Reno, Nevada median home price at record high

According to yesterday’s story in the Reno-Gazette Journal, Reno median home price hits all-time high, Sparks getting closer, Reno, Nevada’s median home price has now passed the record high set in 2006.

Now before you say, “Wait, just last week you wrote that ‘Currently, Reno-Sparks home prices are off just 2.1 percent from the housing bubble high of $365,000 set in 2006’, please allow me to clarify. Frequent readers of this blog know that my Monthly Market Report reports on various real estate metrics for Reno and Sparks, Nevada combined. In the RGJ piece referenced above July’s median sales prices were calculated separately for Sparks and Reno.

When looking only at Reno (and not including Sparks), it is correct that the median sold price for a house (stickbuilt, not including condos or townhouses) has surpassed the record bubble high.

Here are the current numbers and previous record highs (as of this morning)…

Sales by Price Segment
Area July 2017 Median Sold Price Previous Record Median % Change
Reno, NV $385,000 $378,500 (August 2005) +1.7%
Sparks, NV $318,500 $346,000 (September 2005) -7.9%
Reno-Sparks combined $355,000 $365,000 (January 2006) -2.7%

Note: The median home price data reported in the table above covers the cities of Reno, Nevada [NNRMLS Area #101]; Sparks, Nevada [NNRMLS Area #108]; and Reno-Sparks combined [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 10, 2017. Note: This information is deemed reliable, but not guaranteed.

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RSAR Monthly Market Report – July 2017

The Reno/Sparks Association of REALTORS® (RSAR) has released its Market Report for the month of July 2017. Their numbers echo mine from last week.

From July’s report…

“Although we are seeing the typical seasonal drop in pending sales, 2017 year-to-date pending sales are up 10 percent from 2016,” said John Graham, 2017 RSAR President, “If this trend continues through the end of the year, it will be another record year in sales. Buyers, while frustrated by the lack of inventory, are finding and successfully closing transactions with the help of a REALTOR.”

  • The July median price at $357,500 was up 5% from June and up 13% from a year ago.
  • July unit sales at 627 are down 17% from June and up 4% compared to July 2016. Unit sales in July are the second highest unit sales for the month of July in history.
  • July new listings are down 23% at 640 compared to June and down 15% from one year ago
  • The Reno market is a seller’s market, at 1.6 months supply of inventory. Months supply of inventory is the time it would take to exhaust the active inventory at the current rate of sales. Effective in March 2017, the Reno/Sparks Association of REALTORS changed its method of calculating Months Supply of Inventory to exclude pending sales.

Click on the graph below to see the entire RSAR market report for July.

Related post: RSAR Monthly Market Report – May 2017
 

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July median sales price and other market metrics

Just like this summer’s heat, Reno and Sparks’ housing market continues to be hot, hot, hot. July saw home prices skyrocket more than 5 percent over June’s to bring the median sales price to $357,500. And, as I seem to be restating each month, July’s median sales price establishes another new post-bubble record high. Currently, Reno-Sparks home prices are off just 2.1 percent from the housing bubble high of $365,000 set in 2006.

Year-over-year, July’s median sales price is up 12.6 percent over July 2016’s median of $317,600.

627 houses were sold in July. Though down from June’s all-time record high of 755 units sold, July’s number is up 4.2 percent, year-over-year.

July’s 627 houses sold brings this year’s total units sold to 3,887 — 3.2 percent ahead of the 3,767 total homes sold this time last year.

July’s median sold price per square foot (ppsf) also jumped for the month to $192.13/sq.ft. — a 1.7 percent one-month increase over June’s $189.01/sq.ft. Year-over-year, July’s median sold ppsf is up 10.8 percent.

July’s median days on market (DOM) came in at 57 days — adding a day to June’s median DOM.

Available inventory increased compared to June’s number. Currently there are 1,002 houses listed available for sale. That number represents a increase of 4.0 percent over the 963 houses available for sale this time last month. Year-over-year, however, July 2017’s inventory is is down 30.1 percent.

