“Advertising people who ignore research are as dangerous as generals who ignore decodes of enemy signals.”
Let’s take a quick look into the ArrowCreek real estate market — the August MLS numbers were recently released. In this post you will learn about the median price of homes being sold in ArrowCreek, supply and demand and the average months supply of inventory.
Without further ado, here it is: ArrowCreek and surrounding communities (Saddlehorn, parts of Galena,etc.), MLS area 165 – Reno South Suburban…
ArrowCreek Homes Sold
Current price is $418,000. A steep loss from last month of $480,000. But to give you a larger perspective, here are past results:
- July 2011: $480,000
- August 2010: $453,000
- July 2010: $470,000
- August 2009: $510,000
ArrowCreek Homes Supply
Current supply of homes in and around ArrowCreek: 154 homes.
- July 2011: 151
- August 2010: 167
- July 2010: 163
- August 2009: 208
For Sale Median Price: $548,500.
Number of homes sold in ArrowCreek
This month’s number of homes sold in and around ArrowCreek (Reno South Suburban): 15 homes.
- July 2011: 17
- August 2010: 16
- July 2010: 15
- August 2009: 26
Sold Median Price: $418,000.
From all sides of the equation it seems to me that ArrowCreek housing values is still on the way down. There are flickers of hope here and there; but for the most part, it’s safe to assume that the ArrowCreek market is still shedding off it’s bubble values.
What’s pulling the prices down is a combination of reality (foreclosures) and perception (general lack of consumer confidence). Here are some good reads on both counts:
“Local home prices last month declined 0.6 percent from July to the average of $60.03 per square foot, according to data compiled by Larry Trombley of Century 21 Rose Realty in Hesperia. That’s 10.2 percent lower than the same month last year.”
“In spite of the fact the Australia housing market has turned, bulls still stick to the absurd “housing shortage” myth. We heard the exact same nonsense in the US about Florida, Phoenix, Las Vegas, and for that matter everywhere.”
On the lighter side…
“Investing in real estate right now can be surprisingly profitable, if everything goes well. Rents are climbing in many areas, and more properties may be coming on the market. Last month, the Obama administration asked for proposals on how to convert at least some of Fannie Mae’s and Freddie Mac’s bulging inventories of foreclosed homes into affordable rentals.
Investors used to aim for rents that were 1% of the purchase price, or $1,000 a month for a $100,000 home—an annual gross return of 12%—says Michael McCreary. His firm, McCreary Realty, manages about 300 properties in the Atlanta area. Today, he says, some of his investors are getting as much as 2% of the purchase price.”
ArrowCreek-related Helpful Links:
God bless you in your decisions and if you need anything, I’m here for you.