Leavenworth Condo Report

Prices for Leavenworth Condos have continued their upward trend in prices despite a glut of new construction condos on the market.

This report is for the first quarter of 2008 and includes Kahler Glen condos as well as Leavenworth projects like Aspen Suites at Icicle Junction, RiverPark Homes in Leavenworth, Alpine Village, SkiView Condos on Titus Road, and The Boulders on Alpensee Strasse.

First quarter sales volume has been fairly consistent the past few years. This year 5 condos sold in the first 3 months, with 3 selling in 2007, 4 in 2006 and 2 in 2005.

The big news which has been mentioned here before is the number of new condos on the market in Leavenworth. 59 units were active on the MLS during the 1st quarter, despite Aspen Suites removing their condos from the MLS.

Prices continue to march upward. In 2005, the average condo was $121,000 and now it has risen to $284,000. Median prices have risen as well to $300,000 for 2008.

As of April 6, there are currently 51 condominiums available on the MLS at an average asking price of $420,000.

I expect that condos zoned for commercial use (and vacation rentals) will continue to sell well, especially those closest in price to the median sales price. Condominiums priced between $250,000 and $350,000 will remain popular, while others may continue to sit.

Other Leavenworth Real Estate Articles and Information

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Leavenworth Real Estate Stats for Q1 2008

Leavenworth real estate prices for both houses and condos have continued their upward trend in the first quarter of 2008. This includes the area from Peshastin to Stevens Pass including Lake Wenatchee, Fish Lake and Plain.

In the past, I have focused on comparing year to year trends, but this quarter I decided to compare 2008 to the past few years.

As you can see, home prices (both average and median) were a bit down in Q1 of 2007, but have rebounded in 2008. We have seen average home prices (for single family stick built homes) go from an average of $251,000 in 2005 to $420,000 - a 67% increase!

Inventory of single family homes went up 8% from last year to 131 active listings, but new listings were down considerably (31%). I think the national news is convincing some folks to hold off on selling their home if they don't really need to right now.

The number of houses that sold during the first quarter is up from 20 to 24 (a 20% increase), but down from 25 in 2006 and 32 in 2005.

As of April 6, there are 80 homes for sale in the Leavenworth area at an average price of $589,000.

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Leavenworth Real Estate Market Update

The Leavenworth real estate market is made up of a number of different sectors that always seem to be moving in slightly different directions.

The majority of consumers, whether they are local homeowners looking at an increased tax bill or out of town investors, look to the growth of prices to gauge the strength of the market.

Home prices in Leavenworth WA are certainly up. At the end of May the average list price for a single family home in the Leavenworth area (including Lake Wenatchee and Plain) was $518,000. This is the number that tends to excite people and this is the number that most folks see when browsing the internet or looking in local homes magazines.

Of course the number that has more importance is the average SALES PRICE which is what the buyers are willing to pay. Considerably less - $354,000.

But as I said before, this is a tale of multiple markets wrapped up in each other.

The bulk of the Leavenworth real estate market is single family homes under $600,000 that are not on the water. We could even narrow the range to between $200,000 and $400,000, but the story is much the same.

At the end of May 2007 there were 45 of these homes on the market. Looking at the sales data, we have 5.7 months of inventory. More or less a balanced market with neither buyers nor sellers having much of an advantage. ( I would say that generally, home sellers outside the city limits probably have a stronger market that those inside the city, but that data will be saved for another day.) Last year, there were 39 homes on the market with a 3.9 month supply. Though supply does seem to be rising, we did have 63 homes on the market in August and September of 2005, so it is hard to say if this is a short cycle or a longer term trend.

Homes over $600,000 are the luxury segment of our market. In the past year, 6 homes (non- waterfront) sold in this price range and the 13 homes on the market at the end of May represent 26 months of supply. While few of these sellers are highly motivated, it is by any indication a buyers market. (And has been for some time.)

Waterfront homes are a different beast. Generally, these really just include homes on Lake Wenatchee and Fish Lake, and riverfront homes on the Icicle Creek, Chiwawa, White, or Wenatchee Rivers. At the end of May, there were 11 homes on waterfront or 7.8 months of supply. I think this market sector tends to be pretty balanced, despite ever growing price points.

Overall, I see strong demand for vacation homes by westside buyers at prices under $600,000. This continues to be for "cabins" or other vacation homes generally located outside of the city of Leavenworth.

Why aren't homes in Cashmere Selling? (It's the price...)

Allyson got this bit of fan mail today... “So what is up with the blog? I notice that the frequency of postings has decreased--I rely on it to keep up to date on the greater Leavenworth real estate market--I am starting to get the shakes--when will we get a new post?” This is for you Holly.... I have been a little surprised that there hasn't been much movement in the usually crazy Cashmere housing market. Currently, there are 10 homes on the market in Cashmere under $300,000. This is about a 3.5 month supply. Clearly a strong seller's market by most approximations. Yet, there is only 1 pending sale! I decided to dig deeper. In the last 6 months, 17 homes sold in this price range. The average home was 1660 square feet and sold for $190,000. The current crop of homes average just about 1600 square feet, but are on the market for $240,000. Now it's POSSSIBLE that the homes on the market today are much nicer, newer, etc homes, but.... not very LIKELY! In the last 6 months homes in this price range sold in average of 72 days – just over 2 months. The current crop is averaging 61 days. Cashmere homeowners take note – this is a healthy market, but your GREED is getting in the way of your agent selling your house. Real estate agents in Cashmere – you need to have “the talk” with your sellers.

Low Inventory in Leavenworth Homes Market

Moderately priced home sales have really taken off in the Leavenworth Washington real estate market. Today there are only 16 homes under $300,000 and 26 under $400,000. Scarier yet, many of these are small (under 1000 square feet, some under 500) or have other issues that may make them difficult to get a loan for. (Lack of septic and electricity, half interest in property, leased land etc.) When we look at the list without these homes we see 9 under $300,000 and 19 under $400,000. If you are a home seller and thinking about waiting until spring to sell, maybe you should re-think your planning. If you are a buyer, you have a dilemma: Buy now despite the lack of choices or buy later and be prepared to pay a premium as prices continue to go up?