If I were to ask you how well the Leavenworth and Cashmere real estate markets are doing right now, what would you say? Well, today I’ve got some market research to share with you that may help give you a better idea of our current market conditions.
Before I get into the numbers, though, let’s acknowledge the one thing you’ve probably heard a lot lately about our Leavenworth market: that it is absolutely on fire. But is this the case? While our area has seen a lot of tourist traffic recently, tourism isn’t actually the leading indicator of how well the real estate market is doing. With that said, let’s move on to the numbers.
In Cashmere, there were 19 closed sales. This constitutes a year-over-year decrease of 32%.
Cashmere is actually one of our valley’s hottest niche markets, and right now the lack of inventory in that market means those looking to sell will be able to net a higher price. In fact, the median sales price in Cashmere has gone up 22% year over year.
As for Leavenworth, there have been 65 closed sales year-to-date. This indicates a 26% drop year over year. Meanwhile, the average sales price in Leavenworth is $460,000, which is just a 1% rise since last year. In Cashmere, the average sales price is $402,000.
The fact that Leavenworth has only seen a small increase in sales price tells us that demand isn’t as strong as many may think. When you market your listing in Leavenworth, it’s important to reach out to the right group of buyers.
If you plan on listing in Leavenworth, you should be seeking out buyers interested in recreation, or those who are seeking to retire. Marketing online to buyers outside of the area is a great way to reach these demographics. It’s crucial that you don’t market to tourists. These people are here to buy hats and hotdogs, not houses.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.