Arrowhead Lakes Real Estate Update

What's going on in Arrowhead Lakes?  The economy has certainly affected home values in our wonderful community.  Buyers are in a position to purchase homes at approximately 50% of the peak value of 3 years ago.  Sellers are constantly second guessing themselves for not selling when they "had a chance."  Regardless of which side of the deal you are on, you need information to help you make the right decision for you and your family. Although it is helpful to look at the past, the past does not prepare people for a sale or purchase right now.  Let's take a look at the market today.

PRICES: The Arrowhead Lakes community currently has approximately 20 homes available for sale; prices range from $188,000 to $2,500,000. There are approximately 15 homes that are under contract; prices range from $135,000 to $650,000. Since June 1, 2009, approximately 18 homes have sold; prices ranged from $147,000 to$ 475,000.

PRICE PER SQUARE FOOT:  The average price per square foot for homes on the lake since June 1, 2009 has averaged $142 per square foot. The range varied quite significantly from a low of $84 and a high or $170 per foot. The reason for the wide range is due to each home having conditions and other factors that can considerably affect the value of the property.  One of the main reasons is based on the type of sale.

TYPES OF SALES: There are several types of sales in our current market:

Short Sales: Owner negotiates with lender to sell home "short" of what they owe.

Lender Owned/Foreclosure: Home has been taken by the bank and they are the new owner.

Traditional Sales

SHORT SALE ACTIVITY:  15% of the active listings, 73% of the homes under contract and 16% of the sold properties were short sales.

LENDER OWNED ACTIVITY:  5% of the active listings, 0 homes under contract, 55% of the sold properties were owned by the bank.

TRADITIONAL ACTIVITY: 80% of the active listings, 27% of the homes under contract, and 34% of the sold properties were traditional sales.

What does all of this mean to you?  Each homeowner has unique circumstances, so it is best to have a personal conversation with your REALTOR®. If you do not have a Realtor®, call or email The Kuttner Team at RE/MAX Professionals. We would be happy to assist you and answer all of your Real Estate questions.