houses, at an average of $500,000, are 5.26 percent greater than the area median. That’s the smallest difference among my neighborhoods.

Here are the Ballard comps:

3-mo. sold average = $466,688
Area 705 median April 2007 = $444,000
Difference = +5.11%

3-mo. sold average = $500,000
Area 705 median April 2007 = $475,000
Difference = +5.26%

3-mo. sold average = $295,000
Area 705 median April 2007 = $295,500
Difference = -0.17%

Other northwest Seattle comps:
Green Lake/Phinney Ridge

Before I get a lot of email on this, let me say in closing that I know the numbers measure slightly different things. The NWMLS publishes median prices for one month of sales. Redfin presents averages for the previous three months (you can chose longer time periods, but the best comparables are going to be the most recent, which is why I’m sticking with the three-month bracket).

So, no, it’s not a head-to-head comparison. But I still see it as comparing apples to apples, if one of them is better suited for baking pies and the other is good eating. You should gobble up both of these statistics since they each give insight that’s valuable for pricing homes and understanding neighborhood real-estate markets.

Note: All information from sources deemed reliable but not guaranteed.