Leavenworth's real estate market seems to be following Westside trends. Home prices continue to climb, but fewer homes are selling according to data comparing the first half of 2006 to the first half of 2007.
Through June 30, 2007 the number of single family homes in the Leavenworth market that have been on the market is up 9% from 2006. Pending sales and # of homes sold are both down 15%. (These numbers exclude condo sales and manufactured homes.)
Sales volume for the first half of the 2007 is up only slightly (5%) over 2006 at $21.8 million dollars.
The continuing rise of prices in the area is probably leading to the slowdown in sales. Average home sales prices are up 25% over last year to $376,000, while median sales prices are up 17% to $305,000.
As of July 30, there are 111 single family homes for sale in Leavenworth at an average price of $518,000. Currently, there are 14 homes pending or under contract with an average price of $467,000.
Anecdotally, I am seeing the same trends I have been seeing for years. Most buyers in Leavenworth are looking for vacation property - this might be a condo in Leavenworth or at Kahler Glen , or maybe a cabin in Ponderosa or at Lake Wenatchee. These buyers are looking for good values between $200,000 and $400,000. They will spend more to be on the water - lakefront properties on Lake Wenatchee or Fish Lake, or Wenatchee riverfront.
The homes that are coming on the market tend to be either homes located in the city of Leavenworth that are very much like "vacation homes" or cabins, or they are priced above the price range that is popular with vacation buyers.
Despite the glut of homes on the market today, there is a dearth of cabins for these vacation buyers to purchase. The numbers make it look like some sort of "bubble" is about to burst. On the contrary, cabins and condos will continue to sell at a healthy clip, and everything else will plod along as it has.
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