Arrowcreek Real Estate/Key Statistics
Arrowcreek real estate sales in 2016 exceed those of 2015 on all fronts. The number of homes sold increased by 6%, the average sold price increased by 4.5%, the average days on market fell by 21% and the total dollar volume of homes sold increased by 15.2%. All of this is good news for Arrowcreek homeowners, especially when you compare it to the real estate bottom in 2012. In 2012, 65 homes sold in Arrowcreek at an average sale price of $483,702 and it took an average of 181 days to get a home sold. Even with the excellent performance of Arrowcreek real estate over the past four years, there is still a way to go to catch up to the 2006 market top, where the average sale price for a home in Arrowcreek topped $1,175,000. So, with that as the background lets take a look at how the Arrowcreek real estate market performed in 2016.
There were 70 “Real Buyers” that purchased homes in Arrowcreek in 2016 but that only counts the sales reported through the Northern Nevada Regional Multiple Listing Service. Additional homes were sold by developers and home builders. There were also 15 vacant lots that sold in 2016, bringing the total to 85, for MLS reported sales of Arrowcreek property. Over half of the home sales, 56% to be exact, were under the $800,00 price point. However, the over $1 million dollar homes were also getting some action this year as 17 of these homes changed hands this year. Arrowcreek real estate was definitely on the move in 2016.
It’s interesting to note that there was only about a 2% discount off list price in the lower priced homes this year, while the upper priced homes are being discounting by about 5.5%.
Important Note: It appears that the sustained buying of the lower price homes over the past several years is beginning to take a toll on their availability. As these homes turn-over to new buyers they should begin to move up in price due to the low supply and the relatively low years of ownership. The average turn-over of a home is about once every 5 to 7 years but many of the homes in Arrowcreek were on hold due to negative equity, as sellers did not want to take a loss unless forced to. However, as prices have come back so has the opportunity to sell and as this segment of the Arrowcreek real estate market turns-over, it will result in less lower priced homes being available. The will mean that buyers who desire to live in Arrowcreek will be forced to pay higher prices. The graph below confirms this trend as a balanced market has between 5 to 6 months of supply.
The Arrowcreek real estate market looks to be starting out on a good path in 2017. There are 7 homes pending sale and one of them is over the $2 million dollar mark. Arrowcreek is benefiting from Reno’s improving economy, expanding job market and California’s regressive tax policies. Californians are finding that retiring in the Golden State isn’t possible and are increasingly finding their way to Reno. Once here they discover the community of Arrowcreek, it’s affordable luxury homes, top notch golf and easy low stress lifestyle.
For more information about Arrowcreek, seeing available homes for sale or for information about joining The Club at Arrowcreek Golf.
Contact Peter At (775) 690-4431 or Trish at (775) 846-0906
Professional Realtors & Ambassadors for The Club at Arrowcreek
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