In my last post the market had taken a dramatic change, huge demand, limited supply and that trend has seemed to stick and become more dramatic. If you take a peek at the graph just below the line is steadily going up, yeah that’s the demand. January 2011, 7 homes sold; January 2011, 13 homes sold; January 2013, 21 homes sold– that is a solid, steady increase.

Now lets look at inventory. January 2012, 132 homes for sale and pending, January 2013, 70. That is a 46.96 decrease in homes…almost half!

Lastly, median price sold. This one is much less cut and dry. This graph has an up and down curve but, the current trend is rising, but overall pretty stable.

That being said, if you’re in the market for a home, now may be the time because inventory is most definitely decreasing and it is already hard to find exactly what your looking for in your price range.

ArrowCreek Homes Sold

January 2013: 21

December 2012: 28

November 2012: 21

October 2012: 23

September 2012: 19

August 2012: 21

July 2012: 21

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

January 2013: 70

December 2012: 73

November 2012: 89

October 2012: 113

September 2012: 123

August 2012: 124

July 2012: 123

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

January 2013: $448,000

December 2012: $483,750

November 2012: $417,700

October 2012: $385,800

September 2012: $400,000

August 2012: $375,000

July 2012: $375,000

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

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

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

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 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

View of ArrowCreek Golf Course

“In the business world, the rearview mirror is always clearer than the windshield.”
-Warren Buffett

I don’t enjoy writing  posts like these,  but as this site has gone up to be number one in a couple of search engines queries about ArrowCreek community, I feel I need to write the good and the not so good about the ArrowCreek market.  I want to share the facts and share my thoughts freely and only hope it’ll help you in your investment decision.

Alright, here’s the gist: why does it seem that ArrowCreek’s housing prices are holding lower than comparable luxury communities? And why do I think home values in ArrowCreek will most likely lag  if and when the Reno luxury housing market rebounds. 

First, I want to start that this is not an encompassing sample size but primarily what I’ve personally seen out there in the market; I hope someday I can write a more in-depth research on comparing ArrowCreek’s housing prices to other communities.

Last week I showed a home in ArrowCreek that was comparable to homes  the same buyer looked at Saddlehorn and Caughlin Ranch (he was looking at the Southwest and South).  Here’s what he was looking for:

• 3,100 – 3,300 square feet.
• Newer home
• 3 bedrooms
• 3 car garage that’s roomy not cramped
• Turn-key and ready to move in.

Hope that helps shed some light and as always, if you need anything, I’m here for you.

ArrowCreek Home

“I have yet to see any problem, however complicated, which, when you looked
at it the right way, did not become still more complicated.”
– Paul Alderson

Just in time to see the latest market development in the ArrowCreek housing market.  The above quote describe my feelings as I write this report — this is not a definitive guide by any stretch of the imagination.   That’s not my goal either.

What I aim to do is to jumpstart your inquisitive mind to what’s happening in the ArrowCreek market.  Don’t be surprised that after reading this post more questions arises.  That’s actually good.

I believe in furnishing your mind with facts — but from there you’d have to make a decision, an educated guess.  Buy or wait, sell now or later.  The important thing is you’ve done your homework and that’s always good. =)

Without further ado, here it is: ArrowCreek and surrounding communities (Saddlehorn, parts of Galena,etc.), MLS area 165 – Reno South Suburban…

ArrowCreek Homes Sold

• September 2011: $520,000

• August 2011: $429,000

• September 2010: $510,000

• August 2010: $453,000

ArrowCreek Median Price Sold September 2011

ArrowCreek Homes Supply

• September 2011: 155 homes

• August 2011:  158

• September 2010: 163

• August 2010:  165

Number of homes for sale in ArrowCreek last September

Number of homes sold in ArrowCreek

• September 2011: 13 homes

• August 2011:  14

• September 2010: 13

• August 2010: 16

Number of homes sold in ArrowCreek Last September

ArrowCreek-related Helpful Links:

• ArrowCreek Country Club

• ArrowCreek Homes in Reno

• FAQ’s about ArrowCreek

• ArrowCreek HOA

• ArrowCreek Homes
  

God bless you in your decisions and if you need anything, I’m here for you.

MLS #: 110006191

Note: located outside of ArrowCreek community.

Pictures:

Price: $520,000

Address:  12650 Fieldcreek Ln.

Area: 165 Reno South Suburban

Bedrooms:  4

Baths: 3.5

Garage:  3

Stories:  1 story

Total Living Space:  3418 Sq. Ft.

