|March 2017 1st Q: Prices up 8.3%, Sales 9.4%; Buyers Anxious!|
The Sticky Supply Situation as Zillow sees it.
In the simplest sense, high demand itself isn’t helping the market build up an inventory cushion of homes for sale – in many markets, homes are scooped up seemingly as soon as they’re listed.
A second driver of low inventory has been anemic new construction activity. (In Lake Arrowhead we are running low on prime land).
Another contributor to low inventory is the negative equity rate, the share of homeowners with a mortgage that are underwater, owing more on their home loan than their home is worth but nationally at 10.5 %. (Forbes Definitive Housing Market, Interest Rate Forecast for 2017).
Finally, homeowners themselves could be contributing to the lack of inventory simply by not listing their homes for sale. (First Tuesday; Los Angeles Housing Indicators, charts galore).
Winter did not hold buyers back from the March and First Quarter Gains.
MARCH 2017: 41 HOMES SOLD, ARROWHEAD WOODS, MEDIAN PRICE $405,000
Coldwell Banker Sky Ridge Realty, Lake Arrowhead CA, 92352-1089 Since 1982.