Pending home sales have pulled back. Currently, there are 1,034 houses pending sale — an 8.3 percent decrease from the 1,127 pending sales this time last month. Year-over-year, current pendings are equal to last year’s.

July sales by type, break out as follows:

  • REO sales: 1% – down from June’s 2%
  • Short sales: 1% – unchanged from June’s 1%
  • Equity sales: 97% – up from June’s 95%

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

Sales by Price Segment
sales price ($000’s) units sold cumulative % of sales
0 – 99 1 0.2%
100 – 199 17 2.9%
200 – 299 173 30.5%
300 – 399 199 62.2%
400 – 499 107 79.3%
500 – 599 47 86.8%
600 – 699 22 90.3%
700 – 799 15 92.7%
800 – 899 12 94.6%
900 – 999 9 96.0%
1M+ 25 100%
total 627

Wow! A whopping 25 homes sold for over $1 million in July! That tops June’s 22 $1M sales. To put these numbers into perspective, in all of 2016, 94 homes sold for over $1M — or an average 7.8 homes per month. Currently, 2017 is averaging 12.4 per month.

July’s median sold price for houses and condos combined was $339,900 — a whopping 6.6 percent one-month increase over June’s median sold price of $319,000 for combined sales of houses and condos.

The table below contains the past 13 months of data…

Past 13 Months of Home Sales Data
July 2017 627 $357,500 $192.13 57 1,002 1,034
June 2017 755 $340,000 $189.01 56 963 1,127
May 2017 680 $334,950 $182.46 60 903 1,240
Apr 2017 515 $323,990 $183.02 60 896 1,149
Mar 2017 556 $319,000 $178.04 71 840 1,009
Feb 2017 386 $319,470 $173.90 90 857 896
Jan 2017 365 $302,000 $174.73 88 872 810
Dec 2016 531 $300,000 $173.67 83 1,032 675
Nov 2016 537 $310,000 $173.93 76 1,211 845
Oct 2016 514 $310,000 $175.57 73 1,306 956
Sep 2016 632 $310,000 $175.02 74 1,451 928
Aug 2016 596 $310,000 $172.45 67 1,440 1,031
Jul 2016 602 $317,600 $173.38 65 1,434 1,036

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 5, 2017. Note: This information is deemed reliable, but not guaranteed.

Related post: June median sales price and other market metrics

Click here for historical data back to 1998.

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This week’s real estate headlines

Here are a few national real estate-related stories and news pieces that came across my screen this week…

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This week’s real estate headlines

Here are a few national real estate-related stories and news pieces that came across my screen this week…

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The Oh-So-Handy Guide to Homebuying

The Nevada Housing Division has released the 2017 edition of its The Oh-So-Handy Guide to Homebuying. This consumer-friendly guide walks homebuyers through the home buying process and contains many tips and valuable advice. Check it out below…

And, if you have additional questions, hit me up at 775-722-4011, or eMail me. I’m your Guy!

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June median sales price and other market metrics

Hello Reno Realty Blog Readers, I trust everyone is enjoying their summers. I wanted to apologize for my tardiness in getting June’s Real Estate Market Report published. Between the current market activity (as you will see below) and summer activities I am kept quite busy at the moment. That being said, I appreciate hearing from those of you wanting to know when June’s report was going to be posted. It pleases me that you find the housing information I post on this blog useful. So, without further ado, here is June’s median sales price and other real estate market metrics. Enjoy!

Just like this summer’s heat, Reno and Sparks’ housing market continues to be hot, hot, hot. June saw prices increase another 1.5 percent to bring the median sales price to $340,000. And at the risk of sounding like a broken record, yes, June’s median sales price establishes another new post-bubble high.

Year-over-year June’s median sales price is up 8.7 percent over June 2016’s median of $312,800.

