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ArrowCreek Housing Market Update: July 2012

by admin on July 24, 2012

Market Update on ArrowCreek Reno NV

Housing Market Update July 2012

 

I’m back.  Let’s take on the latest on ArrowCreek’s Housing Market.

But first….

Reno housing market has seen a dramatic change in the past four months.  Oh boy, did it change.  Mostly for the good: feverish demand, limited supply.

We’re experiencing unprecedented decline in supply — critics say this is due to banks hoarding their foreclosures inventory (the past four years, foreclosures have generally accounted for 25% of inventory.)

Here’s a good question to ask:  how sustainable is this? Is this a blip or a long overdue recovery? I think it’s the latter.  Largely due to the last five year’s decline in housing values.  Historically, we’re really ready to start bottoming out (3 years is average lifespan of a housing recession).

The big caveat: I’m far from confident in declaring a market bottom in the luxury market ($500,000 and above).

I feel that the market needs a bit more sustained, positive momentum for luxury homes in Reno to hit a bottom.  There’s still a lot of underwater mortgages (owes more money than current value of home) in the higher end market. Nevertheless, the higher end market is showing  scant signs of stability (again, if this demand continues.)

Without further ado, here’s the latest ArrowCreek Housing Market Information:

 (2-year report on Supply and Demand, Median Home Price Sold in ArrowCreek — listed per month — graphs included)

 

ArrowCreek Homes Sold

Number of homes sold in ArrowCreek July 2012

ArrowCreek Demand July 2012

Jun 2012:  21

May 2012: 27

Apr 2012:  20

Mar 2012: 19

Feb 2012: 11

Jan 2012: 13

Dec 2011: 20

Nov 2011: 7

Oct 2011: 18

Sep 2011:  13

Aug 2011:  14

Jul 2011: 17

Jun 2011: 18

May 2011: 10

Apr 2011: 13

Mar 2011: 15

Feb 2011: 12

Jan 2011: 7

Dec 2010: 9

Nov 2010: 18

Oct 2010: 15

Sep 2010: 13

Aug 2010: 16

Jul 2010: 15

Jun 2010: 22

 

ArrowCreek Homes Supply

Supply of homes in ArrowCreek July 2012

Inventory in ArrowCreek July 2012

Jun 2012:  118

May 2012: 119

Apr 2012: 121

Mar 2012: 123

Feb 2012: 118

Jan 2012: 132

Dec 2011: 124

Nov 2011: 135

Oct 2011: 150

Sep 2011: 159

Aug 2011:  161

Jul 2011: 153

Jun 2011: 153

May 2011: 141

Apr 2011: 137

Mar 2011: 125

Feb 2011: 132

Jan 2011: 139

Dec 2010: 136

Nov 2010: 140

Oct 2010: 155

Sep 2010: 163

Aug 2010: 165

Jul 2010: 161

Jun 2010: 162

 

ArrowCreek Median Home Price Sold

ArrowCreek Median Price of Homes July 2012

ArrowCreek Housing Price July 2012

Jun 2012: $554,500

May 2012: $549,900

Apr 2012: $549,900

Mar 2012: $500,000

Feb 2012: $487,450

Jan 2012: $489,900

Dec 2011: $519,00

Nov 2011: $522,950

Oct 2011: $520,975

Sep 2011: $519,000

Aug 2011: $522,950

Jul 2011: $534,900

Jun 2011:  $529,000

May 2011: $499,900

Apr 2011: $530,000

Mar 2011: $550,000

Feb 2011: $547,000

Jan 2011: $532,000
Dec 2010: $549,000

Nov 2010: $552,450

Oct 2010: $599,000

Sep 2010: $599,000

Aug 2010: $599,000

Jul 2010: $584,900

Jun 2010: $572,000

 

 

 

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