2021 Spring Home Prices – Leavenworth Washington
At the risk of sounding like a broken record player, the Leavenworth real estate market has not ceased to astound all observers. The second quarter of 2021 broke all sorts of new ground, driven by buyer demand that continues to radically outpace supply.
While the average consumer might gasp at the increase in Leavenworth home prices, the statistic that grabs us is the record number of homes that have sold in the past three months. Both buyers and their agents have been quite distressed about the lack of new inventory and rightfully so. In the spring of 2021, new listings are down 25% compared to the same time last year. Despite the lack of choices, home sales have actually increased, not just on a year-to-year basis, but at an all time record. 55 homes successfully closed in the Leavenworth area in the second quarter. This is a huge increase compared to anything in the last decade.
With decreased inventory and skyrocketing demand, prices can only go up. The average home sold for 101% of the list price. This was a result of half of the homes in Leavenworth selling for above the asking price. Bidding wars on these houses caused them to sell for 6% higher than the list price.
The average home price for a single family home in Leavenworth in the spring of 2021 soared to $764,000. This is an increase of 6.8% since 2020. The median sales price is up to $675,000. This is a 14% YOY increase.
What will the rest of 2021 look like for Leavenworth home prices?
Like many other parts of the country, we are starting to see the very first glimpses of increased inventory. In the Leavenworth market, the new inventory we are seeing is at the top of the market with more homes above $1 million and even $2 million being offered for sale. In the month of June, nine homes above $900,000 were listed for sale which is a significant uptick.
The increase in supply of luxury homes won’t help the average Leavenworth home buyer but it might portend similar trends in the rest of the market. At some point, home prices become so attractive to homeowners that they decide it makes sense to sell.
Will we have a balanced market or normal real estate conditions in Leavenworth in 2021? That seems unlikely, but it does seem that ever increasing prices will likely bring more sellers into the market or scare off some potential buyers. Halfway through 2021, it looks like both possibilities are slowly starting to happen in Leavenworth.
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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.
