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…

Posted in headlines, News | Tagged | Leave a comment

August median sales price and other market metrics

The median sales price for homes sold in Reno and Sparks, Nevada pulled back sharply in August — reversing the upward trend that has been observed all year. August’s median sales price came in at $349,000 — a 2.4% decrease from the $357,500 median seen in July.

Year-over-year, August’s median sales price is up 9.5 percent over August 2016’s median of $310,000.

A whopping 679 houses were sold in August. This number represents a 6.6 percent increase over July’s total homes sold, and a 13.9 percent year-over-year increase.

August’s 679 houses sold brings this year’s total units sold to 4,584 — 5.1 percent ahead of the 4,363 total homes sold at this time last year.

August’s median sold price per square foot (ppsf) also receded for the month to $190.45/sq.ft. — a 0.9 percent one-month decrease from July’s $192.15/sq.ft. Year-over-year, August’s median sold ppsf is up 10.4 percent.

August’s median days on market (DOM) came in at 61 days — adding four days to July’s median DOM.

Available inventory decreased compared to July’s number — likely, due in part, to the high number of homes sold for the month. Currently there are 952 houses listed available for sale. That number represents a decrease of 5.0 percent from the 1,002 houses available for sale this time last month. Year-over-year, August 2017’s inventory is is down 33.9 percent.

Pending home sales remain relatively unchanged. Currently, there are 1,032 houses pending sale — very close to the 1,034 pending sales this time last month, as well as to the 1,031 pending sales this time last year.

August sales by type, break out as follows:

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

August 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 24 3.7%
200 – 299 182 30.5%
300 – 399 224 63.5%
400 – 499 129 82.5%
500 – 599 45 89.1%
600 – 699 22 92.3%
700 – 799 20 95.3%
800 – 899 12 97.1%
900 – 999 8 98.2%
1M+ 12 100%
total 679

August’s median sold price for houses and condos combined was $329,000 — a 2.9 percent one-month decrease from July’s median sold price of $339,000 for combined sales of houses and condos.

The table below contains the past 13 months of data…

Past 13 Months of Home Sales Data
Aug 2017 679 $349,000 $190.45 61 952 1,032
Jul 2017 637 $357,500 $192.15 57 1,002 1,034
Jun 2017 761 $340,000 $188.95 56 963 1,127
May 2017 680 $334,950 $182.46 60 903 1,240
Apr 2017 516 $324,287 $182.94 60 896 1,149
Mar 2017 558 $319,000 $178.04 71 840 1,009
Feb 2017 387 $319,950 $173.78 90 857 896
Jan 2017 366 $301,975 $174.53 89 872 810
Dec 2016 531 $300,000 $173.67 83 1,032 675
Nov 2016 537 $310,000 $173.93 76 1,211 845
Oct 2016 516 $310,000 $175.24 73 1,306 956
Sep 2016 633 $310,000 $175.18 74 1,451 928
Aug 2016 596 $310,000 $172.45 67 1,440 1,031

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

Related post: July 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

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.

Posted in General | Tagged , , , , , , , , , | 3 Comments

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