ARROWHEAD PRICES UP, SALES SLIP, INVENTORY DILEMMA
Real Estate Trends in Arrowhead Woods. 4/4/16 Issue 208
NICE BUT NERVOUS FIRST QUARTER 2016. First quarter 2016 prices are up 7.6% above same time last year. Sales, however, quarter over quarter, are down 11%. Above $1 million, first three month sales,2016 = 2, 2015 = 6. Disconcerting.
It’s a seller’s market below $500,000. Yet, the year over year listings are down 51 homes to the lowest inventory in memory.
Can sales go up in 2016 while inventory is at a record low? Agents complain, “not enough homes, we’re losing buyers”
March 2016 is an exciting recovery after bummer January and February. The first quarter of 2016 suffered from low inventory below $500,000. Mid range, $500,000 to $1 million sales show improvement.The million dollar plus market is having a siesta.
MARCH 2016, Sold 38, Median $369,500 Sell time avg 6.7 months