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 – August 2014

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

FCT Aug 2014 Market Condition Report
The current “percent selling” (a.k.a. market efficiency) in our local market is a whopping 80%. Compare this number to May 2008 when the market’s closing probability bottomed at 23%

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

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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…

Posted in headlines, News | Tagged | Leave a comment

RSAR Monthly Market Report – August 2014

The Reno/Sparks Association of REALTORS® has released its real estate market report for August 2014. The report can be accessed by clicking on the chart below.

From the August report…

The outlook for Reno, Sparks, Fernley and the surrounding areas hasn’t looked as favorable in nearly a decade. With the recent announcement of three new employers coming to the Reno area in the next three to four years, it should be a game changer for the area. Those announcements, all made in the last two weeks, include Tesla with 6,500 jobs and the gigafactory opening in 2017; Ashima with 400 jobs by 2018; and Fulcrum BioEnergy with 453 construction jobs and 53 permanent jobs completed by 2015. This does not account for the ancillary jobs that will support these new industries.
Reno’s average unemployment rate which peaked at 13.1% in 2010 and has declined to its current year-to-date average of 7.9% will only continue to show significant signs of improvement. This is good news for the real estate industry, both in new construction and resale. For those who sitting on the fence, waiting for prices to decline, the time is now. As a result of shortage of inventory, we don’t anticipate any significant drop in median price. That’s the outlook for the future, but what can we expect in the upcoming fall and winter months

related post: RSAR Monthly Market Report – July 2014

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August median sales price, units sold, DOM and inventory

August 2014 median sales price - Reno NevadaFor the third consecutive month the median sales price has held at $250,000. August’s $250,000 median sales price remains the high for the year — as well as the highest median for the Reno-Sparks’ housing market in over five years. Year-over-year, August’s median sales price is up 13.6 percent.

Units sold in August jumped 7.4 percent from July’s number. August’s 565 houses sold also sets a new high for the year, edging out the 563 houses sold in June. Year-over-year units sold are down 11.6 percent.

Despite August’s median sales price remaining unchanged, its median sold price per square foot (ppsf) dropped to $138.36/sq.ft. — an decrease of 1.4 percent from July’s median sold ppsf of $140.38.

August’s median days on market (DOM) came in at 60 days — shedding two days off July’s median of 62 DOM.

Available inventory continues to climb slowly, but remains at a “Seller’s market” level at the lower price points. Currently, 1,390 houses are available for sale — a 1.8 percent increase from the 1,365 houses available for sale this time last month. Year-over-year, August’s inventory is up 35.2 percent.

August sales by type break out as follows:

  • REO sales: 4% – unchanged from July’s 4%
  • Short sales: 8% – unchanged from July’s 8%
  • Equity sales: 86% – unchanged from July’s 86%

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

sales price ($000’s) units sold cumulative % of sales
0 – 99 9 1.6%
100 – 199 150 28.1%
200 – 299 224 67.8%
300 – 399 113 87.8%
400 – 499 28 92.7%
500 – 599 15 95.4%
600 – 699 7 96.6%
700 – 799 5 97.5%
800 – 899 8 98.9%
900 – 999 1 99.1%
1M+ 5 100%
total 565

As can seen by the cumulative numbers above, two-thirds of the homes sold in our market sell for less that $300,000; and 88% sell for less than $400,000.

August’s median sold price for houses and condos combined was $237,000 — a 0.9 percent increase over July’s median sold price of $234,900 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
Aug 2014 565 $250,000 $138.36 60 1,390 1,015
Jul 2014 526 $250,000 $140.38 62 1,365 1,117
Jun 2014 563 $250,000 $136.03 61 1,234 1,098
May 2014 545 $240,000 $133.75 66 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 475 $224,900 $126.51 71 974 1,171
Oct 2013 537 $214,750 $125.45 63 1,052 1,224
Sep 2013 513 $224,900 $126.53 70 1,019 1,305
Aug 2013 639 $220,000 $124.42 62 1,028 1,361

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 2014. Note: This information is deemed reliable, but not guaranteed.

Click here for historical data back to 1998.

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

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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…

And for a round up of news stories surrounding the Tesla Motors announcement see yesterday’s blog post: It’s official! Welcome Tesla Motors

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It’s official! Welcome Tesla Motors

Just in case you’ve somehow missed the news, this afternoon Nevada’s Governor Sandoval announced that the State had reached an agreement with Tesla Motors to build a “Gigafactory” battery factory just outside Reno. Needless to say the “Biggest Little City” is abuzz with excitement.

Here is a roundup of some of the news pieces…

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Washoe County foreclosure-related recordings – July 2014

Below please find Washoe County, Nevada Notices of Default (NODs), Notices of Sale (NOSs), Trustees Deed Filings (TDs) and New SFR REO Listings statistics for July 2014 provided to us by our friends at Ticor Title of Nevada, Inc.

[Click on the chart below to enlarge.]

Ticor JULY 2014 Foreclosure Statistics
Ticor Title’s commentary accompanying these foreclosure statistics…

Notices of Defaults (NOD) increased significantly, from 85 in June to 125 in July. Notices of Sales decreased slightly from 94 in June to 90 in July. Trustees Deeds increased from 34 in June to 45 in July. Why the sporadic ups and downs in the foreclosure market? Some of this is caused by SB321 (Homeowners Bill of Rights), Loan Modifications that have not worked out for the homeowner and there is no other alternative but to foreclose, banks are finding paperwork needed in order to foreclose, and years of foreclosure mediations are coming to a finish line. We will continue to see unpredictable numbers in the foreclosure recordings in our market.

related post: Washoe County foreclosure-related recordings – June 2014

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