Market Update

I had a spare moment so I decided to take a look at market numbers for the Leavenworth market. I think this is really important since these numbers are in contrast with housing sales nationally. (National Stats)
If we look at the number of homes (single family, not condos or manufactured homes) sold in 2006 we see an increase of 7% in the number of homes sold year to date in the Leavenworth area. The dollar volume is up 21% and the average sales price is up too. Last year at this time the average sales price to date was $288,500. It is up 12% to $325,000. The median sales price is up 17% to $287,500.
Sales growth continues to be strong. The drop in mortgage rates over the past few weeks certainly will help too.
Unfortunately, we are short on the inventory that buyers are looking for. The average price of the 70 some houses currently on the market is $509,000. This is nearly $200,000 more than the average sales price.
The numbers also don’t tell the whole story. What is selling? Vacation homes, waterfront homes, cabins and condos. There are some great in town homes that are priced well, but Seattle buyers just don’t need a second home that’s just like their primary residence.