In the past year or two, the demand for Leavenworth real estate has skyrocketed and the supply has dwindled. This is especially true in the Leavenworth condominium market leaving us with a Leavenworth condo shortage for 2017.
Why do we call it a Leavenworth condo shortage?
In the past 12 months a total of 30 condominiums have sold in the Leavenworth zipcode. The median sales price was $217,000 and the majority (22) of these condos sold for less than $300,000.
As of February 2017, there are only 4 Leavenworth condos for sale. Only a single condo is listed for under $300,000 and the median list price is $359,000 or $142,000 MORE than the median sales price.
(click here to see recent Leavenworth condos sales )
At the current rate of sales, there is less than a 2 month supply of condos and less than 1 month supply of condos less than $300,000 which are the most popular with buyers.
When there is less than 6 months of housing supply, it is called a seller's market. For 2017, I think it's fair to say that we have a Leavenworth condo shortage.
Do you own a condo in the following areas? It probably is a great time to sell
These 2 bedroom units are just on the edge of downtown Leavenworth just off Icicle Road and are popular for vacation homes or vacation rentals. In the past 12 months, 5 condos sold at Alpine Village between $207,000 and $238,000. We currently have multiple clients looking to purchase a condo in Alpine Village in 2017.
Condos at Kahler Glen include the 2 bedroom Kahler Glen condos and the 2 and 3 bedroom Natapoc townhouses. In 2016, 7 condos sold at Kahler Glen and an additional 2 townhouses sold at Natapoc. Already in 2017, we have seen 2 Kahler Glen condo sales. Updated 2 bedroom condos at Kahler Glen are selling for around $200,000.
Riverpark Homes aka The Yellow Building
The large 2 bedroom condos at Riverpark Homes are popular because of their downtown location at 900 Main Street close to shopping, restaurants and Leavenworth festivals. The 4 story building features underground parking and all units have balconies looking out to town and the mountains. In 2014, 2015, and 2016 we saw only a single unit sell in this building each year.
If you are considering selling a Leavenworth condo or wondering how the Leavenworth condo shortage has effected the value of your condo, please reach out to Geordie or Allyson
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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.