Home prices down 4% in Ballard

Good story in the Seattle Times makes an attempt at explaining our current real estate market: sales are way down but prices have been holding somewhat steady in “Seattle’s most sought-after neighborhoods.” Here in Ballard, there are 82% more homes on the market over last year, sales are down 18%, but home prices are off just 4%. For example, the Market St. home in the photo has been on the market for 95 days. It was marked down 5% to $475,000 in February. “The reason for the relatively modest year-over-year price decrease, real-estate economists say, is sellers’ unwillingness to cut prices,” writes Elizabeth Rhodes in the Times. Meanwhile, buyers are waiting it out to see if prices drop more. So what do you think will happen with Ballard real estate?