This week’s real estate headlines

Real estate headlinesHere are a few national real estate-related stories that came across my screen this past week…

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FCT’s Market Condition Report – June 2016

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

FCT June 2016 Market Condition Report

The ratios of supply and demand remain formatted in the “green” signaling tight markets in all areas except Yerington, Nevada — a potential buying opportunity for all those Night In The Country participants visiting Yerington next week.

Related post: FCT’s Market Condition Report – March 2016

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This week’s real estate headlines

Real estate headlinesHere are a few national real estate-related stories that came across my screen this past week…

Posted in headlines, News | Tagged | Leave a comment

This week’s real estate headlines

Real estate headlinesHere are a few national real estate-related stories that came across my screen this past week…

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June median sales price, units sold, DOM, DTC and inventory

June median sales priceThe median home sales price in Reno and Sparks, Nevada continues to climb — as we’ve seen it do all year. June’s median sales price came in at $312,650 — a 0.9 percent increase over May’s median sales price of $310,000.

Year-over-year, June’s median sales price is up 11.7 percent over June 2015’s median of $280,000.

June’s median sold price per square foot (ppsf) jumped to $175.76/sq.ft. — a 2.0 percent increase over May’s $172.29/sq.ft.

Year-over-year the median sold ppsf is up 13.1 percent. The median ppsf is climbing faster than the median sales price. This could be due, in part, to the number of newly-built homes being sold [as new construction typically sells for a higher ppsf than resale].

The number of houses sold in June increased to 646 units sold. That total represents a 8.9 percent increase from the 593 houses sold in May. Year-over-year, June’s total is off a bit from the 657 houses sold in June 2015.

June’s median days on market (DOM) increased by three days — coming in at 61 DOM.

June’s median days to contract (DTC) metric [the number of days that a property was listed on the MLS before going into contract (e.g. pending)] came in at 5 days. This number represents a one day increase over May’s median DTC of 4 days, and is the first increase we’ve seen in this metric since I’ve been reporting on this number. Could this be an indicator that the velocity of the market is finally starting to slow a bit?

Currently 1,299 houses are listed and available for sale. This total is up 12.4 percent over the 1,156 houses available this time last month. Available inventory has been climbing every month since January of this year.

Pending home sales pulled back from the number of pendings this time last month. Currently, there are 1,072 houses pending sales — a 12.7 percent drop from May’s pending sales.

June sales by type break out as follows:

  • REO sales: 2% – down from May’s 3%
  • Short sales: 3% – unchanged from May’s 3%
  • Equity sales: 94% – up from May’s 92%

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

sales price ($000’s) units sold cumulative % of sales
0 – 99 0 0.0%
100 – 199 50 7.7%
200 – 299 241 45.0%
300 – 399 207 77.1%
400 – 499 79 89.3%
500 – 599 21 92.6%
600 – 699 18 95.4%
700 – 799 15 97.7%
800 – 899 6 98.6%
900 – 999 4 99.2%
1M+ 5 100%
total 646

June’s median sold price for houses and condos combined was $295,000 — a 0.5 percent one-month increase over May’s median sold price of $293,500 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
Jun 2016 646 $312,650 $175.76 61 1,299 1,072
May 2016 593 $310,000 $172.29 58 1,156 1,228
Apr 2016 568 $295,000 $167.98 58 840 1,142
Mar 2016 578 $295,000 $165.09 64 833 1,037
Feb 2016 369 $290,000 $162.77 85 765 1,010
Jan 2016 387 $278,000 $153.10 87 762 853
Dec 2015 501 $290,000 $157.20 76 819 749
Nov 2015 423 $292,000 $158.97 72 925 890
Oct 2015 540 $279,950 $158.99 65 1,105 886
Sep 2015 573 $285,000 $159.42 63 1,231 931
Aug 2015 526 $290,000 $160.98 56 1,238 1,021
Jul 2015 648 $290,000 $159.38 57 1,138 991
Jun 2015 657 $280,000 $155.43 54 1,005 1,088

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 – July 7, 2016. Note: This information is deemed reliable, but not guaranteed.

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

Click here for historical data back to 1998.

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Happy July 4th Holiday Weekend

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This week’s real estate headlines

Real estate headlinesHere are a few national real estate-related stories that came across my screen this week…

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This past week’s real estate headlines

Real estate headlinesHere are a few national real estate-related stories that came across my screen last week…

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