Arrowhead Woods has 61 listings over $1,000,000; a 3 year inventory
of homes for sale in the high end of our three market segments; $100,000 plus, $500,000 plus and $1 million plus. The breakdown of our luxury market is 34 homes listed as lakefronts and 27 estates in the Woods, (not lakefronts).
FORECAST: Fannie Mae’s October National Housing Survey reported that 44% of consumers say now is a good time to sell a house, an all-time survey high, while 65% say now is a good time to buy. Their chief economist explained, “The narrowing gap between home buying and home selling sentiment may foreshadow increased housing inventory levels and a better balance of housing supply and demand.” He concluded, “These results may help drive a healthier housing market in 2015.”
WE’RE BACK! ARROWHEAD WOODS LUXURY SALES LOOK GOOD !
The price of an estate or lakefront in 2013 and 2014 is comparable to the sales and prices from 2000 to 2004. Reading from the left, 2014 and 2013 sales and prices match the ‘normal’ years of 2000 to 2004.
FORECAST: CoreLogic DataQuick analyst Andrew LePage said, “We’ve yet to see traditional buyers fill the void left by the drop-off that began in spring last year”. UCLA economists stated the economy is improving and mortgage rates aren’t likely to soar, factor that will produce enough demand to make price declines extremely unlikely”.
INVENTORY WILL BE A CHALLANGE FOR HOME SALES OVER $1,000,000.
High end sales, lakefronts and estates, average 22 sales a year in the normal years of 2013 and 2014 and back to 2000 to 2004. Two thirds of the 61 listed homes are likely to have an extended selling time, up to three years. In 2014 and 2013, near 80% of homes sales were under $500,000.Increased confidence by affluent vacation home buyers is needed for a high end rebound.