|LAKE LEVEL AFFECTING LAKE FRONT HOME SALES?
Real Estate Trends in Arrowhead Woods. 5/2/16 Issue 212
The current lakefront inventory is 34 homes for sale, contrary to the nationwide mantra ‘inventory is down’. Lakefront homes now listed (property touches the lake) will take seventeen months to sell off all of the homes for sale.
82% of the Arrowhead Woods market is under $500,000, a hot market. Lakefronts are six percent of the market. Economists speak of a lackluster economy affecting high end vacation homes and discretionary income.
If there is a challenge, it is 24 lakefront sales average against a large inventory.
The lake is filled by rainfall, not spring fed, just what mother nature gives us from the sky and the downslope water flow. Keeping the docks floating is part of the Arrowhead Lake Association dredging and services, experienced and successful.
Highest on the list of ‘what if’ is the lake level dropping below 5000 feet. At this point, the lake is down 7.42 feet. Brim full, the lake level tops at 5106.7. We’ve been there before. Entering summer, we still pray for El Nino to refill our lake and let the good times keep us afloat.
Lakefront Sales for 2016 is 5 homes, up to $1,385,000 through April.
2015 sales were 7 homes up to $1,895,000 for the same 4 months.
Special thanks to Ralph Wagner, lake level historian.