ARROWHEAD WOODS PRICES JUMP 10%. HOTTEST IN YEARS
Everything about Lake Arrowhead Real Estate on the web. 5/9/16 Issue 213
For four months, through April 2016, the median sale price jumped 10% over the first four months of 2015. The biggest boost is the 4.9%, one month rise from March to April 2016. We’re off to an exceptional start this year over a very good year in 2015. The boom continues for home sales under $500,000 where a conforming loan, under $417,000 is so attractive.
Mid-range sales, $500,000 to $1 million are gaining strength in the number of homes sold; 26 in 2016, 20 in 2015. Prices have softened with a decline of 7% lower for four months in this year. There is plenty of inventory with 103 homes for sale.
Sales above $1 million were zip for April, and the median price dropped $700,000 in 2016, four months. The wonder is, what’s happening? The highest sale price in April is $750,000. There is no shortage of inventory in the mid or high end. There are 64 listings over $1 million.
Freddie Mac experts are predicting housing will maintain its momentum in 2016 and be an economic engine of growth. FM says “our outlook for the balance of the year remains modestly optimistic for the economy”.
FM is forecasting that on average, housing prices will rise by 4.8% and 3.5% in 2016 and 2017 respectively”. For the Lake Arrowhead market, this may convert to weaker prices in 2017 for those who are waiting for a better year.
APRIL 2016, Sold 38, Median $387,500 4.9% Price Jump over March