Leavenworth Real Estate Update: Q4 2010

“How’s the Leavenworth real estate market doing these days?”
That seems to be a question we get all the time.
We’ll do our best to answer that question in the next few posts.
There are two ways to measure the health of the market. Home prices is certainly one of the factors we look at. The chart below measures the average and median sales prices of homes in the Leavenworth and Lake Wenatchee area over the past 6 years during the fourth quarter of the year. (October through the end of December.)
As you can see, prices have come up this year (for the 4th quarter) compared to last year, but they still really aren’t at “peak” pricing either. The average home price this quarter in Leavenworth was up to $401,000 while the median price was up to $327,000.  (Please note that these are only 4th quarter numbers, we’ll follow up shortly with a year end review to look at the entire year.)

The second part of the question is about the number of sales. As you can see by the chart below, less than half the number of home sold this quarter as sold in 2006. To me, this number is probably more important than the sales prices. I don’t expect we will we see a long term increase in prices until the number of sales increases dramatically. Prices will go up when demand outpaces supply and currently there is still lots of supply.

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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.