Leavenworth Condo Update
In an earlier post I called 2007 “The year of the new condo” in Leavenworth. We have seen 5 new projects come on the market this year. River Park Homes, The Boulders, Aspen Suites at Icicle Village, Haus Wunderbar the newest on Titus Road. Condominiums have always been a hot item here in the Bavarian Village, but we probably didn’t need so many new condos all at once.
The number of condos listed in Leavenworth so far this year is up 176%! Last year 50 were listed and this year the number is 138.
The number of sales and the sales prices are up considerably, but there is still too much inventory for the market to absorb.
As of today’s date 23 Leavenworth condos have sold. That’s up 53% from last year. The average price is up to $298,000 up 48% while the median price is up 65% to $325,000. Of course not all condos in town have gone up that dramatically in price, the majority of the price increase is the large numbers of new construction condos that have sold.
The market is slower than many developers might admit. Currently there are only 5 pending sales and 69 active condos on the market. That’s a pending ratio of merely 7%. (A hot market would be at least 50%) At least one project has offered deep discounts and I suspect the others would be willing to make some concessions. I think there are some good deals to be had in this market (and some bad deals to avoid.)