COTTAGE GROWTH OUTPACES PREMIUM & LUXURY HOMES
Cottages, in 2016, dominate the Arrowhead Woods growth market. Under $500,000, this segment has 75% of all homes sold. Enjoying solid growth and rising prices, Cottages offer conforming loans which max out at $417,000, a very sensitive Fed issue these days. Often described as entry homes, there is a history of starting here and moving up over time and a growing family and friends.
LOOKING FOR TRENDS: Examining the lower two tables are a comparison of 2016 to 2015 for five months. The structure of Premium and Luxury homes after five months is leaning toward weaker prices for homes above $500,000. Over $1 million has two sides; 70% are lakefronts; 30% in the Woods, often gated communities.
56% OF THE HOMES LISTED ARE OVER HALF A MILLION YET ONLY 22% OF SALES.
At the fifth month, I’m concerned about the softness in Luxury sales, homes over $1 million. We have five sold year to date versus 10 a year ago. We have71 listings in line to be sold, an inventory of several years. Buyers have pulled the median price down 25%. Even million dollar home shoppers are keeping to a budget, selecting smaller / lower price Luxury homes.
MAY 2016 32 HOMES SOLD IN ARROWHEAD WOODS
NEW, “Original List Price”, when the home went on the market, “List” is the current ask price.
www.LakeArrowheadLiving.com has past months, sales and trends for Arrowhead Trends.
See our Directory of real estate, business, dining, entertainment, services on the mountains.