After a meteoric rise in prices in the first five months of 2014, the market slipped 5% from May to June, where our median is now $364,750. Arrowhead Woods prices have risen 18% in past 12 months. Sales declined as prices went up, now down 17% from a year ago.
Predictably the market slowed, reflecting an end to foreclosures and short sales that dogged traditional, financially healthy home sellers. Inventory has risen more than a hundred homes in the past year to 395 homes now listed.
Add four good reasons to our beautiful Summer selling time. Buyers have a wider selection of homes, sellers have better prices, home quality is attractive and still-low borrowing rates remain a dream come true.This blends into a good picture of affordability.
Price appreciation may slow as high end sellers are entering the market. Arrowhead Woods listings now start at $200,000 with 60% of the inventory under $600,000. The remaining 40% divide as 90 homes for sale from $600,000 to $1 million and 71 homes listed over $1 million; two challenging price ranges in this recovering real estate market.