December is here and it’s time to take a peek into November’s real estate market in the Crestline, Lake Arrowhead and Running Springs areas of our mountain. Here’s a quick breakdown of what’s been happening, based on data from the California Regional Multiple Listing Service (CRMLS).
As November wrapped up, there were 471 properties on the market. Breaking it down, Crestline had 103, Running Springs 58 and Lake Arrowhead led with 212. Looking at properties in the process of being sold (what we call in escrow), there were 98 in total: 29 in Crestline, 12 in Running Springs and 57 in Lake Arrowhead. November was a happy month for 71 new property owners, with 22 sales in Crestline, 10 in Running Springs and 39 in Lake Arrowhead.
Thanks to Altos Research we can dive deeper into the numbers. In Crestline, the market is adjusting, with the average asking price for a home at $386,000. The cost per square foot has risen to $292, and homes are taking a bit longer to sell, now averaging 105 days on the market. Running Springs saw a slight drop in its median list price to $399,000, the cost per square foot dipped to $334, and homes are taking longer to sell there, too, now averaging 122 days. Lake Arrowhead’s market seems steady, with the median list price at a cool $749,000, a cost per square foot of $407, though homes also taking longer to sell, around 124 days on average.
How does this compare to October? There were fewer homes for sale, just 442, and fewer homes were in the process of being sold, only 65, compared to November’s 98. Also, November saw more completed sales (71) compared to October’s 40.
What’s behind these changes? October’s real estate market might have been a bit slow due to changing interest rates but in November, with interest rates going down, more buyers jumped back into the market, excited by the more attractive prices. This brought a bit of competition, with more offers on the table, especially for those homes with great views or modern interiors. The demand for homes is growing faster than the number of homes available, making the market pretty lively.
It’s an interesting time in real estate, with lots of movement and changes. Now is the right time to contact your real estate agent to have a Market Equity Report completed on your property so you understand the vitality of your personal real estate holdings. This differs from an online valuation or appraisal in that it gives you a reasonable snapshot of how your house would perform against these numbers in today’s real estate market.
If you’d like to learn more about the current local market conditions, explore available options or subscribe to local market statistics that you can follow at your own pace, reach out to Theresa Grant, Real Estate Broker (DRE #01202881) at Theresa@HomesInLakeArrowhead.com. You can also follow her on Instagram, @theresagrantrealtor, and YouTube, @theresagrantrealtor.
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