Leavenworth Real Estate Prices Spring 2023
The real estate market in Leavenworth in 2023 is a hard one for many people to wrap their head around. The number of listings is generally low and supply is outstripping demand, but demand is moderate, not robust. Some parts of the market are quiet with sellers reducing their list prices, while other sellers are experiencing bidding wars and record prices.
In the spring of 2023, we continue to see limited inventory and fewer choices than buyers would prefer.
There are more homes listed for sale than during the pandemic years of 2020 and 2021, but it’s certainly not a record number of new listings.
Many of the new listings are priced higher than buyers are willing to pay. The market is generally top heavy, with too many homes listed for sale above $2 million. Twelve new listings have come on the market above $2 million, but none of them have yet accepted an offer.
When we look at total sales volume and Leavenworth home prices for 2023, we predict that headlines in local media will sound pretty disastrous.
“Average Leavenworth home loses $100,000 in value!”
“Leavenworth home prices down 10%!”
“Home sales in Leavenworth down 25%!”
While all of these statements are true when looking at the year over year data, they don’t really tell us much.
The number of home sales this spring is back down to normal numbers which are similar to almost every spring prior to the pandemic. Prices have come off their peak numbers, but are still higher than any other year except for 2022.
Home prices remain very elevated compared to the spring of 2019, for example.
The average Leavenworth home price has gone up 42% while the median home price is up 26% since 2019.
The median sold home price for the spring of 2023 was $699,000 while the average home price in Leavenworth was $828,000.
What does the rest of 2023 look like? It probably depends on mortgage rates. If they stay above 7% or go higher, buyer demand and home sales will probably stay fairly cool. Conversely, rates below 6% will probably bring more buyers back to the market and create a busy 4th quarter. It’s hard to imagine a scenario that will create a large amount of inventory of homes for sale in the short term, so home prices seem likely to remain fairly flat for the rest of 2023.
Required disclaimers:
Information and statistics derived from Northwest Multiple Listing Service. Additionally, this representation is based in whole or in part on data supplied by the North Central Washington Association of Realtors. 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.
