New property search options added to the menu

In case you may have missed it, last week I added menu items to this blog linking to the search functionality of my Keller Williams website (see the screen shot below). The search functionality on my KW website offers some property search features not found on the Reno Really Blog’s property search page — for example, property search by zip code or property search by school.

RRB KW Search options

At the moment readers may find these new links under the last menu item, called “KW Property Search”, of this blog’s menu. Give it a try and let me know what you think of the search capabilities of my Keller Williams website. I would like to get your thoughts. TIA.

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A few of my Facebook posts from this past week

In addition to posting on this blog, I also maintain a Facebook Page where I post daily content. A sample of these FB posts follow. Feel free to Like my FB Page to see these posts as they occur.

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This week’s real estate headlines

national real estate headlines - 2014Here are a few national real estate-related stories that came across my screen this week…

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FCT’s Market Condition Report – November 2014

Our friends at First Centennial Title have released their Market Condition Report for the Reno, Nevada area for the month of November. (Click on the report below to enlarge.)

FCT Nov 2014 MCR

from the report:

The Ratio of Supply to Demand measures the number of units of supply relative to the number of closings per month (demand). All other things being equal, the smaller this number, the tighter the area market. Green formatting signals relatively tight markets in the area segment. Red formatting signals relatively loose markets.

Reno and Sparks, Nevada are each green.

related post: FCT’s Market Condition Report – September 2014

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Welcome Next City and the Vanguard Leadership Conference

Next City, a nonprofit organization with a mission to inspire social, economic and environmental change in cities will host its sixth annual Vanguard Leadership Conference in Reno, Nevada in May 2015.

What is the Vanguard Leadership Conference? From the Next City website…

The conference brings together 40 of the brightest urban leaders under the age of 40 for three days of learning, exchanging ideas and building relationships with fellow innovators from cities across the world.

See the entire story here: Hey Urban Innovators, Meet Us in Reno

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This week’s real estate headlines

national real estate headlines - 2014Here are a few national real estate-related stories that came across my screen this week…

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Seven New Companies Add 194 Jobs to Northern Nevada

Below please find the most recent press release from the Economic Development Authority of Western Nevada (EDAWN)…

PRESS RELEASE

EDAWN

Seven New Companies Add 194 Jobs to Northern Nevada

Reno, Nev. (Dec. 4, 2014) – Seven new companies to grow in the Reno – Sparks area; six companies that recently relocated to Northern Nevada, and one company that is newly formed here, will collectively add 194 jobs in five years to the local economy. Additionally, three of these companies will locate their headquarters operations in the Reno area.

The companies worked closely with the Economic Development Authority of Western Nevada (EDAWN) as they chose locations in Reno based on cost savings, business-friendly environment and access to local resources.