Price Per Square Foot: $152.14

Year Built: 1996

Comments: WOW!! WHAT A BEAUTY! On the Wolf Run Golf Course 9th Tee Box. Take a look at this 4 bedroom 31/2 bath Fieldcreek Custom home on the 9th Tee Box of Wolf Run Golf Course. Great Views of the Course,Valley, City and Mountains. New carpet, paint and hardware on cabinets, all shelves have new pull outs for easy access. Large full size bedrooms with 2 bedrooms with a Jack and Jill full bathroom. Hardwood floors and travertine. Stainless Steel Appliances, Corian counter tops and large Great Room of the kitchen.

Listing Courtesy of: Krch Realty

(For more information and questions, Please call or email Joe Salcedo: 775-850-5936 / jsalcedo@chaseinternational.com)\

Learn more about ArrowCreek:

• ArrowCreek homes for sale

• ArrowCreek FAQ’s

• ArrowCreek Market Update

• ArrowCreek HOA

MLS #:  100017284

Pictures:

Price: $369,000

Address: 10282 Via Verona

Area: 165 Reno South Suburban

Bedrooms: 3

Baths:  2.5

Garage: 3

Stories:  1 story

Total Living Space:  2,977 Sq. Ft.

Price Per Square Foot: $123.95

Year Built:  2002

Comments: Pebble Beach in ArrowCreek! Exquisite Golf Course Home with the Elegance of Pebble Beach and the Relaxed Living of Northern Nevada. Breathtaking 180° Golf Course, Valley, and Mountain Views on Large Lot! Magnificent Appointments throughout including Chef’s Kitchen with Granite Counters, Tiled Floors, and Sound System. Better than New- Freshly Painted with Beautiful Landscaping. One of a Kind Must See Property! Million Dollar Views for under 1/2 million.

Listing Courtesy of: Best Properties Inc.

(For more information and questions, Please call or email Joe Salcedo: 775-850-5936 / jsalcedo@chaseinternational.com)\

Learn more about ArrowCreek:

• ArrowCreek Market Report

• ArrowCreek homes for sale

• ArrowCreek FAQ’s

• ArrowCreek HOA

MLS #: 110012731

Note: this home is outside the ArrowCreek community.

Pictures:

Price: $275,000

Address: 14320 Ghost Rider Drive

Area: 165 – Reno South Suburban

Bedrooms: 3

Baths: 3

Garage: 3

Stories: 2 story

Total Living Space: 2454  Sq. Ft.

Price Per Square Foot: $112.06

Year Built: 1995

Comments: You will sense the enjoyment this home will offer your family. From the lovely entrance to the sweeping staircase, sophisticated living/dining room to the cozy family room w/fireplace & large, functional kitchen overlooking a beautiful deck/patio w/ hot tub to savor the private,expertly landscaped yard w/ valley views. Enjoy your morning coffee in the shade of your own gazebo. Store your RV on site,let the children play worry free & attend some of the best schools in Reno! An affordable,well maintained home

Listing Courtesy of: RE/MAX Realty Affiliates — Reno

(For more information and questions, Please call or email Joe Salcedo: 775-850-5936 / jsalcedo@chaseinternational.com)\

Learn more about ArrowCreek:

• ArrowCreek homes for sale

• ArrowCreek FAQ’s

• ArrowCreek HOA

• Market Report on ArrowCreek

MLS #: 110012773

Pictures:

Price: $229,900

Address: 1730 Kodiak Circle

Area: 165 Reno South Suburban

Bedrooms: 4

Baths:  2.5

Garage: 3

Stories: 2-story

Total Living Space:  2,689 Sq. Ft.

Price Per Square Foot: $85.50 (!)

Year Built: 2005

Comments: Huge home by Galena High School. Come take a look! Large lot with plenty of room for custom landscaping. Cash offers may be eligible for an express cash closing timeframe of 15 days. Days 1-7: Offers will not be reviewed Days 8-12: Offers ONLY from NSP buyers, Municipalities, Non-profit organizations and Owner-occupants will be reviewed. Days 13+: We will consider offers from all buyers. Buyer to sign Nevada Renewable Energy Evaluation Waiver at time of acceptance.

Listing Courtesy of: C/B (Coldwell Banker) Select Real Estate

(For more information and questions, Please call or email Joe Salcedo: 775-850-5936 / jsalcedo@chaseinternational.com)\

ArrowCreek Home

“Advertising people who ignore research are as dangerous as generals who ignore decodes of enemy signals.”
-David Ogilvy

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

ArrowCreek Median Price Sold August 2011

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

Number of homes for sale in ArrowCreek August 2011

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

ArrowCreek Homes Sold August 2011

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:

• Houses Hit  12-year Low East of LA

“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.”

• Even Australia is Following our Footsteps

“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…

• Six Mistakes Housing Investors Make

“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:

• ArrowCreek Country Club

• ArrowCreek Homes in Reno

• FAQ’s about ArrowCreek

• ArrowCreek HOA

• ArrowCreek Homes for Sale
  

God bless you in your decisions and if you need anything, I’m here for you.

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 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 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 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 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.