Voice of Reno-Tahoe Real Estate

NEW: ArrowCreek Real Estate Update

It was nice seeing multiple open house signs while I was driving around ArrowCreek last Saturday. Summer has definitely brought the buyers out to Reno's flagship luxury community. Something felt different when I stepped into the gate -- like ArrowCreek is just ready to be re-born, reach new heights and bounce back from this

real estate recession.

Like all luxury real estate markets, ArrowCreek has been hit by the real estate downturn that started in mid-2005. Quite frankly, we're not completely out of the hole, especially in the half million and above price range. But people are starting to buy homes in Reno --actually, it's been going on since 2007; contrary to popular belief Reno real estate has healthy demand. Supply is actually low -- I tried telling this to Craig in 2008...; )

So it was nice to see one of our prized communities vibrant and excitedly preparing itself for the always fun Reno summer. BTW, in my book, summer really started last Monday. Whew. I can't wait for it to start and don't forget July is the best time to be going out and about in Reno!

So here it is, the latest on ArrowCreek Real Estate Market:

ArrowCreek Inventory of Homes (supply):

ArrowCreek Real Estate Demand:

ArrowCreek Months Supply of Inventory:

SUMMARY:

The average, or for a more precise term -- median price for homes sold in ArrowCreek is currently at just over $600,000. When I started tracking the numbers in 2008 I noticed that when the general market went down in 2006, it tooK a good two years for the ArrowCreek market to follow suit. If I'm not mistaken this same phenomenon happened in Lake Tahoe. Perhaps, a good lesson learned for our next market downturn? Luxury markets are a year or two behind.

Another thing to take note is both supply and demand for ArrowCreek homes is down. Not really the best news. Hopefully demand picks up significantly this coming summer.

141 homes are currently for sale in the community. About two years ago, at the same time, it was 232. Historically, this is really low for the area (inventory). This is due to the lack of market confidence of many home owners –waiting for sunny skies. This could be a good opportunity for savvy sellers who can put themselves ahead of the pack.

Hope that helps..

Helpful Links: