Geordie Romer's blog

Leavenworth Real Estate Update Spring 2017

Most quarters we focus on the sales activity in our Leavenworth real estate update.  We look at info about the number of sales, and the median and average home price to give us an approximation of the health of the real estate market.  Large numbers of home sales and increasing prices tell us that demand is high.

This quarter we’ll mix it up a little and talk about the “elephant in the room” (or is it a 300 lb. gorilla?)

2017 Leavenworth Condo Shortage

In the past year or two, the demand for Leavenworth real estate has skyrocketed and the supply has dwindled. This is especially true in the Leavenworth condominium market leaving us with a Leavenworth condo shortage for 2017.

Why do we call it a Leavenworth condo shortage?

In the past 12 months a total of 30 condominiums have sold in the Leavenworth zipcode.  The median sales price was $217,000 and the majority (22) of these condos sold for less than $300,000.

2016 Leavenworth Home Prices

2016 Leavenworth home prices remained strong compared to 2015 with continued strong buyer demand and overall low inventory.  The median home price in Leavenworth for 2016 was $345,000 which is only trivially lower than 2015 and the average home price is up slightly to $397,000.  While home buyers might feel that 2016 Leavenworth home prices were soaring, they actually remained stable. The average home size stayed constant at around 1900 square feet and the price per square foot was similar as well year to year.

Leavenworth Washington Home Prices Summer 2016

(For readers with a keen eye, you will note that our July report referred to Q2 data as "summer home prices." That report was really talking about SPRING prices in Leavenworth and the report you are reading now is the actual summer home price data.)

In the summer of 2016, Leavenworth Washington home prices continued on the path we have seen for the past year or more. Demand remains strong and inventory fairly low.

Leavenworth Home Prices Summer 2016

There are a lot of opportunities for gratuitous headlines looking at the latest statistics from the Leavenworth real estate market.

"Home Sales Drop 23% in Leavenworth!"
"Leavenworth Home Prices Down 11%!"

While both are true statements, neither paint a particularly true picture of the market. Buyers who are getting beast out in multiple offer scenarios for a house in town, would be particularly surprised by these numbers.

Leavenworth Home Prices Summer 2016

(For the second quarter of 2016, for single family home sales in Leavenworth)

Leavenworth Median Home Price At Record Levels for 2015

The Leavenworth real estate market was very strong in 2015 with significant growth in number of homes sold, average home price and median home price.  When it comes to headlines, bigger is better and "Leavenworth Median Home Price at Record Levels" certainly tells an important part of the story. As we expected, strong demand for homes partnered with low inventory caused home prices to rise in Leavenworth in 2015.  The number of homes that sold (159) was nearly on par with boom years like 2005 and 2006.

2015 Leavenworth Condo Prices

2015 Leavenworth condo prices had a slight uptick in both average and median prices compared to 2014.  Overall the market is very stable without the huge growth in prices or number of sales that we have seen among single family homes. The average Leavenworth condo sold for $222,000 with a median sales price in 2015 of $207,000.  Twenty-six condos sold compared to twenty-eight units that sold in 2014.

Leavenworth Average Home Prices - 2015 Behind the Scenes

When exploring home price trends in real estate, it's common to use two different numbers to describe what is going on.

Is there a difference between Leavenworth average home prices and median home prices?

The median home price:

"denoting or relating to a value or quantity lying at the midpoint of a frequency distribution of observed values or quantities, such that there is an equal probability of falling above or below it"

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.