Survey results are in. Monday on the Mountain respondents are optimistic about 2014 prices for Arrowhead Woods.
We’re looking for the difference in our mountain market to contrast with the media focus on skyrocketing prices in specific markets such as prices up 40% over 2007 in Palo Alto CA and depressed prices 54% below their peak just 50 miles from Palo Alto.
Arrowhead Woods is up 12% in 2013 over 2012. California’s median gain is about the same. California Association of Realtor Economists expect a 5%-6% price rise in 2014. If the picture coming into focus is not as mercurial this year as last, look to mortgage rates beginning to rise, up 1% in the past 12 months and still inching up. The economy is in better shape than a year ago but a dysfunctional Congress has 10 months until election time. What do you think?