Sellers have put their optimism and homes on the line, raising the listed inventory to 401 homes, the old normal, and testing higher prices.
Buyers are more cautious in the past 12 months, reducing home purchases in Arrowhead Woods to 15% below the preceding 12 months. The median price has risen 18% in 2014, but buyers responded with fewer purchases and smaller homes… putting their budget first in choosing a home. Homes priced over $600,000 are impacted first, over a million in an unprecedented stall.
The shift in buyer thinking is apparent in the Summer months with 74 sales in the past 3 months, down 15% from last summer with 105 sales. Two charts in our print publication ARROWHEAD TRENDS (now being delivered to Arrowhead Woods homeowners) illustrates that our mountain real estate sales and listings are a near match to the national Consumer Confidence Index.
We monitor about 80 web sites where my own listings appear. We’re enjoying some of the highest internet viewing counts in many years. Buyers are looking at Lake Arrowhead homes, watching and waiting.