MORE INVENTORY UNDER $500,000 COULD CURE THE IMBALANCE.
Arrowhead Woods market data indicates home prices are rising. Yeah! But an overall inventory of 319 homes for sale is too few to pull up sales and feed a steady rise in price per square foot. Currently, it’s a split; 160 homes for sale under $500,000, 159 over $500,000. Yet only 93 homes sold over $500,000 in the past 12 months, 23% of all 404 sales. Arrowhead Woods has a serious imbalance.
HOME SHOPPERS ARE WILLING TO BUY with enough home inventory to choose from. 80% of the homes sold in the past 12 months are under $500,000. Buyers are holding back to see more than 160 homes, neighbor by neighborhood, there is a need. Check the map below for your neighborhood –slim pickings.
BUYER DEMAND IS A SELLING OPPORTUNITY: UNDER $500,000. The pool of possible home sellers is not going to get a great deal larger. Listings are now about one-third the size of 2004 and years before. The recession has diminished the number of potential sellers due to foreclosures, short sales, underwater mortgages and uncertainty. Don’t sit on your hands as the brass ring goes by.
25 MONTHS; April 2012 through April 2014.
HOW MANY HOMES FOR SALE IN YOUR NEIGHBORHOOD? UNDER $500,000?