Welcome back to our Mountain House real estate market recap. This March the market was exceptionally different and quite reflective of the recent real estate trends effecting Mountain House. We saw a total of 17 sales, ranging from $280,000 to $595,000. Although there was a large spread in the prices of homes sold, there were not many homes between $400,000 and $500,000 sold.
Just as we predicted a few months back, the new loan limits are starting to change the real estate market drastically. This month there were NO FHA sales. For a market that had a large amount of FHA loans the year prior, this is a major impact. With the new loan limit dropping from $488,000 of $304,500 for FHA buyers, there are very few affordable homes in Mountain House for them. On the flip side, as more buyers are now shopping in a lower price range, the prices for these smaller homes is rising.
The real estate market in Mountain House is becoming largely stratified. On one end there are buyers shopping closely to their loan limit, and on the other buyer with lots of cash to put down on a house. Ironically, those with more cash will be able to get the best deals as less buyers can afford to shop above their loan limits of $417,000 or $304,500.
It will be interesting to see the results of next months real estate market.