FCT’s Market Condition Report – November 2016

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

mcr-november-2016

The ratio of housing supply to demand remained unchanged in Reno, Nevada, but fell in Sparks. Other housing markets, such as Dayton and Fernley, Nevada also tightened in November. Available inventory typically decrease this time of year. Compare November’s numbers with October’s.

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

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

cumullative-medians-november-2016The median home sales price in Reno and Sparks, Nevada stayed relatively flat in November — coming in at $310,000. In fact, the market’s median sales price has held steady at the $310,000 level for the last four months.

Year-over-year November’s median sales price is up 6.2 percent over November 2015’s median of $292,000.

November’s median sold price per square foot (ppsf) dropped to $173.98/sq.ft. — a 0.9 percent decrease from October’s $175.57/sq.ft. Year-over-year the median sold ppsf is up 9.4 percent.

The number of houses sold in November increased to 517 units sold. That total represents a 3.0 percent increase over the 502 houses sold in October. Year-over-year, November’s total houses sold is substantially higher — 22.2 percent — than the 423 houses sold in November 2015.

November’s median days on market (DOM) climbed to 76 days — adding three more days over October’s median DOM of 73 days. This time last year the median DOM was 72 days.

November’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 17 days. This is a huge increase over the median 6 DTC observed in October.

Available inventory fell for the month. Currently 1,211 houses are listed and available for sale. Compare that number to the 1,306 houses available this time last month. Inventory typically retracts this time of year as fewer home sellers choose to list their homes during the winter months.

Pending home sales also pulled back. Currently, there are 845 houses pending sale. Compare that number to October’s 956 pending sales this time last month — an 11.6 percent decrease. This time last year 890 homes were pending sale.

November sales by type break out as follows:

  • REO sales: 3% – up from October’s 2%
  • Short sales: 2% – up from October’s 1%
  • Equity sales: 94% – down from October’s 96%

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

sales price ($000’s) units sold cumulative % of sales
0 – 99 3 0.6%
100 – 199 26 5.6%
200 – 299 211 46.4%
300 – 399 181 81.4%
400 – 499 42 89.6%
500 – 599 20 93.4%
600 – 699 8 95.0%
700 – 799 6 96.1%
800 – 899 4 96.9%
900 – 999 4 97.7%
1M+ 12 100%
total 517

November saw the sale of 12 homes priced at the $1M+ level — with the highest selling for $2.1M. This monthly total is quite an increase over the average seven $1M+ homes that have sold monthly in 2016. And now brings the year-to-date total $1M+ sales to 85. This time last year our market had 84 such sales.

November’s median sold price for houses and condos combined was $295,000 — a 0.9 percent increase over October’s median sold price of $292,500 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
Nov 2016 517 $310,000 $173.98 76 1,211 845
Oct 2016 502 $309,499 $175.57 73 1,306 956
Sep 2016 634 $310,000 $175.24 74 1,451 928
Aug 2016 595 $310,000 $172.41 67 1,440 1,031
Jul 2016 600 $318,000 $173.38 65 1,434 1,036
Jun 2016 660 $312,650 $175.49 61 1,299 1,072
May 2016 600 $310,000 $172.09 58 1,156 1,228
Apr 2016 571 $295,000 $167.86 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

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 – December 4, 2016. Note: This information is deemed reliable, but not guaranteed.

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

Click here for historical data back to 1998.

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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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How does Reno’s median list price and median home size compare with the rest of the U.S.?

img_0005Point 2 Homes recently released an analysis of the U.S. median home size – 1,700 square feet – and the U.S. median listing price – $300,000 – to get an idea of what living space and prices look like around America.

Click on “How Much House Can You Get for $300,000 in the Top 50 Cities in the U.S.?” to see the results of the study. Plus there’s a fun interactive chart that shows the relative differences in the size home one can purchase for $300,000 across the top-50 cities in the U.S. [Hover over the chart below.]

Because Reno-Sparks, Nevada was not one of the cities included in the study, I’ve just pulled the current MLS numbers for readers so that you may see how our housing market compares…

  • Reno-Sparks median list price: $359,900.
  • Reno-Sparks median home size: 2,112 square feet

And regarding the answer to the study’s question: ““How Much House Can You Get for $300,000?”

For the Reno-Sparks market the answer is 1,779 square feet. …or about a 5 percent larger house than the U.S. median size for the same price.

Note: 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 – November 29, 2016. Note: This information is deemed reliable, but not guaranteed.

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This week’s real estate headlines

Real estate headlinesThis past week was shortened due to the Thanksgiving holiday. That being said, here are a few national real estate-related stories that came across my screen…

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Washoe County Foreclosure Statistics for October 2016

The foreclosure statistics below are provided by Ticor Title Company.

[Click on the chart below to enlarge]

ticor-washoe-county-foreclosure-october-2016-trend-line-bar

All foreclosure metrics (notices of default, notices of sale, and trustees deed sales) ticked up for the month of October, with trustees deeds seeing the largest increase — jumping 79 percent over September’s number.

Related post: Ticor Title’s Washoe County Foreclosure Statistics for July 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 week…

Posted in headlines, News | Tagged | Leave a comment

FCT’s Market Condition Report – October 2016

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

fct-oct-2016-market-condition-report

Reno’s on-market housing supply is gradually increasing. Compare October’s numbers with September’s.

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

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