  • Cuco, LLC – designs, manufactures and distributes innovative products that utilize the intrinsic bactericidal properties of copper to address the unmet need of countering harmful effects of bacteria in three specific areas: Diabetic Health, Outdoor/Activity Wear and Institutional/Facility Care. The company has relocated its headquarters from California to Reno and plans to create up to 15 jobs in five years. Cuco was represented by Melissa Molineux of Colliers.
  • Fulcrum Sierra BioFuels – a wholly-owned subsidiary of Fulcrum BioEnergy, is utilizing a game-changing process for converting municipal solid waste that would otherwise be landfilled, into renewable transportation fuels. The construction ofFulcrum’s new plant in Storey County is scheduled to begin in January 2015. Relocated from Pleasanton, California the company estimates 30 new jobs will be created during its first phase of operation.
  • Harris Welding Supply – a division of Harris Industrial Gases, is the largest independent supplier of industrial, medical, and specialty gases, welding equipment and supplies in the Greater Sacramento Area. The company has expanded its operations from California to Storey County with plans to hire up to 50 employees.
  • Orest Express – is family owned and operated dry freight service provider since 2004. Headquartered in Illinois with primary service from Midwest-West Coast and Midwest-Southeast, their broad services enable them to meet the unique needs of their customers including truckload, less than truckload (LTL), warehousing, local cartage, 3PL brokerage and tradeshow service. This new freight hub in Sparks will add up to 30 jobs in five years. Orest was represented by Dave Simonsen of NAI Alliance.
  • Rubber Enterprises, a newly formed private company has chosen Reno for its headquarters and plans to create 21 jobs in five years. The company manufactures and produces environment-friendly, odorless and recyclable tire rubber material (used tires) for use in a wide variety of products including athletic surfaces, pavers, automotive parts, landscaping, buildings, and asphalt. Rubber was represented by Dickson Commercial Group.
  • Tecno Displays – specializes in standard and custom display showcases as well as custom store designs. Founded in 1976, the company has extensive production and display experience and is heavily invested in modern machinery and technology. Tecno will relocate its headquarters and manufacturing to Sparks from Hayward, California, creating 30 new jobs. Tecno Display was represented by Dave Simonsen of NAI Alliance.
  • Whisper Jet Helicopters – manufactures a quiet technology helicopter aircraft for the military and emergency responders. The company’s single engine helicopters are designed with a proprietary technology that greatly reduces engine noise, hence the name ‘Whisper Jet.’ With a new transportation service that serves passengers in the Reno-Tahoe area, Whisper Jet will create 18 high-paying jobs in five years. The company was represented by Steve Kucera and Mike Hoeck of NAI Alliance.

“I needed to satisfy three key objectives in deciding where to open my doors,” comments Reed Baumgarten, CEO of CuCo, LLC, “a business friendly culture, ability to grow and quality of life. With the help of Joel Grace at EDAWN, I was truly able to see Reno for the city that it is and the opportunity it that offers, a city where you can literally walk next door and shake the hand of fellow business owners and immediately engage in creating new opportunities, a city with engaged state and local leaders working side-by-side with the local business community to continually improve and grow and last but not least, a city located in one of the most beautiful areas in the world. As an outdoor enthusiast, the opportunities are endless. And if you want to rough it every now and then, it’s a pleasure to travel in and out of the Reno airport. I don’t know how else to put it but, it is “Refreshing Reno!”

Getting the attention of corporate executives in other states to move or start new operations in Northern Nevada is a key in EDAWN’s marketing strategy to create quality jobs in the area. Corporate headquarter relocations are especially valuable, creating a deeper connection of company leadership to the surrounding community and signaling more loyalty to the area.

“These seven new companies are small individually but collectively they provide almost 200 new jobs to the region and a wide array of diverse opportunities to job seekers in the area,” said Mike Kazmierski, CEO of EDAWN. “While the large companies get the headlines, it is the smaller companies like these that make up the backbone of our economy,” he said.

Partners who were instrumental in assisting these companies move to Reno in partnership with EDAWN included the Governor’s Office of Economic Development, Storey County, the City of Reno, and the City of Sparks.

###

About EDAWN
The Economic Development Authority of Western Nevada is a private/ public partnership established in 1983 committed to recruiting, expanding and supporting newly forming quality companies that bring jobs to the region and have a positive impact on the quality of life in Greater Reno-Sparks-Tahoe.

Contacts:

EDAWN, Norma Yamaji, Yamaji@edawn.org, 775-829-3768

CuCo, LLC, Reed Baumgarten, reedbaumgarten@me.com

Fulcrum Sierra Biofuels, Jeanne Benedetti, jbenedetti@fulcrum-bioenergy.com

Harris Welding Supply, Kathleen Harris, kharris@harrigas.com

Orest Express, Vlad Motkalyuk, orestexpress@gmail.com

Rubber Enterprises, Johnny Lau, jonnylau88@gmail.com

Tecno Displays, Trevor Burkhardt, trevor@tecnodisplay.com

Whisper Jet Helicopters, Geoff Hall, geoffhall@whisperjethelicopters.com

——-

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November median sales price, units sold, DOM and inventory

December 2014 median chartThe median sales price for the Reno and Sparks, Nevada housing market held steady in November. November’s median sales price of $260,000 was unchanged from the $260,000 reached in October (a high for the year). Year-over-year November’s median sales price is up 15.6 percent.

