SALES AND PRICES UP IN 2015; ALL CONDITONS ARE GO FOR THE YEAR.
In the first two months of 2015, prices are up 11% over 2014, to $372,450, pushing past 2004, our pre-bubble benchmark year when the price was $349,000.
Sales are up 44% in 2015 or 19 homes. Sales in 2014 hit 365 homes for lakefronts and the woods, with no fear of an overheated local economy. Looking back a decade to 2004, the base of the bubble started with annual sales of 799 home sales, rocketing to the peak before disaster befell the US economy.
Listing inventory continues to slide, down 7%, to 226 homes. As homes sell Inventory is not being replaced by a greater number of new listings – not good.
Consumer confidence is favorable to Lake Arrowhead as virtually all economic indicator have an upward tilt. The bonus is low mortgage rates.