Leavenworth Home Prices 1st Quarter 2011
How’s the Leavenworth real estate market doing? Is the market picking up?
Don’t worry you’re not alone in asking those questions. I get asked those questions everywhere I go – at Safeway, at church, at the Wenatchee Wild hockey games.
Local media outlets and other real estate bloggers tend to rely on Pacific Appraisal’s “Real Estate Snapshot” which they produce quarterly for the Leavenworth area. Unfortunately, I think they distort some of the data by mixing condo and single family home sales.
“Sales in Leavenworth for homes and condos are down 17% in dollar volume and 9% in transaction volume for the first quarter of 2011,” writes the Ncwrealestateblog.com
In the Leavenworth real estate market, condo sales and home sales move independently and I think it doesn’t make sense to combine them. Buyers may substitute houses for condos in other markets, but they rarely do in Leavenworth.
Leavenworth Home Sales 2005- 2011
I see good news and bad news (for sellers) in the first quarter numbers.
Good News
The number of home sales is up again to 17 from 15 last year and a low in 2009 of 9.
The median home price in the 1st quarter is up from $285,000 to $337,000
Bad News
The number of home sales is still paltry compared to 2005-2008.
The average home price continued to slide from $379,000 to $355,000.
Leavenworth Home Prices 2011 1st Quarter
Overall I think the worst is behind us. We still have a lot of inventory to clear out before prices start to climb again but I feel like we are continuing to see a slight improvement each quarter.
Other Notes
We have been seeing a large number of cash transactions – about 70% of offers written.
We have been seeing lots of multiple offers, even for stale listings that have been on the market for years. Again about 70%.
More Leavenworth Real Estate Info
Click Here to See Leavenworth Sold Homes for February 2011
Click Here to See Cashmere Sold Homes for March 2011
Click Here to Search for Leavenworth Homes for Sale
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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.
