Leavenworth Home Prices Fall 2022
We’ve seen a lot of descriptions for the recent shift in the real estate market, but a “return to normalcy” seems like it might be the most accurate. Both the number of homes sold this summer and the sales prices are less than the crazy records set during the pandemic, but there’s certainly nothing to suggest a return to the “Great Recession” like we saw in 2008.
The average price for a home in Leavenworth in the third quarter of 2022 was $857,000 and the median sales price was $798,000.
The supply of homes listed for sale has increased dramatically year over year, which means more choices for buyers and longer days on market for many sellers. Bidding wars aren’t as common, but they still exist for properties in demand. Condos and cabins that can be used as vacation rentals fetch premiums in today’s market as do waterfront homes.
Increased mortgage rates, high inflation and stock market volatility all have contributed to economic uncertainty in the minds of Leavenworth home buyers. Demand has certainly cooled off from the frantic pace we have become accustomed to over the past two years.
However, it’s unlikely we will see a spike in inventory that would cause price drops like we did in the recession. Unemployment rates remain historically low which means we aren’t likely to see many foreclosures or distressed sellers. New construction continues to be a very small portion of our market and we won’t see a flood of unsold new homes or condos bringing down prices either.
We’ve been joking recently that buyers are expecting 2009 pricing and sellers are hoping for 2021 pricing. Neither expectation matches the reality we have been seeing in the Leavenworth real estate market.
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 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.
