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

RSAR Monthly Market Report for Fernley, NV – October 2017

The Reno/Sparks Association of REALTORS® (RSAR) has released its Fernley Market Report for the month of October 2017.

From October’s report…

  • The median price at $241,500 is up 9% from September and up 27% from October 2016.
  • Fernley’s unit sales at 34 are down 28% from September and down 17% from
    October 2016.
  • October new listings at 53 are down 12% from September and down 5% from October 2016.
  • The Fernley market has 4.1 months supply of inventory, a seller’s market.

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

Related post: RSAR Monthly Market Report for Fernley, NV – September 2017

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RSAR Monthly Market Report – October 2017

The Reno/Sparks Association of REALTORS® (RSAR) has released its Market Report for the month of October 2017.

From October’s report…

  • The October median price at $348,500 is up 4% from September and up 12% from a year ago.
  • October unit sales at 538 are down 12% from September and up 4% compared to October 2016.
  • October new listings are down 5% at 536 compared to September and down 8% from one year ago.
  • The Reno market is a seller’s market, at 1.7 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.

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

Related post: RSAR Monthly Market Report – September 2017

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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

October median sales price and other market metrics

October’s median sales price for homes sold in Reno and Sparks, Nevada regained the losses observed the previous two months. October’s median sales price came in at $350,000 — representing a 4.2 percent increase over the $335,950 median sales price seen in September.

Year-over-year, October’s median sales price is up 12.9 percent over October 2016’s median of $310,000.

The number of houses sold in October dropped significantly for the month — continuing a downward trend. 531 houses were sold in October. This number represents a 13.5 percent decrease from September’s 614 homes sold. However, year-over-year, October’s unit sales were up 2.7 percent.

October’s 531 houses sold brings this year’s total units sold to 5,774, which is 4.7 percent ahead of the 5,513 total homes sold at this time last year.

Despite the increase in the median sales price, October’s median sold price per square foot (ppsf) decreased for the month to $192.59/sq.ft. — a 1.2 percent decrease from September’s $194.87/sq.ft. Year-over-year, October’s median sold ppsf is up 10.1 percent.

October’s median days on market (DOM) came in at 63 days — adding four days to September’s median DOM.

Available inventory fell again for the month. Currently there are 851 houses listed available for sale. That number represents a decrease of 8.0 percent from the 925 houses available for sale this time last month. Year-over-year, October 2017’s available inventory is down a whopping 34.8 percent.

Pending home sales also fell. Currently, there are 843 houses pending sale — down 5.2 percent from the 889 pending sales this time last month. This decrease will result in fewer sales in November. Year-over-year pending sales are down 11.8 percent.

October sales by type, break out as follows:

  • REO sales: 1% – unchanged from September’s 1%
  • Short sales: 1% – unchanged from September’s 1%
  • Equity sales: 96% – down from September’s 97%

October 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 11 2.2%
200 – 299 145 29.6%
300 – 399 196 66.5%
400 – 499 90 83.4%
500 – 599 32 89.5%
600 – 699 26 94.4%
700 – 799 10 96.2%
800 – 899 8 97.7%
900 – 999 4 98.5%
1M+ 9 100%
total 531

October’s median sold price for houses and condos combined was $330,000 — a 3.4 percent one-month increase over September’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
Month Year # Sold Median Sold Price Sold Price per Sq Ft Median DOM # of Actives # of Pendings
Oct 2017 531 $350,000 $192.59 63 851 843
Sep 2017 614 $335,950 $194.87 59 925 889
Aug 2017 720 $347,854 $190.61 61 952 1,032
Jul 2017 639 $355,000 $192.15 57 1,002 1,034
Jun 2017 763 $340,000 $188.82 56 963 1,127
May 2017 680 $334,950 $182.46 60 903 1,240
Apr 2017 518 $324,287 $183.03 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 517 $310,000 $174.98 73 1,306 956

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 – November 3, 2017. Note: This information is deemed reliable, but not guaranteed.

Related post: September median sales price and other market metrics

Click here for historical data back to 1998.

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CBRE’s Reno Multifamily Newsletter for 3Q 2017

Area rents surpass $1,200/month (average) and set a new record. That number represents a year-over-year increase of more than 14 percent.

The good news is that with additional units entering the apartment inventory (and more in the pipeline) the average vacancy has increased slightly, and is now at 2.41%. With more inventory available perhaps rental rates will stabilize, and maybe even pull back a bit.

Click on the infographic below to see CBRE’s most recent Reno Multifamily Newsletter…

CBRE’s forecast:

Year to date, Reno continues to break performance records with never before seen rent levels and job growth as new company relocations are announced in the market. We expect rent growth to remain fairly strong but vacancy rates will continue to inch up toward the latter part of the year and in the beginning of 2018 with the delivery of several new properties. We expect tenants to start focusing on more affordable markets outside of Reno like Carson City where both rents and construction are starting to accelerate due to new freeways opening access to those markets such as the extension of USA Parkway and the extension of US Highway 50 to Lake Tahoe.

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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 past week…

Posted in headlines, News | Tagged , | Leave a comment