ARROWHEAD MARKET LESS CERTAIN LOOKING BACK 6 MONTHS
Everything about Lake Arrowhead Living is on the web. 5/23/16 Issue 215
We are returning to ARROWHEAD TRENDS, our birth name when we began 215 issues ago : spotting trends. The web site encompassing all our services, LAKE ARROWHEAD LIVING is the most complete immediate service of Daily new listings, Every home listed on the mountain, Events, Dining (even a picture of the restaurants), Business Services phone directory, How to Buy and Sell, a glossary of real estate terms, more… Try it out.
As a young boy I nearly drove my parents crazy, asking “why” to everything I heard.
Well here I am, still at it, wondering what is happening to the Arrowhead Woods and Lakefront market in the last six months. The two reports cover the last two years since 2014, divided in steps of six months. We expect ups and down, but patterns can begin to emerge when a half year passes.
First of the three segments is $100,000 to $499,999, the entry level of Arrowhead Woods. The lowest price home sale in the past six months has a new base price of $200,000, none sold for less. Sales have risen from 155 homes sold in six months of 2014 to 181 sales last fall, slipping back to 154 in 2016.
Prices have had an exciting rise from a median of $295,000 in 2014 to $340,000 in 2016, up 15%. This is the bread and butter of the mountain market, covering about 80% of all sales.
THE TWO SEGMENTS THAT CONCERN ME start at $500,000 into the millions with a top sale price of $2,510,000 for the eleven sales over $1 million. Homes SOLD and PRICES have declined in the past six months, not a good signal.
Things change so it should not be a distressing issue, but the warning may be to act before the Fed, who is forecasting interest rates will start rising soon. The joy ride of mortgages may get more costly. Together, the data and the Fed suggests urgency, now is better than later.
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