Leavenworth Real Estate - First Quarter 2009 : Market Update

 

Looks like you get your choice of headlines for the latest in Leavenworth real estate news:          

Leavenworth Home Sales Drop 60%!

Leavenworth Home Prices Plateau!

Leavenworth Home Prices Up 7%!

Leavenworth Real Estate Investments Trounce Wall Street!  

 

 

Is your glass half full? Photo by Jesie Hart

Is your glass half full? Photo by Jesie Hart

 

It appears as though the trends we have been seeing for the last year or so, are continuing. The number of homes selling in Leavenworth is down (dramatically this quarter), but prices are holding steady.  The average Leavenworth home price is actually down 2% (to $413,000 from $420,000) but median prices in Leavenworth are up 7% (to $420,000 from $390,000).

 

This chart has been replaced. Please see my update, posted below.

Leavenworth Homes Sales Q1 2009

The sales prices are certainly coming at bigger discounts compared to the list prices. Last year the sales prices were 95% of list, this year they have dropped to 91%. (And this is off the most recent list price, not the original list price, or the list price that the first agent had listed the home for.)  I think this says something about the pervasive overpricing in the Leavenworth area. In Wenatchee and East Wenatchee prices are staying at 97% of list prices and at 96% in Cashmere.

I spoke with an escrow agent in Leavenworth about the market and she said she currently only has 1 pending sale scheduled to close in April. (This includes condos and land sales as well.) Discussing pricing with her - while we haven't seen any reductions in selling prices, it sure looks like we will need to, if sellers want to sell their houses.

Related News

Update May 4 , 2009

Thanks to Mark who pointed out a few errors in my chart and asked some great questions. Here is the real chart that should have been included.

 

Leavenworth Real Estate 2009

Leavenworth Real Estate 2009

As you can see, the average price has been higher than the median in most years during Q1. In 2009, the median caught up which may indicate softness in both the extremes of the market - the high end and the low end properties.
Mark certainly had the "takeaway" right - Leavenworth prices appear to be flat over the last year. I never thought I would think that "flat" was a good thing, but watching the Seattle real estate market and the stock market over the past year, I think many of us are happy to not have seen depreciation.

Mark was surprised to see the dip in 2007. Remember this is just for the 1st Quarter. By the time 2007 was over, both median and average home prices in Leavenworth had gone up 18% over 2006.

 

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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

I like the choice of headlines. Everything depends on how you look at it. My favorite choices are the last two, Leavenworth Home Prices Up 7%! Leavenworth Real Estate Investments Trounce Wall Street!

Thanks Al. I often think of how articles in the Wenatchee World or other mainstream media get framed by the headlines, which are often written by someone other than the author. The truth is usually a little more complex than the headline.

Mark wrote me an email: Hey, Geordie! Hope you are well. Sounds like a lot of activity recently … great news. Had a quick question about your graph at http://iciclecreekrealestate.com/2009/04/05/leavenworth-real-estate-first-quarter-2009-market-update/ The text says: “The average Leavenworth home price is actually down 2% (to $413,000 from $420,000) but median prices in Leavenworth are up 7% (to $420,000 from $390,000).” But the graph shows the median declining and the average increasing? I’m thinking the key takeaway here is that home sales prices in the Leavenworth area are generally flat year over year from 2008 to 2009? In thinking about our place we bought in Ponderosa in March 2007 … the data shows 2007 as having the lowest median (or average, if the two are reversed) over the past five years. And it shows 2006 as being much higher. But our experience, as you may remember, was that very similar cabins built by the same builder were selling for $100K less in 2006 than we bought ours for in 2007, opposite from the trend shown in the graph? Anyway, I’m just being curious. ? Probably like many people, we recently decided to refinance. I’m waiting to hear the results of the appraisal, and hoping it does not come in lower (at least, not too much lower) than our purchase price … because we put 20% down when we purchased, and I have no interest in paying PMI. Hope all is well with you and Allyson. By the way, I like the Quarterly updates on your blog, and REALLY like the “Sold Homes “ updates … hope you keep doing those! Best, - Mark

Mark - I updated my post. The graph was mislabeled and I had transposed a number, so not all the data was correct. Thanks for reading my posts with such a keen eye. Geordie

Thanks, Geordie. I appreciate all of the great information you continually post in your blog about the Leavenworth real estate market!! - Mark

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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 Lake Wenatchee and Leavenworth 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.