Arrowcreek Home Sales Gain Momentum
2nd Quarter 2017

 

The second quarter of 2017 saw a flurry of activity in Arrowcreek home sales as twenty-one homes changed hands and  another fourteen homes went pending-sale.  Presently there are thirty homes for sale in Arrowcreek and  only ten of them are under $1 million. This is a reversal in the market from previous years and one that was discussed in an earlier post. As the demand for housing in the Reno area persists we can expect prices to continue to rise until we either hit a price/value balance or the supply of inventory increases. In an area like Arrowcreek, it is more likely that a slowing in price appreciation and Arrowcreek home sales, will come as a result of price/value concerns by buyers.

To put things in perspective, in the same period five years ago the average Arrowcreek home sale price was $595,129 vs. $929,470 today, an increase of just over 56%. The price per Sq./Ft. in 2013 was $170.77 vs. $247.00 today, an increase of 45%. These price gains are moving the Arrowcreek real estate market back to the all time highs reached in 2007. During the same period in 2007, the average sale price for a home in Arrowcreek was $1,168,359 and the average price per Sq.Ft. was $298.94.

Due to these recent price gains, some people think that we are moving back into a real estate bubble  but it really doesn’t appear that way.
  1. Lending practices are much different, just ask someone who has gotten a loan recently.  
  2. The Reno economy is much different as new jobs are the backbone of the growth in Reno, not real estate speculation.
  3. Builders are much more cautious this time around and are only building to contract, gone are the days of spec building and paper home sales.
  4. Most banks are not making construction or lot loans.

 

Arrowcreek Home Sales

 


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Looking to Buy or Sell Your Arrowcreek Home
Contact Peter or Trish – Call (775) 846-0906

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