ARROWHEAD WOODS MEDIAN PRICE IS UP 18% IN 2014 OVER 2013, with a median price of $359,500 by the end of August topping 2013 at $305,000 for eight months. Yahoo!
YEAR TO DATE SALES ARE DOWN 22% in 2014. Buyers may be following the news with greater caution, lessened confidence in the future, saying “Let’s wait a while”. June, July and August 2014, had 86 sales, the best summer months. This low three month total is only comparable to the summers of 2006 to 2010, the aftermath of the bubble.
LA TIMES REPORTS “BUYERS ARE GAINING LEVERAGE IN SOUTHERN CALIFORNIA HOUSING MARKET”.
We’re not ready to buy into this!
1. Arrowhead Woods is a resort, two thirds of the homes are vacation homes. We simply don’t compare to the trends of primary residence homes.
2. Most vacation homeowners are affluent, able to weather the storms of the past half dozen years. Owning a mountain home at a far lower cost than their primary residence, it is easier to say “We’ll wait to sell”.not buying ‘scary’ news.
3. Arrowhead Woods homes, often referred to as cabins, can be some luxurious digs. We don’t have tract homes, notably unique as you drive down any road. In price setting, our sellers play an important role, “This is the price I like best”.