On January 19, 2018 Governor Inslee signed the Hirst fix legislation passed by the state legislature as SB 6091. This fixes the very troubling 2016 Washington State Supreme Court ruling known as the Hirst decision.
Geordie Romer's blog
2017 Leavenworth home prices set many new records. We have had five years of increasing prices and home sales in a row, but this was the first year that all of these numbers surpassed the records set in the “bubble” years of 2006 and 2007.
A record 178 single family homes sold in Leavenworth in 2017. This is a 10% increase from both 2016 and also 2006.
UPDATED JANUARY 2018
The Washington State legislature passed SB 6091 which fixes the state Supreme Court ruling known as the Hirst decision. Governor Jay Inslee signed the Hirst fix legislation January 19, 2018. We will link to a blog post with new information - this is good news.
In the past year, we have heard a ton of Chelan County well drilling myths in the wake of the Hirst decision, many of them unfortunately propagated by the Wenatchee World.
In the summer of 2017, the Leavenworth home prices continued on the path we have seen for the past few years. Demand remains strong and inventory very low.
The number of new listings that came on the market in Leavenworth was identical to the summer of 2016, but since we had a dearth of listings coming into summer it meant not enough homes for sale. The total number of home sales in 2017 is at record levels, despite the lack of choices.
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?)
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 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.
(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.