Leavenworth Home Prices Summer 2016

There are a lot of opportunities for gratuitous headlines looking at the latest statistics from the Leavenworth real estate market.
“Home Sales Drop 23% in Leavenworth!”
“Leavenworth Home Prices Down 11%!”
While both are true statements, neither paint a particularly true picture of the market. Buyers who are getting beast out in multiple offer scenarios for a house in town, would be particularly surprised by these numbers.
Leavenworth Home Prices Summer 2016
(For the second quarter of 2016, for single family home sales in Leavenworth)
Sold Homes – 23% 47 in 2015 to 26 in 2016
Average Price – 4% $394,000 to $375,000
Median Price – 11% $365,000 to $322,000
New Listings – 17% 138 to 114

In our mind, the lack of new listings and the rising asking prices are tempering buyer enthusiasm. The average Leavenworth home is listed for $647,000 with a median price of $535,000.
These prices are $200-$275,000 more than average and median sales prices!
Inventory numbers confirm this too.
In Q2 of 2016 there were 24 homes sales under $400,000 in Leavenworth and only 12 above $400,000. Currently there are only 32 homes for sale under $400,000 or 4 months of supply, which is considered a seller’s market. 
Above $400,000 is a different story. With 67 homes currently for sale above $400,000 there is nearly 17 months of supply or a very strong buyer’s market.
New home sales mirror this activity. Spec building activity is minimal in Leavenworth, but for the seven homes newer than 2015 that have been on the market in the past year, the 3 listed for under $400,000 have all sold and those 4 above $400,000 are still listed for sale.
When you look at this Spring compared to years past, the numbers look pretty stable. It’s not that 2016 saw a big decline, it’s more that we are nearly in line with years like 2014 and 2013.
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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.