When we wrote our first quarter report back in April we had only been in the first month or so of the coronavirus pandemic and we knew that it would have some unpredictable effects on real estate, both globally and locally.
Geordie Romer's blog
In early March of 2020 it became apparent that the coronavirus could likely have massive effects on the world economy including real estate markets in the United States. By the end of March, Washington State was under a "Stay Home, Stay Healthy" order from the governor.
Real estate was soon dubbed an "essential service" and limited real estate activities would be allowed with new rules and restrictions.
Leavenworth’s real estate market in the first quarter of 2020 began with the common theme of high buyer demand and low inventory. This is very typical of the Leavenworth area where many sellers take their homes off the market for the winter months and re-list in the spring.
2019 was another strong year for real estate sales in Leavenworth, Washington. High demand and low inventory continue to push both median and average prices higher for single family homes. The number of total home sales is up year-over-year, but has stayed fairly consistent for the past five years.
When reviewing the 2019 real estate trends for Leavenworth, the large number of condo sales really sticks out. 2019 was the year of the condo re-sales. 32 condominiums sold in Leavenworth in 2019 with an average sales price of $349,000. We are also proud to share that Geordie Romer listed and sold more condos in Leavenworth in 2019 than any other broker.
Bucking rumors and worries of a possible recession, the Leavenworth real estate market continues to break records in 2019. While many folks might be impressed by the ever increasing prices, what caught our eye the most is the incredible number of sold homes in the 3rd quarter of 2019.
Spring home sales in Leavenworth remained strong this year, despite a late appearance by Old Man Winter in February. The number of closed sales was nearly identical to the same period in 2018 and both median and average home prices increased dramatically. The average sold price for a single family home during this 3 month period climbed to $580,000 for a home in the Leavenworth zip code, while the median price rose to $550,000.
For some reason, we like to think of the first quarter of the year as Spring, but that isn’t really the case is it? Only the last week and a half is Spring, but the rest is Winter on everyone’s calendar. This was certainly the case in Leavenworth this year, with February delivering a series of storms and snow flurries that were sure to delay spring and with it, the start of the real estate season.
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?
Thanks to Don Hester of NCW Home Inspections for sharing with us his thoughts on wildfire smoke and indoor air quality.
As most of us in Leavenworth and Wenatchee have seen, breathed and muddled through, fire season and the related wildfire smoke has been more severe in the last several years.