Happy Thanksgiving from Guy Johnson

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I have much to be grateful for this year, and that includes all of my great clients and readers of the Reno Realty Blog. I wish you all a happy Thanksgiving Holiday filled with family, friends and fun!

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Snapshot: Las Vegas housing market compared to Reno-Sparks’

I recently saw the latest Las Vegas housing market numbers released by the Greater Las Vegas Association of REALTORS® and thought I’d share them on this blog for interested readers.

From the GLVAR’s latest release:

[T]he median price of single-family homes sold…during October was $199,900. That’s down 1.3 percent from $202,500 in September, but still up 8.1 percent from one year ago. … GLVAR’s median local home price is still well below the June 2006 peak of $315,000. Single-family home prices bottomed out at a median of $118,000 in January 2012 before increasing by 24 percent per year in 2012 and 2013.

For comparison purposes I’ve placed the comparable numbers for the Reno-Sparks market alongside those metrics for Las Vegas in the table below.

metric Las Vegas Reno-Sparks
October 2014 median sales price $199,900 $260,000
Percent change from September down 1.3% up 8,8%
Percent change from October 2013 up 8.1% up 21%
Housing bubble peak median price $315,000 (June 2006) $365,000 (Jan 2006)
Housing collapse bottom median price $118,000 (Jan 2012) $112,000 (Jan 2012)
October median compared to peak 36.5% below 28.8% below
October median compared to bottom 69.4% above 132% above

See the Greater Las Vegas Association of REALTORS® October market statistics here.

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Local Reno loan officer provides interest rate insights

In the video below, Shayla Gifford, Senior Loan Officer at Guild Mortgage provides some insight on what has been going on with mortgage interest rates and what has been keeping them at unprecedented lows. More importantly, Ms. Gifford explains what will 2015 hold for mortgage interest rates (and why).

Check out Shayla’s video below…

Shayla Gifford can be reached at:

775-200-0155
SGifford@GuildMortgage.net
The Gifford Team
Guild Mortgage

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A few of my Facebook posts from last 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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RSAR Monthly Market Report – October 2014

The Reno/Sparks Association of REALTORS® has released its real estate market report for October 2014. Click on the chart below to access the entire report — including new “Housing Affordability Index” charts on pages 27 and 28.

median sales price - October 2014 - 2014-11-18_0830
Summary from October’s report…

“According to an economic forecast at the residential forum held during the 2014 REALTORS® Conference and Expo that was held earlier in November, existing home sales are expected to be higher next year and prices will remain at a healthier level of growth that benefit both buyers and sellers,” said Mark Ashworth, 2014 president of the Reno/Sparks Association of REALTORS.
“Lawrence Yun, chief economist of the National Association of REALTORS®, said existing-home sales this year got off to a slow start, but have recently shown stronger growth, slower price gains and pent-up demand. He expects the national median existing-home price to rise 4 percent both in 2015 and 2016.”
October 2014 median price was up 8.8% to $260,000 compared to $239,000 in September 2014 and up 21.0% compared to $214,875 in October 2013.

related post: RSAR Monthly Market Report – September 2014

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Reno one of “Best Cities for Global Trade”

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The Depot – a new craft brewery and restaurant

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