Leavenworth Home Sales Surge in Spring of 2013
After a quiet first quarter that we attributed to the winter storm damage, we saw Leavenworth home sales surge in spring of 2013 and a continuation of the high sales volume we started to see in 2012.
As you can see in this chart, the number of home sales from April through June in Leavenworth was double that of last year during the same period and actually on par with boom years like 2007.
In the 2nd quarter of 2013, 41 single family homes closed in the Leavenworth area with a median price of $325,00 and average price of $363,000.
Unlike the Seattle region, we are continuing to see flat or slightly decreasing prices. The reason we have yet to see price increases is because supply continues to out pace demand. As we described in an earlier blog post, Leavenworth still has quite a bit of inventory compared to the demand which is depressing the prices.
This is good news for buyers trying to get a deal, but not for sellers, especially those who bought at higher prices in 2006 or 2007.
Both buyers and sellers should understand that this is a period of transition. Buyers may get a deal on a house, or they may end up in a multiple offer scenario bidding against another buyer. Sellers may get to choose among competing offers or they may have to reduce their price to meet the market.
We are seeing a large number of sellers turn down offers from buyers – either because the buyers are expecting too big of a discount or because sellers are overly optimistic about the increasing volume of sales.
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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.
