SoCal real estate, according to the LA Times is “getting back to normal”. That’s our hope too here in Arrowhead Woods; $72 million in 6 months.
On July 16, the Times reported “In the latest sign of a market that’s plateauing well below past highs, home prices in Southern California grew at their slowest pace in two years in June, capping a spring selling season that never took off”.
Arrowhead Woods volume has a different trend-line. The overall median price rose 13% in 2014 to $360,250 an exciting 6 year high! We can see a change in buyer behavior as we look at the three price brackets. In 2014, our challenge is the high end market segment on a long road to recovery.
The largest volume and the most active segment of our market is $100,000 to $500,000. As prices rose nicely, an exciting time, sales dropped 18% in response to the price rise. * The entry and premium brackets each dropped
$11 million in volume. Mid-range, $500,000 to $1 million is holding up fairly well.
The million plus market faltered in unprecedented intensity. In 2004, ten year ago, million plus home sales topped $97 million. Six homes sold in the past six months. July 21, has 72, $1 million plus homes for sale.
The remedy? Give home shoppers confidence in our economy and government so a vacation home is family, fun, peace of mind and a fair return on investment.
January to June volume in 2014 is down 7% from the same in 2013.