Leavenworth Real Estate : 1st Quarter 2010

 

The Leavenworth real estate market seems to be improving in my eyes, but you might not be able to tell by looking at the median sales price.
Leavenworth Home Prices 2010

Leavenworth Home Prices 2010

 

Of the 15 single family homes that sold in the first three months of 2010, 13 sold for less than $325,000. The other two were a house on Lake Wenatchee that sold for $850,000 and a 8000 square foot log home on the river that sold for more than $2 million.  There were no sales in the $400-$600,000 price range at all.

If this was the only data, I would be worried. Luckily, the second quarter looks better already.

The two houses that have sold in April average $480,000 and the 8 pending sales have an average of $430,000. These prices are much more in line with past years'.

The other good news is that the volume, or number of sales, is up considerably. Last year we only had 9 sales in the first quarter. While 15 sales isn't a return to the boom years, it is a big jump (almost 70%).

Leavenworth Sold Homes 2010

Leavenworth Sold Homes 2010

Why did prices fall in the 1st quarter? I think it had to do with the number of foreclosure sales in our market. We only had 3 foreclosure sales, but that represents 20% of the total number. Is 20% abnormal? Nope, according to Zillow, that looks to be about average for Washington state.

But 20% of sales coming from foreclosures is new to Leavenworth.  From my count, bank owned properties were only 2% of all sales in 2009.  Looking at pending sales, I would guess that the foreclosure trend will continue, though maybe not at 20%.

 

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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.

Comments

Hey Geordie. Just wanted to point out in your blog entry of April 23rd you noted that the "8 pending sales" in Leavenworth area for April had an average price of $430K, yet in your most recent post of May 7th from my calculations the actual sold homes in April in Leavenworth had an average price of $365K and a median of $333K. If it weren't for the $599K home that sold, the average would have been down to $326K from the data provided. Just wondering what gives? It makes your posts look quite deceiving. Thanks.

Thanks for the great comment - sorry about the confusion. Here are three things to know about Pending Sales in general, before we talk about these recent sales. 1. Not all Pending Sales close. Home inspections, inability to secure financing, and low appraisals are all reasons that some sales never finalize. 2. Closings typically take 30-45 days but sometimes they take months. A pending sale in March may not close until June. 3. Pending sale prices are the last listing price at the time of the contract. Often the sales price is much lower than the listing price and this isn't public information until the sale is closed. Let's look at why April's closed sales don't match up with the March Pending sales. 1. A house that closed, wasn't on the pending list at the time I wrote this post. It closed in the $300,000s and lowered the average. 2. A house on Lake Wenatchee listed for $599,000 closed in May, not April. This will be on next month's report. 3. A house at Kahler Glen listed for $549,000 closed on April 6 for $480,000. Our MLS still shows it as Pending, but the county records show that it has closed. I hope this clears up any confusion.

Thank you very much for clearing that up, it makes sense. Appreciate your market coverage and insights!

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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.