Leavenworth Housing Shortage in 2013?

Two big questions I get asked all the time now by home buyers -

"Are there more houses coming on the market soon?"

"Is there a Leavenworth housing shortage?"

People who have been watching the Seattle area real estate market know that Seattle hasn't had much in the way of inventory in 2012 or 2013 and that shortage of inventory has turned Seattle into a seller's market once again with lots of bidding wars and multiple-offer scenarios.

Houses for Sale Image courtesy of PTMoney.com

It is a reasonable question to ask :

Will we have a Leavenworth housing shortage in 2013?

If you look at all the single family homes on the market, the answer is clearly no. By the middle of June 2013, 120 homes have sold in the Leavenworth area in the past 12 months. At this moment, there are 166 homes for sale.

At the current rate of sales, this gives us almost 17 months of supply  which is a strong BUYER'S market.  At first blush, this is the opposite of what is happening in Seattle right now.

We don't have a Leavenworth housing shortage.

What about moderately priced homes?

97 houses sold in last twelve months under $400,000 in the Leavenworth area. Right now there are 90 for sale. This is about 11 months of inventory.

Given that we call 6 months of inventory a balanced market and less than that a  seller's market, I would say we still have a strong buyer's market under $400,000.

If we break down the categories into small niches, the months of inventory remains similar.

For example, cabins (not in the city limits) in the Leavenworth zipcode between $200-300,000:

24 sold in 12 months |  23 are for sale  | 12.6 months of inventory | 4 pending sales

for cabins between $300-400,000

32 sold in 12 months | 28 are for sale | 10.5 months of inventory | 4 pending sales

So even though the number of homes for sale in your price range might be small, or you don't particularly care for any of the options, there actually is quite a bit of inventory compared to the demand.

From a seller standpoint, while the number of sales is up considerably this year, it's still a BUYER'S MARKET in every price range.  Our colleague, Steve tweeted:

 

Leavenworth home sellers who think it's 2006 or think that the Seattle market and the Leavenworth market are the same, will likely be disappointed with the results.

What about the Leavenworth luxury home market?

There are currently 30 homes on the market above $600,000. Only seven homes have sold in this price range in the past year, which means that there is a whopping 52 months of supply.  It clearly is a very strong buyers' market in the upper price ranges.

 

 

 

**********************************************************************************************************

Required Disclaimer NOTE: This representation is based in whole or in part on data supplied by the North Central Washington Association of Realtors or its Multiple Listing Service. Neither the Association nor its MLS guarantees or are in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the Market.

 

 

 

 

Tagged: 

Add new comment

Allyson and Geordie Romer

Leavenworth real estate agents - Allyson and Geordie Romer

For over a decade, Allyson and Geordie have been serving clients in the Leavenworth-area real estate market. Together, they work tirelessly to stay on top of the regional market and present the most relevant opportunities to their clientele.

When not in the office, they can be found exploring the endless recreation opportunities of the area in all of its seasons.

 

Testimonials

 

Geordie provided excellent real estate representation! We appreciated his detailed knowledge of the market, his up front and honest approach, and his negotiation skills.
As reviewed on Zillow  – 

- Laura Anderson

 

 

As “west siders” looking for a getaway near Leavenworth, Geordie provided insight … his knowledge of design features important in a “snowy winter wonderland” was appreciated. Thanks Geordie!
As reviewed on Zillow  –
 

- Jean Stern

 

 

Geordie made this somewhat complicated transition easier for us…going above and beyond to help us work through issues that came up during the sale of our parents home. We appreciated his knowledge, attentiveness to details and his willing spirit.
Our family is grateful for Geordie!
As reviewed on Zillow  – 

- Terry Foster

 

 

Geordie was great in every way. We have been looking in the Leavenworth area for some time, and Geordie was absolutely the best for local knowledge, history and depth on neighborhoods, developments and the local market trends. He was very quick to respond (even when he was on his vacation) and worked very diligently to get all of our questions answered in a very timely fashion. We would recommend him highly to anyone looking to buy or sell a home. Very friendly, and helped us navigate all of the local options before we made an offer on the property that we purchased. Thank you, Geordie!

As reviewed on Zillow  – 

- Ryan Olsen

 

 

It was such a pleasure to work with Geordie and his wife, Allyson on our cabin purchase. They showed us a variety of locations, listened to what we wanted and helped us find the perfect match. Everything was smooth and not stressful, just relaxed and easy. We would definitely recommend Geordie and use him again if the need arises!

As reviewed on Zillow  – 

- Cammie Schlosser

 

Moving to Leavenworth?

Are you looking for a cabin or a condo in Leavenworth that your family can use as a home base when climbing, skiing or hiking around Leavenworth or Lake Wenatchee?

Maybe you rent a house here and have decided to stay, surprised how a summer of rafting somehow turned into seven years.

Maybe it’s time to escape the hustle of the big city (and its rain) and move to Leavenworth with its four seasons.

Maybe you bought a condo years ago, don’t seem to use as much, and it’s time to sell.

Whatever your motivation, we are here to help. If you are buying a home, the best place to start is with our Homebuyer’s Guide to Leavenworth.