Leavenworth Washington Home Prices Summer 2016

(For readers with a keen eye, you will note that our July report referred to Q2 data as “summer home prices.” That report was really talking about SPRING prices in Leavenworth and the report you are reading now is the actual summer home price data.)
In the summer of 2016, Leavenworth Washington home prices continued on the path we have seen for the past year or more. Demand remains strong and inventory fairly low.
The number of new listings that came on the market in Leavenworth was identical to the summer of 2015, but since we had a dearth of listings coming into summer it meant not enough homes for sale.
The number of pending sales was up 19% to 50 transactions, but the number of actual closed sales was down 14% from 55 to 47 sold homes. Both average and median home prices continue to creep up.

Leavenworth Washington Home Prices Q3 2016
Looking over the longer term, the year-to-date numbers are fairly stable. The average home price is up from $382,000 to $399,000 (a 4% gain) while the median home price is stable ($351,000 down to $349,000).
The activity within the city limits of Leavenworth has been the talk of the town this year. Twenty-one homes have sold in the first three quarters of the year and only eight homes are currently listed for sale. This gives us 3.5 months of inventory, which is low, but not astronomically so.
It’s the pricing of homes for sale compared to the homes that are selling that is the real shocker. The median price of the eight homes for sale in town is $399,000 while the median price of the homes sold this year is only $328,000. (A 22% difference) The average price of a home for sale is $525,000 while the average home sold for $336,000. This is a whopping 56% increase.
Just because inventory is limited, doesn’t mean that the sellers name their price. The demand for homes under $400,000 remains high and the demand for intown homes over $500,000 remains quite low.
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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.