Friday marked the end of the 3rd quarter 2011. Year to date 2011 sales were relatively unchanged from the first 3 quarters of 2010. 2010 saw 205 sales where 2011 it ended up being 199.
Of note was the change to median price. The first 3 quarters of 2010 the median price in Lake Arrowhead was $339,000. For the same period this year the median price was $284,000, representing a 16% decline in median price. This number does not mean that homes for this period lost 16% in value, it just means that the lower sector of the market was much more active. Median price continues to be driven down by distressed properties (Foreclosures and Short Sales.)
A comparison of home prices in Lake Arrowhead for the two periods reveal that values held steady, virtually unchanged. Sellers have had to reduce prices from unrealistic listing prices, but the homes that are priced at market value are going out within 5% of asking price.
Also interesting is that average market time for homes sold in the first quarter of 2011 was 193 days... over 6 months. in the 2nd quarter that dropped to 93 days and the average market time for the 3rd quarter sales dropped to an amazing 44 days. What is happening is that sellers are doing a better job of positioning their property in the market and these are the homes that are selling.
Sellers that "test" the market, or list with Brokers who are not in tune with market values languish on the market and in most cases do not sell. It has never been so critical to have your property listed with the right firm and agent.
Historically, 50% of the homes listed for sale in Lake Arrowhead are positioned with no chance to sell, they are priced too high and listed with the wrong agent. The other 50% are in the market, and only half of those will sell. Less than 25% of the homes that are listed will sell in the current market. If you are a seller it is very important for you to know this information and understand what will cause your property to sell.
Since 1982.... for 29 years, Coldwell Banker Sky Ridge Realty has been the leader in real estate related services. If you or someone you know needs assistance with real estate, don't hesitate to contact me. I will put you in touch with one of my top agents who will get the job done for you.