My frequent readers know that I keep a close eye on Arrowhead Lake‘s home market. Well something has been on my mind the past few days as I compiled information regarding home sales in the community and that is this – how will the slimming of inventory in the community impact total number of sales?
Back in 2014-2015, we sort of got used to the idea that Arrowhead typically had between 125-150 home listings on any given day. Even though we saw a nice increase in sales from between 2014 (81) and 2015 (112), the number of active listings stayed pretty much in the 125-150 range. Sales continues to increase in 2016 (133) and 2017 (158).
One thing changed in 2017 as compared to the three years before it – a decline in inventory. Total inventory in the Pocono MLS shifted from the above stated range of active listings to a new range of about 110-130. Presently, as I write this article, there are 104 active listings in Arrowhead Lake. Granted, it is not yet typical “home-buying season” for the area, when we can expect more listings to hit the market. But the market never really stops, either.
So with all that said, here are a few predictions I have for home sales in Arrowhead Lake this year, 2018:
- Total Homes Sold will register between 125-150. I think this slight decrease will be a result of slimmer inventory, not a lack of qualified buyers.
- Sellers will continue to close the gap from Listed Price to Actual Sold Price as a slimmer inventory returns a few bargaining chips.
- As the economy continues to strengthen and inventory continues to decline, buyers in the $150k-$200k price range will increase.
I’ll check back in around July and see how my predictions hold up for the year, but these seem like pretty safe bets to me.
Are you ready to sell your property in Arrowhead Lakes? It’s never too early to get a free consultation to learn what your property can sell for this year.