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ArrowCreek Real Estate Update: July 2011

by admin on July 15, 2011

ArrowCreek Homes For Sale

Here we go again for our monthly ArrowCreek homes report.  Hope you’re having a wonderful sunny Reno kind of day! (Did you know we get 300 sunny days here?!)

Yes, I’m a little anxious and excited
as I write this, but be warned I don’t think it’ll be because of highly positive numbers from our beloved ArrowCreek real estate market.  As I was walking around ArrowCreek last week I noticed a growing number of for sale yard signs, and it may mean that those for-sale signs are already in contract or as we call it “pending”, but nevertheless a strong demand leads a solid market recovery and I sure hope that we’re closer than farther.  Without further ado, here’s the latest on the ArrowCreek housing market:

ArrowCreek Homes Sold ($)

ArrowCreek Real Estate Report

ArrowCreek Median Price Sold July 2011: $470,000

Current ArrowCreek median price sold is $544,450. We can’t call a market bottom just yet (personally, I think farther than closer) for the greater ArrowCreek area, home prices is not going down as fast as it used to — which is good news considering that in 2008 and 2009 the decline was much faster (I started tracking the numbers in 2008).
One big reason is the decreasing supply of homes (see graphs, next page).

ArrowCreek Real Estate Supply

ArrowCreek Real Estate Report

ArrowCreek Real Estate Supply: 150 homes (July 2011)

There are about 150 homes for sale in the ArrowCreek Community.  Two years ago at the same month, it was 227.  Historically, current supply in the past 3 years has been low for the area.  This is due to the lack of market confidence of many home owners –waiting for sunny skies.  Of course, many simply choose to stay put; you should see the area, it’s not exactly hard on the eyes. This decreasing trend could be a good opportunity for savvy sellers who can put themselves ahead of the pack.

ArrowCreek Real Estate Demand

ArrowCreek real estate report

ArrowCreek Real Estate Demand: 18 homes (July 2011)

About 18 homes were sold in June, up from 10 homes from the month prior (May).  This is a normal, cyclical nature of home buyers out here in the West, they just love shopping in the summer (If you don’t believe me, check out our new strip shopping mall.)  As ArrowCreek homes decrease in value, expect to see more homes to be sold to move-up buyers.

ArrowCreek Inventory MSI (Month Supply of Inventory)

ArrowCreek Real Estate Report MSI July 2011

ArrowCreek Real Estate MSI: 4.6 months

Author’s note: Months Supply of Inventory simple means the number of months it would take to sell inventory at current rate of sales.   So if Arrow Creek stops producing new homes to sell, at the current demand it will take 4.6 months to sell all ArrowCreek homes.

Month supply of inventory is down to 4.6 months.

Hope that gives you a better picture on what’s happening in our market; you can email/call me for any other questions you may have.