Is the Leavenworth real estate market slowing down in 2018?
Buyers, sellers, real estate brokers, and appraisers all find themselves asking the same question.
Is the real estate market in Leavenworth slowing down?
We read reports in the Seattle papers about their market cooling off and wonder if the same thing is happening here. Are we headed to a more balanced market with more options for buyers or a systemic crash like we experienced in the recession?
If we look at the overall Leavenworth real estate market, there are certainly signs of a cool down. The number of sales YTD is down 21%, while the number of new listings is about the same as it was in 2017 and the median price is stable too.
Watching the market every day, our feeling is that there is high demand for moderately priced homes and very little inventory, and increasing supply of high priced homes, for which there are fewer buyers.
To test this hypothesis, we looked at homes listed for sale in Leavenworth between $350,000 and $550,000. This is approximately $100,000 above and below the median sales price.
In the past 3 years, we see that the average sales price is down slightly. While the number of homes sold in this price range is down from last year, the decrease is inline with the decrease in listed properties.
The most interesting news is that the Days on Market (DOM) is dropping quickly. This doesn’t surprise us at all. Moderately priced homes in Leavenworth just don’t last long on the market.
Is the real estate market in Leavenworth slowing down in 2018?
For moderately priced homes, that doesn’t appear to be the case.
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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.
