This report for the October UPDATED ‘FACTS’ from the Washoe County Assessor Records since last posted for September, 2017, in An ArrowCreek Property Value Update (September 2017 from Washoe County Assessor Records), shows that we entered into the Fall buying/selling season with an additional seven properties changing owners during this reporting period. Custom Homes on the Golf Course continue to show a 15.9% premium to customs not on the course. Whether this is a short term aberration, now going on three reporting cycles of data, or the beginning of a long-term trend, it certainly catches one’s attention.
ArrowCreek Home Owner Association (ACHOA) initiatives are underway to enhance sales and values (a most positive step given the latest values). The initiatives include a Landscape Committee, which is looking into improving the water quality around our parkway to enhance the ‘greening’ of plantings, a strategic planning initiative, which has yielded a preliminary concept that has received rave reviews from those who’ve seen it. These initiatives are intended to enhance and maintain ArrowCreek as a premier people and family oriented community collocated with a private golf club, identified as a Non-Residential area in the governing documents.
Since September of 2017 and over the past twelve (12) months:
1. ArrowCreek properties have stayed in the premium class within Washoe and Douglas Counties. As you read this report you will see that prices have improved for properties on the golf course, with an average appreciation rate of a market leading 14.1% over this past year, while prices for homes not on the golf course have also trended upward with an increase of 6.4% over the same period. With seven properties changing hands this past month, there wasn’t a ‘hottest’ neighborhood.
On with the facts:
a.) Seven (7) properties were recorded sold in ArrowCreek between 7 and 29 September 2017 (Per the Washoe County Assessor, who appears to be running late as the data was extracted on 23 October and the last ‘sale’ recorded was 29 September). This brings the total number of properties transferred over the past year to 86 or 7.9% turn-over rate for our community. This is a relatively low rate, still in the single digits, that may be attributed to a general satisfaction with living in our gated community or a positive perspective on our amenities and an emphasis on the secure stable environment offered within ArrowCreek.
b.) Four (4) properties on the golf course (where the property boundaries actually touch the golf course, not just have a ‘view’ of it) were closed during this reporting period. The rolling average selling price for homes on the golf course now stands at $286.29 per square foot. This is an increase of $1.77 per square foot from September’s value, based solely upon the statistical rolling average calculation. The 12-month rolling average sales price increased to $1,094,494.25, again based upon statistical methods. No additional lots, on the course, were sold. The rolling average selling price for undeveloped property on the golf course now stands at $234,568.06 per acre.
c.) Three (3) properties were sold that are not connected to the golf course. The rolling average selling price for off course homes increased to $247.09 per square foot, which is up by $2.95 per square foot. The twelve-month rolling average sales price increased to $804,425.44. No additional lots were sold during this reporting period. The rolling 12-month average selling price for vacant land, not on the golf course, now stands at $251,920.67 per acre.
d.) The figure below shows the value trends over the past twelve months. Our homes and properties have appreciated very nicely over this past year and that trend continues.
2. The housing market in Northern Nevada for existing homes continues to follow economic trends. The summer selling season has faded but we are still seeing a boost to our unique community.
Do keep in mind that everyone’s selling price is based upon their own set of circumstances and the above picture is hindsight, not necessarily foresight. Going forward let’s focus our energy on improving the amenities we currently have and build out those that were in the original ArrowCreek/Southwest Point development plan, by using our already available acreage and funding. With that we should see a better environment for all home owners and buyers.
Continuing with the Commentary from previous months: the author received a query about semi-custom and custom homes both on and off the golf course and their relative selling prices. The author’s concern was that there wouldn’t be a significant enough turn-over sample to give a meaningful value. However, with that caveat presented, the following statistics are updated:
Semi-custom On-course: $236.61 per Square Foot
Semi-Custom Off-course: $230.29 per Square Foot
Custom On-course: $345.01 per Square Foot
Custom Off-course: $300.08 per Square Foot
By Ron Duncan
October 26, 2017
For previous postings of the ArrowCreek property value updates: click here.