SHAPSHOT OF ARROWHEAD WOODS — PRICES ARE PICKING UP !
There is so much information here, I’d suggest selecting a column such as SOLD PRICE and read from top to bottom to pick up the trend, then sale price per square foot (SP/Sqft) and Total Structure SqFt which is living space. The column labeled Price is the asking price, CDOM is cumulative days on market.
In the past six months 80% of the homes sold for less than $500,000 in Arrowhead Woods.
Growth is about inventory. 51% of all listings, 272 homes, are under $500,000… and that is a problem. The entire batch of homes under $500,000 sell in less than six months; 139 sold, 138 now listed. Buyers are not bidding up prices, but more likely to leave the market, disappointed in the limited selection.
CAUTION:The first 2 tables below are limited to $100,000 to $500,000 – a lower median price for our focus group – and do not reflect the entire database, which is the 3rd table below reporting all homes sold in the past six months and the 4th table detailing sales and prices for the 12 months of 2013.
139 SALES IN PAST 6 MONTHS, UNDER $500,000, ARROWHEAD WOODS.
138 ACTIVE LISTINGS, NOT SOLD – YET.
174 HOMES SOLD IN THE PAST 6 MONTHS; $330,500 SOLD MEDIAN PRICE, AN UP MARKET.
415 HOMES SOLD IN 12 MONTHS, 2013, MEDIAN PRICE OF $318,500, ARROWHEAD WOODS.
14 homes are currently listed over $3 million.
WHY HALF OF ALL HOMES PURCHASED ARE UNDER $500,000. You can get a really great home for under half a million. Study the top two tables. More than 75% of all purchases in Arrowhead Woods are vacation homes. To finance the purchase, most select a conforming loan, under $417,000, prox 4.5% interest rate. Less than 10% of purchases are cash. 90% start with $100,000 cash for 20% down on a maximum purchase price of $520,000 to get an 80% mortgage loan of $417,000. Home equity loans, the primary source of down payment in the pre-bubble years, are now hard to get.