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Leavenworth Real Estate : 1st Quarter 2010

Posted by Geordie Romer on April 23, 2010

The Leavenworth real estate market seems to be improving in my eyes, but you might not be able to tell by looking at the median sales price.

Leavenworth Home Prices 2010

Of the 15 single family homes that sold in the first three months of 2010, 13 sold for less than $325,000. The other two were a house on Lake Wenatchee that sold for $850,000 and a 8000 square foot log home on the river that sold for more than $2 million.  There were no sales in the $400-$600,000 price range at all.
If this was the only data, I would be worried. Luckily, the second quarter looks better already.
The two houses that have sold in April average $480,000 and the 8 pending sales have an average of $430,000. These prices are much more in line with past years’.
The other good news is that the volume, or number of sales, is up considerably. Last year we only had 9 sales in the first quarter. While 15 sales isn’t a return to the boom years, it is a big jump (almost 70%).

Leavenworth Sold Homes 2010

Why did prices fall in the 1st quarter? I think it had to do with the number of foreclosure sales in our market. We only had 3 foreclosure sales, but that represents 20% of the total number. Is 20% abnormal? Nope, according to Zillow, that looks to be about average for Washington state.
But 20% of sales coming from foreclosures is new to Leavenworth.  From my count, bank owned properties were only 2% of all sales in 2009.  Looking at pending sales, I would guess that the foreclosure trend will continue, though maybe not at 20%.
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.

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    If you’re planning to buy a home in this area, the best place to start is with the Leavenworth Home Buyer’s Guide.

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