How much should I offer over asking price on a Leavenworth house?

With record low inventory in the Leavenworth real estate market and extremely high demand, bidding wars are becoming commonplace. Many buyers are asking what they need to do to compete right now.

Bidding War

 

How much should I offer over asking price on a Leavenworth house in 2021?

 

As of June 2021, 59 single family homes have sold in the Leavenworth zip code. Five of these homes were sold “off market” with zero days listed. We analyzed the remaining 54 homes to see how listing prices compared to the prices the homes eventually sold for.

 

The average home in the Leavenworth area was listed for $715,804  while the average Leavenworth house sold for $718,128. This means that the average buyer paid $2324 more than the asking price.

 

21 houses sold above the list price, which is surprisingly lower than we might have expected. For buyers in Leavenworth who had to pay above the asking price, the average house was listed at $596,705 and they had to pay $ 635,159.

 

For Leavenworth homebuyers who had to compete, the winning bid averaged $38454 above the list price or approximately 6% more.

 

What was the biggest bidding war in Leavenworth in 2021?

 

A cabin on Memory Lane near Lake Wenatchee was listed for $299,000 and sold for $450,000 in January 2021. This was 50% above the listing price!

 

Do I have to bid above the list price to buy a house in Leavenworth?

 

Sixteen houses sold for list price and and seventeen houses in Leavenworth sold for below asking price in the beginning of 2021.

 

Only 31% of houses sold in Leavenworth sold at a discount below the listing price. These homes were listed for an average of $763,806 and sold for an average price of $724,276. The average discount was $724,276.

 

The median Days on Market for homes with discounts was 130 days or 4 months. Most of the sellers of these discounted homes accepted offers in the fall of 2020 or the winter of 2021.  Only three discounted sales that accepted offers in March and two in April have closed. I expect this number will be reduced during the summer months.

 

What is our advice for buyers trying to compete in the Leavenworth housing market?

 

If you are looking for a discount, you won’t find it in the first weekend or even the first month of a home being on the market.

 

Expect to pay a premium of 5-10% above the asking price for a property in Leavenworth if you want to win a bidding war in the Leavenworth real estate market.  Cash offers generally win out over financed offers so bidding at the top end of this range may be necessary if you are getting a mortgage.

 

 

 

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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.

 

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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.