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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Washoe County insured recordings statistics – July 2015

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

Commentary from the report:

The Market Statistics for Resale, Refinance, and New Homes have stayed steady month by month.  For June, the Resale transactions that were cash were 23.30% and for July it was 23%.  A definite difference compared to last year where the average was around 35% cash.
Buyers are holding for affordable properties and are not making hasty decisions because of the low inventory.  Sellers are overpricing their homes and we are now seeing a major increase in price reductions.  Buyers and Sellers are at an impasse and are waiting for each other’s next move. The words on the streets are APPRAISAL & PRICE REDUCTIONS! Appraisals are not coming in and deals are canceling and on MLS there are a lot of Price Reductions.  Does anyone see the writing on the wall here?  BUYER’S MARKET!!!

[Click on the chart below to enlarge.] Ticor Washoe County Market Stats for JULY 2012-2015 Trend Line

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

[Click on the chart below to enlarge.] Ticor Washoe County Foreclosure JULY 2015 Trend Line bar

Commentary from the report:

The number of Notice of Defaults, Notice of Sales and Trustees Deeds recorded in the past few months have been consistent month to month. 

Related post: Washoe County insured recordings statistics – April 2015

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What do Americans want in their dream home?

A recent survey conducted by Trulia reveals some interesting insights on what Americans want in their “dream home”.

How large? What amenities? What architectural style? It’s all in the survey results. Check it out here: America’s Dream Home: Midsized, Suburban and Modern

American-Dream-Home_Amenities

Search Reno homes for sale on Trulia

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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

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

Reno’s average rent hits a new high

Reno’s rental market has reached a record high average rental rate for the multifamily market. Additionally vacancy rates are hovering around historic lows.

Infographic_MF_Q22015

See the complete report with all the rental numbers in the 2nd-quarter Reno Area Multifamily newsletter below (click to open).

2015-08-07_0722

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July median sales price, units sold, DOM and inventory

monthly medians - July 2015June’s breather was short lived. The Reno-Sparks median sales price hit a new high in July coming in at $291,990. That number is $12,490 higher than June’s median of $279,500 — a 4.5 percent one-month increase in the sales price. Year-over-year July’s median home price is up 16.8 percent.

July’s median sold price per square foot (ppsf) increased to $159.87/sq.ft. — a 5.0 percent one-month increase over June’s $152.20/sq.ft.; and a 14.0 percent year-over-year increase.

The number of homes sold in July was another standout metric for the month with 627 houses sold in July. And although July’s 627 units sold was down from June’s 652 units sold, July’s number was 18.3 percent higher than the 530 houses sold in July 2014. In fact, the Reno/Sparks Association of REALTORS® reports that “unit sales are the second highest for a July in history, exceeded only by July 2005.”

July’s median days on market (DOM) increased a bit, moving from 54 DOM in June to 57 DOM in July.

For the 5th consecutive month available inventory has risen. After having declined every month since August 2014 available inventory in the Sparks and Reno real estate markets finally turned the corner in March of this year. Currently, 1,138 houses are available for sale — up 13.2 percent over June’s 1,005 houses for sale. However, available for-sale inventory remains low. July’s number is down 16.6 percent from this time last year.

Pending sales pulled back in July. July’s 981 pending sales is down 9.8 percent from June’s 1,088 pendings.

July sales by type break out as follows:

  • REO sales: 2% – down from June’s 3%
  • Short sales: 3% – down from June’s 5%
  • Equity sales: 93% – up from June’s 90%

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

sales price ($000’s) units sold cumulative % of sales
0 – 99 2 0.3%
100 – 199 61 10.0%
200 – 299 264 52.2%
300 – 399 180 80.9%
400 – 499 54 89.5%
500 – 599 22 95.0%
600 – 699 15 95.4%
700 – 799 10 97.0%
800 – 899 6 97.9%
900 – 999 5 98.7%
1M+ 8 100%
total 627

July’s median sold price for houses and condos combined was $276,222 — a 5.2 percent increase from June’s median sold price of $262,500 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
Jul 2015 627 $291,990 $159.87 57 1,138 991
Jun 2015 652 $279,500 $155.20 54 1,005 1,088
May 2015 577 $285,000 $152.46 53 930 1,129
Apr 2015 568 $272,000 $150.81 57 785 1,101
Mar 2015 551 $273,391 $149.01 59 715 1,027
Feb 2015 395 $265,000 $143.43 75 630 1,044
Jan 2015 363 $252,000 $140.12 85 706 933
Dec 2014 518 $261,990 $139.98 78 806 789
Nov 2014 473 $260,000 $138.51 70 940 977
Oct 2014 490 $260,000 $140.04 73 1,083 1,075
Sep 2014 507 $239,000 $136.90 70 1,325 999
Aug 2014 578 $250,000 $138.38 60 1,390 1,015
Jul 2014 530 $249,950 $140.26 61 1,365 1,117

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 – August 2015. Note: This information is deemed reliable, but not guaranteed.

Click here for historical data back to 1998.

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

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RSAR Monthly Market Report – July 2015

Wow! July was another record-seeing month for the local real estate market. Nearly 600 homes were sold for the month at a median sales price of almost $292,000. That median price is a $13,000 one-month increase over June’s median of $279,000. Days on market also hit a new low.

See all the numbers in the Reno/Sparks Association of REALTORS® Reno and Sparks real estate market report for July 2015. Click on the report below to access the entire report.

rsar-market-report-2015-07

From July’s report…

“July 2015 unit sales was another record a July, exceeded only by July 2005’s unit sales,” said Dave Hansen, 2015 RSAR president. “We continue to see a steady increase in the median sales price since the bottom of the market in January 2012. Both the Reno and Fernley Market remain in a Seller’s market, with the sold to list price ratio at 98% or better.”
July 2015 median price was up 4.7% to $291,990 compared to $279,000 in June 2015 and up 16.8% compared to $249,950 in July 2014.

related post: RSAR Monthly Market Report – June 2015

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