Pending Ratios

As I've discussed before, pending ratios are a good way to look at how "hot" a particular real estate market is and to compare it to other markets or the same market at a different time.

I noticed today we have 83 active listings for single family homes in the Leavenworth area. This is certainly a lot more than the 40 some we had for most of the Spring. But are houses selling? I've been staying busy with lots of sales, but that's not a good barometer for the market as a whole.

As they say on NPRs Market Place... Let's look at today's numbers:

There are 20 homes under contract out of the total of 103 homes. At 19% pending ratio this is clearly a "buyers market". Tell that to the buyers out there. Prices are increasing and the inventory seems lacking.

Here's why:

Homes under $200,000

This is the hot ticket item. We know this anecdotally and the numbers show it too. 5 out of 7 homes are pending for a ratio of 71%. A seller's market under $200,000.

$200-300,000

This is a typical vacation or second home buyer. 5 of 24 homes are pending. At 21% this should be a buyer's market. Of course there are only 19 homes to choose from and most of them aren't great. I think it's a buyer's market in town and seller's market out of town. The lesson here? Pricing does matter and product does too. Seller's need to work harder to get their homes in marketable shape.

$300-400,000 5 homes out of 20 pending. 25% pending ratio. Really the same story as above.

$400-500,000. 7%
$500-600,000 20%
$600-700,000 14%
$700,000+ 13%

Still looks like a buyer's market to me over $300,000. The inventory is low, but it's double what it was this spring. Seller's (and their agents) have just been too optimistic in their pricing.

Is the bubble bursting? No. Are these numbers drastically different than earlier this year? Not really. Mostly what I see is folks trying to cash in on the real estate jackpot. Their own greed is keeping them from seeing any real gains. The market (buyers) set prices- not agents, not sellers and not appraisers.

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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.