Leavenworth Home Sales Quarter 3 2010
In our most recent post we tackled current Leavenworth home prices. Today we are going to look at the number of homes that have sold in Leavenworth this quarter and so far this year in 2010.
We’re still working out the bugs, so I apologize for the fuzzy chart. The good news is that you can get an interactive chart by clicking on the image below. (Go ahead, click on it, you’ll see how cool it is!)
This is the chart I need to have in my pocket when people ask “How is the Leavenworth real estate market doing? Are things picking up?”
Sure you could make up some crazy headlines like:
3rd Quarter Home Sales UP 47%! (3rd quarter sales went from 17 to 25)
2010 Home Sales UP 55%! (62 sales YTD compared to 40 last year)
But you could also say:
2nd Slowest Year in Leavenworth Real Estate in Recent History
or even:
More Homes Sold in 2006 than in 2009 and 2010 Combined
Click to See Interactive Chart
The increase number of sales certainly is due to lower prices of Leavenworth homes. These lower prices are due to two factors: an increase in foreclosures and bank owned properties and sellers finally adjusting their listing prices in order to sell and break the stalemate.
Earlier in the Spring I mentioned that foreclosures were starting to have an effect on prices here. By my count we have had 9 bank owned properties sell in 2010 (among single family homes). This about 14.5% of the total sales which is below the state average but clearly more than in years past. (Currently there is only 1 bank owned house in Leavenworth on the market.)
Along with a few short sales, these foreclosures certainly bring the prices down. They sell for less money and they cause other sellers to lower their prices to compete. So far in 2010 bank owned properties have sold for an average of $260,500 compared to an average of $362,400 for non-bank owned homes.
You read that right, $100,000 difference between a bank owned home and non-bank owned! That’s a 28% difference.
In an upcoming post, Allyson will explore the recent trends in land sales.
**********************************************************************************************************
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.
