Biggest Little Silicon Valley

Last week the Reno Gazette-Journal ran an opinion piece on Reno’s expanding technology economy. See the RGJ piece here: Reno: Silicon Valley without the sky-high rent

In the piece the writer points out Reno’s:

  • nationally-ranked university
  • technical schools and community colleges
  • varied work force
  • low cost of doing business
  • attractive commercial real estate prices
  • competitive tax climate
  • high quality of life
  • favorable location

…as a few of it’s attributes that are attracting technology companies

From the piece:

The allure of Reno is its promise and potential to become a vibrant technology city without all of the downsides of a tech capital like Silicon Valley. If we can attract Tesla, Switch, Microsoft and Apple, but keep at bay the sky-high commercial real estate prices, snarled traffic and exorbitant housing prices, Reno will remain a magnet to maturing technology and logistics companies.

Related from BloombergBusiness: Reno Wants to Be Silicon Valley’s Back Office

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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 past week…

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Washoe County insured recordings statistics – April 2015

Below please find Washoe County, Nevada’s insured recordings (resales, new home sales, and refinances) statistics for April provided by our friends at Ticor Title of Nevada, Inc.

Commentary from the report:

In April, 29% of the resale transactions in Washoe County were cash.  Listings are scarce and multiple and contingent offers are still the norm. According to NNRMLS the Median Sales Price is $273,000.

[Click on the chart below to enlarge.]

Ticor Washoe County Market Stats for APRIL 2012-2015 Trend Line

All indices continue to increase — with the largest jump coming from re-finances. Re-fi’s jumped to a whopping 1,025 in April. We haven’t seen that many re-fi’s in one month since early 2013. April’s re-fi’s were up 3.2 percent over March’s re-fi’s; and up 113 percent year-over-year.

April resales jumped more than 37 percent over March’s resales; and are up over 22 percent year-over-year. As noted above, Ticor Title reports that nearly 29 percent of April resale transactions in Washoe County were cash purchases.

New home sales in April climbed to 103— representing a 17 percent increase over the 88 new homes sold in March; and a 35.5 percent increase year-over-year.

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 April 2015 provided to us by our friends at Ticor Title of Nevada, Inc.

[Click on the chart below to enlarge.]

Ticor Washoe County Foreclosure APRIL 2015 Trend Line bar

Notices of Default (NODs) decreased more than 35 percent in April compared to March. However April’s Notices of Sale, Trustee Deeds (TDs) and new SFR REO listings were all up compared to March’s numbers.

Related post: Washoe County insured recordings statistics – March 2015

Posted in Foreclosures, Market Trends, Real Estate Industry | Tagged , , , , , | 1 Comment

FCT’s Market Condition Report – April 2015

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

FCT Market Condition Report April 2015

Nothing but green. Green tinted cells signal tight markets — from a Ratio of Supply to Demand standpoint — in the specified areas. All other things being equal, the smaller the Ratio of Supply to Demand, the tighter the area market.

Reno’s Ratio of Supply to Demand value of 1.7 is up slightly from last month’s 1.6 number, however remains extremely low. Sparks’ Ratio of Supply to Demand value of 1.0 is even lower than Reno’s.

Also noteworthy is the difference between the median “in escrow” price and the median closed sales price report for the areas. The April report shows that Reno properties exhibit a median “in escrow” price of $287,000 and a median closed sales price of $283,000. This difference of only $4,000 indicates that properties are selling at only a 1.4 percent discount.

related post: FCT’s Market Condition Report – March 2015

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Wealthiest ZIP Codes in Nevada

From my Facebook Page this morning…

Curious as to what are the wealthiest zip codes in Nevada? This infographic from Experian shows the top-three…

Posted by Guy Johnson, Keller Williams Group One, Inc. on Tuesday, May 19, 2015

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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 past week…

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What city leads the nation in property bidding wars?

If you are a prospective home buyer attempting to purchase a home in the Reno or Sparks market today, you might have answered Reno or Sparks, Nevada. And you would not have been that far off. Although bidding wars are commonplace in our local housing market, the proportion of them is not quite to the proportion in the city that leads the nation in property bidding wars.

And what city is that? Not surprisingly, it is San Francisco, Calif. See San Francisco leads the nation in property bidding wars — Well above national average

From the HousingWire piece:

San Francisco’s bidding wars are nearly at 100%, rising from 88% last year to 94%, with 32% of homes selling over the asking price.

Almost a third of the homes in San Francisco sell for over asking price! How does our market compare to that number? I pulled all the sold properties over the past 90 days and found the following:

  • 1,775 homes (condos, town houses and houses) sold in the last 90 days
  • median list price: $258,500
  • median sold price: $255,000
  • average sold-to-list price ratio: 94%
  • homes selling over the asking price: 28.8% (511 of 1,775)

Nearly 29% of the sales from the last 90 days have sold for more than the asking price. Not quite as high as San Francisco’s proportion, but not far from it either.

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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 last week…

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