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.
Geordie Romer's blog
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.
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)
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.