We’re talking big bucks! An $85,000 median price rise in 30 months is a strong indicator of affluent buyers commitment to Arrowhead Woods.
The difference from year to year was a median price rise of 13% in 2013 and 16% in 2014 (estimated). Sales fell as prices rose. Days to a sale extended to near six months in 2014.
The lowest price homes, below $200,000, are virtually gone. This range, up to $500,000 are 70% of the Arrowhead Woods sales. Mainstream sales are now below 2012 recordings, more than two months behind the pace of last year.
Mid-range, $500,000 to $1 million looks better. We’re about the same as last year against declining sales above and below these middle priced homes.
The $1 million plus market is too small now to project much of a change by year end 2014. Buyers are shying from the high end leaving 70 listings unsold.
Home sizes are relatively unchanged as the price per square foot rises and a reflection of the modest number of homes sold above $500,000.
The national real estate news, up and down, offers no clarity. Mortgage rates are a gathering cloud over our market, expected to rise in the Fall. Interest rates is a very sensitive number for vacation home ownership.
January 2012 to 2014, estimated to year end, is a 31% price rise.