Among other things, each month’s increase in home prices brings us closer to the housing bubble record high of $365,000 set in January 2006. With June’s new high, home prices in Reno and Sparks, Nevada are now off only 6.8 percent from the housing bubble record.

Let’s talk about number of houses sold in June. As you may recall, in last month’s market report I noted that the signs were favorable for June to set a new record for unit sales. Did June deliver? It sure did, and in a BIG way!

755 houses were sold in June setting an all-time record for the most number of homes sold in a single month — smashing the previous record of 679 units sold set during the height of the housing bubble in June 2005. This, folks, is one for the books!

June’s 755 houses sold represents a huge 9.9 percent increase over the 680 houses sold in May […and that was on top of May’s total, which was 32 percent higher than the 515 houses sold in April.]

To be sure, there is some seasonality at play here, but even so, year-over-year, June’s sales were up more than 17 percent year-over-year.

June’s median sold price per square foot (ppsf) also jumped for the month to a remarkable $189.01/sq.ft. — a 3.6 percent one-month increase over May’s $182.46/sq.ft. Year-over-year, June’s median sold ppsf is up 7.1 percent.

June’s median days on market (DOM) came in at 56 days — subtracting four days from May’s median DOM.

Available inventory increased compared to May’s number. Currently there are 963 houses listed available for sale. That number represents a increase of 6.6 percent over the 903 houses available for sale this time last month. Year-over-year, however, June 2017’s inventory is is down 25.9 percent.

Pending home sales have pulled back. Currently, there are 1,127 houses pending sale — a 9.1 percent decrease from the 1,240 pending sales this time last month. Year-over-year, current pendings are up 5.1 percent.

June sales by type, break out as follows:

  • REO sales: 2% – unchanged from May’s 2%
  • Short sales: 1% – down from May’s 2%
  • Equity sales: 95% – down from May’s 96%

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

Sales by Price Segment
sales price ($000’s) units sold cumulative % of sales
0 – 99 1 0.1%
100 – 199 28 3.7%
200 – 299 245 35.4%
300 – 399 233 65.4%
400 – 499 125 81.5%
500 – 599 44 87.2%
600 – 699 28 90.8%
700 – 799 16 92.9%
800 – 899 10 94.2%
900 – 999 3 94.6%
1M+ 22 100%
total 755

Wow, a whopping 22 homes sold for over $1 million in June! That is the largest single-month total I think I have seen. To put that into perspective, in all of 2016, 94 homes sold for over $1M — or an average 7.8 homes per month.

June’s median sold price for houses and condos combined was $318,500 — a slight 0.2 percent increase over May’s median sold price of $318,000 for combined sales of houses and condos.

The table below contains the past 13 months of data…

Past 13 Months of Home Sales Data
June 2017 755 $340,000 $189.01 56 963 1,127
May 2017 680 $334,950 $182.46 60 903 1,240
Apr 2017 515 $323,990 $183.02 60 896 1,149
Mar 2017 556 $319,000 $178.04 71 840 1,009
Feb 2017 386 $319,470 $173.90 90 857 896
Jan 2017 365 $302,000 $174.73 88 872 810
Dec 2016 531 $300,000 $173.67 83 1,032 675
Nov 2016 537 $310,000 $173.93 76 1,211 845
Oct 2016 514 $310,000 $175.57 73 1,306 956
Sep 2016 632 $310,000 $175.02 74 1,451 928
Aug 2016 596 $310,000 $172.45 67 1,440 1,031
Jul 2016 600 $318,000 $173.38 65 1,434 1,036
Jun 2016 661 $312,800 $175.54 61 1,299 1,072

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 17, 2017. Note: This information is deemed reliable, but not guaranteed.

Related post: May median sales price and other market metrics

Click here for historical data back to 1998.

Posted in Agent Insights, Market Trends | Tagged , , , , , , , , , | 1 Comment

This week’s real estate headlines

Here are a few national real estate-related stories and news pieces that came across my screen this week…

Posted in headlines, News | Tagged | Leave a comment