456 houses sold in November — representing a 6.7 percent decrease from the 489 houses sold in October. Much of this decrease can be attributed to the seasonal slowdown of home sales. That being said, November’s 456 houses sold also represents a 4.4 percent decline year-over-year. I believe the number of sales is also being impacted by the low inventory [more on this below].

November’s median sold price per square foot (ppsf) dropped to $138.69/sq.ft. — a decrease of 0.7 percent from October’s median sold ppsf of $139.77. Year-over-year November’s median sold ppsf is up 9.7 percent.

November’s median days on market (DOM) came in at 70 days — subtracting three days from October’s median DOM of 73.

Available inventory continues to slide. Currently, 940 houses are available for sale — the lowest number since March of this year. November’s 940 houses for sales represents a 13.2 percent drop from the 1,083 houses available for sale this time last month. Again, seasonality impacts inventory — as some home sellers choose not to list their homes for sale during the holidays. However November’s inventory is also off 3.5 percent year-over-year.

The declining inventory is also impacting pending sales. November pending sales are down 9.1 percent from October and off 16.6 percent year-over-year.

Currently the local market has just over a two-month supply of inventory. Buyer demand remains strong. Given these factors look for the median sales price to remain at year-highs (or higher) next month.

November sales by type break out as follows:

  • REO sales: 6% – up from October’s 4%
  • Short sales: 6% – unchanged from October’s 6%
  • Equity sales: 85% – down from October’s 88%

November sales by price band break out as follows in the table below…

sales price ($000’s) units sold cumulative % of sales
0 – 99 7 1.5%
100 – 199 117 27.2%
200 – 299 186 68.2%
300 – 399 86 87.1%
400 – 499 25 92.5%
500 – 599 12 95.2%
600 – 699 7 96.7%
700 – 799 4 97.6%
800 – 899 4 98.5%
900 – 999 1 98.7%
1M+ 7 100%
total 456

Seven homes sold for more than $1 Million in November. That brings the total for the year, thus far, to 69 sales of $1M+ homes. 2014’s sales of $1M and above homes has now exceeded 2013’s 67 sales — and we still have December to go.

November’s median sold price for houses and condos combined was $240,000 —unchanged from October’s median sold price of $240,000 for combined sales of houses and condos.

The table below contains the past 13 months of data…

Month Year # Sold Median Sold Price Sold Price per Sq Ft Median DOM # of Actives # of Pendings
Nov 2014 456 $260,000 $138.69 70 940 977
Oct 2014 489 $260,000 $139.77 73 1,083 1,075
Sep 2014 504 $239,000 $136.68 70 1,325 999
Aug 2014 576 $250,000 $138.38 60 1,390 1,015
Jul 2014 530 $249,950 $140.26 61 1,365 1,117
Jun 2014 564 $250,000 $135.97 61 1,234 1,098
May 2014 546 $240,000 $134.60 65 1,076 1,190
Apr 2014 535 $230,000 $130.37 65 945 1,198
Mar 2014 482 $227,499 $129.72 64 837 1,249
Feb 2014 388 $233,500 $126.42 90 864 1,169
Jan 2014 353 $220,000 $125.32 87 817 1,084
Dec 2013 492 $231,000 $120.80 76 828 953
Nov 2013 477 $224,900 $126.48 71 974 1,171

Note: The medians table above is updated on a monthly basis. The median home price data reported covers the cities of Reno, Nevada and Sparks, Nevada [NNRMLS Area #100]. Residential data includes Site/Stick Built properties only. Data excludes Condo/Townhouse, Manufactured/Modular and Shared Ownership properties. Data courtesy of the Northern Nevada Regional MLS – December 2014. Note: This information is deemed reliable, but not guaranteed.

Click here for historical data back to 1998.

Related post: October median sales price, units sold, DOM and inventory

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