Breaking the glass ceiling of $500,000 is a major step in buyer confidence.
Arrowhead Woods is successfully running against the current trend.
Despite weakening national real estate sales, Arrowhead Woods sales in the past 12 months are a match to the preceding twelve months. Narrowing to 2015, in the first five months we have 150 homes sold in the “Woods” vs 129 in the same 5 months of 2014; sales are up 16%. The median price has slipped 4% to $342,500 in 2015.
WHERE IS THE ACTION?
$600,000 home sales do not fit a conforming loan, limited to $417,000. In the past year sales from $500,000 to $600,000 have increased, nearly double a year ago. This is an important step by purchasers who are moving up in value, many of whom are putting down more cash to get a conforming loan or paying cash for these larger homes.
SELLING TIME IS GETTING LONGER, about 3 weeks more that a year ago. As home prices increase, it is taking longer to get an offer. A second home is a deferrable choice. Escrow time will get even longer starting August 1, when new HUD rules for lenders come into play adding about 15 days to the average escrow.
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