|Lake Arrowhead Demand for Homes Exceeds Listed Inventory; Buyers Frustrated!|
We’re in the low 50s by mid-day. The forecast looks good for melting snow and ice. Roads are clear and dry, no chains needed, with kids and sleds on every hillside for snow fun.
BUYER DEMAND OUTPACING LAKE ARROWHEAD SUPPLY OF HOMES FOR SALE The price of any item is determined by the supply of that item, as well as the market demand. The National Association of REALTORS (NAR) surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions” for their monthly REALTORS Confidence Index. This is a full, current market report worth studying.
Lake Arrowhead home shoppers are slowly moving up in price, returning to pre-recession values, but the number of homes purchased continue to cool in recent months as mortgage rates rise … 3.55% around election day to 4.32% in January. Downward sales is a reaction to declining inventory.
Home prices under $200 per square foot in Lake Arrowhead can fit the lowest conforming loan rate, but it is a narrow slot. There are only 8 listings under $300,000 and 66 more under $600,000. Fewer listings are cooling buyer interest… too few homes to choose from. The flip side is we are in a Seller’s Market. Sooner is better than waiting to catch the peak.
HOW DOES CALIFORNIA COMPARE TO BUYER TRAFFIC ACROSS THE NATION?
The darker the blue, the stronger the demand for homes. Only 6 states had weak demand.
Coldwell Banker Sky Ridge Realty, Lake Arrowhead CA, 92352-1089 Since 1982.
Bob Bailey Broker DRE #01040125 Patsy Bailey Agent DRE #01231416
This is our home, our commitments, our life in Lake Arrowhead. Today’s link is MCH.