The National Association of Realtors just published a report that says over 1/3 of recent home sales were of vacation properties (13%) or investment properties (24%). The median price of a vacation home nationwide is at $190,000 while the median price of investment properties is $148,000. These trends are expected to continue as more investors put their money in real estate instead of the stock market. The upcoming retirements of the Baby Boomers is also likely to strengthen these trends. For those who own property in Leavenworth or Lake Wenatchee this is great news!
Geordie Romer's blog
According to data recently released by the National Association of Realtors, condominiums sold at a record pace in 2004. A total of 970,000 condos sold last year at a median price of $193,600. The volume was up 8% while median price was up 17%. (Single family homes rose 8.3%) Median price for condos in the West was $246,100, up 14.5%.
This sure has been a strange winter. We were all a little upset when Steven's Pass ski area was taking so long to open this winter, but it got worse when they got 6"+ of rain one January weekend. They have been closed ever since. The effect on the Leavenworth has been sad. Many of the seasonal employees who work at the resort have fled town, looking for greener employment pastures. Uncle Uli's hosted a party - "Mother Nature's a *&$!" and gave discounted food and drink to the out of work folks.
The market is really limited and I have buyers for all sorts of properties:
Don't live in Leavenworth or Cashmere, but thinking of buying or selling a home? I can still help. Windermere Real Estate has offices from British Columbia to Nevada and I have quite a few contacts throughout the West. I have done lots of business with fellow agents in Seattle, Bellevue, Tacoma and even Hawaii.
People always ask me about the current trends in real estate. One of the biggest trends is the increasing popularity of ramblers. Single story homes are becoming more and more popular every year. Why? Simple demographics. Our population is getting older every year and these buyers don't want to or can't use stairs. From bad knees to wheelchairs, the reasons for ramblers just make sense. The Wenatchee Valley is becoming more and more popular for retirees - sunshine, good health care, recreation, and affordable homes all make us popular.
No real surprises here. The Leavenworth and Cashmere real estate markets continued to see great growth in 2004. The average price of a 2 bedroom home in Leavenworth went from $196,000 in 2003 to $210,000 in 2004. 3 bedroom homes went from $260,000 to $295,000. These are gains of 7% and 13.5%. The average home price went from $219,000 to $254,000, a nearly 12% gain. Volume went from 106 to 161 homes - an amazing 52% increase!
Cashmere saw incredible growth too. Average home prices soared 27% from $142,000 to 180,000. Volume was up 38%.
Welcome to my new real estate blog. This will be a great spot for me to talk about all the new and exciting things that are going on in the real estate market around Leavenworth and Lake Wenatchee Washington.
Check back here often, there's sure to be something new all the time.