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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This past week’s real estate headlines

Real estate headlinesHere are a few national real estate-related stories that came across my screen last week…

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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 past week…

Posted in headlines, News | Tagged | Leave a comment

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

May median sales priceWhoa! May’s median sales price skyrocketed to a whopping $310,000 — breaking through the $300K level for the first time since 2007. May’s median of $310,000 is a $15,000 one-month jump (or 4.8 percent) over April’s median sales price.

May’s median sales price year-over-year is up 11.1 percent over May 2015.

May’s median sold price per square foot (ppsf) increased to $172.00/sq.ft. — a 2.4 percent increase from April’s $167.92/sq.ft.

Year-over-year the median sold ppsf is up 12.6 percent. The median ppsf is climbing faster than the median sales price. This could be due, in part, to the number of newly-built homes being sold [as new construction typically sells for a higher ppsf than resale].

May’s median sold ppsf also sets a new monthly high for this metric since the market bottomed in 2012.

The number of houses sold in May increased to 584 units sold. That total represents a 2.8 percent increase from the 568 houses sold in April. May’s total is also up 1.0 percent from the 578 houses sold in May 2015.

With over 1,200 properties currently pending sale (see below), expect the number of June sales to be even greater.

May’s median days on market (DOM) was unchanged at 58 DOM.

May’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)] remains at 4 days – unchanged from April’s median of 4 DTC. The Reno-Sparks’ housing market is white hot right now. Buyer’s who are shopping for a home today know this too well.

Currently 1,156 houses are listed and available for sale. This total represents a huge jump — 37.6 percent — over the 840 houses available this time last month.

Pending home sales have also increased — to 1,228 units — a 7.5 percent increase over this time one-month ago. Look for June’s numbers to come in strong.

May sales by type break out as follows:

  • REO sales: 3% – unchanged from April’s 3%
  • Short sales: 3% – up from April’s 2%
  • Equity sales: 92% – unchanged from April’s 92%

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

sales price ($000’s) units sold cumulative % of sales
0 – 99 0 0.0%
100 – 199 41 7.0%
200 – 299 225 45.5%
300 – 399 178 76.0%
400 – 499 71 88.2%
500 – 599 30 93.3%
600 – 699 19 96.6%
700 – 799 8 97.9%
800 – 899 4 98.6%
900 – 999 3 99.1%
1M+ 5 100%
total 584

May’s median sold price for houses and condos combined was $294,000 — a 5.0 percent one-month increase over April’s median sold price of $280,000 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
May 2016 584 $310,000 $172.00 58 1,156 1,228
Apr 2016 568 $295,000 $167.92 58 840 1,142
Mar 2016 577 $295,000 $165.07 65 833 1,037
Feb 2016 368 $290,000 $162.77 85 765 1,010
Jan 2016 388 $277,750 $155.76 86 762 853
Dec 2015 500 $290,000 $157.29 76 819 749
Nov 2015 423 $292,000 $158.97 72 925 890
Oct 2015 541 $279,900 $158.88 66 1,105 886
Sep 2015 572 $285,000 $159.42 63 1,231 931
Aug 2015 526 $290,000 $160.98 56 1,238 1,021
Jul 2015 650 $290,000 $159.31 57 1,138 991
Jun 2015 657 $280,000 $155.22 54 1,005 1,088
May 2015 578 $283,450 $152.71 52 930 1,129

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 – June 6, 2016. Note: This information is deemed reliable, but not guaranteed.

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

Click here for historical data back to 1998.

Posted in Agent Insights, Market Trends | Tagged , , , , , , , | 1 Comment

This past week’s real estate headlines

Real estate headlinesHere are a few national real estate-related stories that came across my screen last week…

Posted in headlines, News | Tagged | Leave a comment

This past week’s real estate headlines

Real estate headlinesHere are a few national real estate-related stories that came across my screen this past week…

Posted in headlines, News | Tagged | Leave a comment

Reno’s “Million Dollar Creep”

Home search portal, Trulia, last week released the results of a study showing the increase in the share of million dollar homes across the United States – a trend the piece refers to as “million dollar creep”. See Million Dollar Creep: Where Seven Figure Homes are the New Normal.

The piece ranked the country’s 100 largest metro area’s by those that have seen the largest increase in the share of million dollar homes from 2012 to today. Not surprisingly Bay Area metros (e.g. S.F., San Jose, and Oakland) led the list — followed by metros in Southern California, Hawaii, and the Northeast. See the link above for the complete list.

Reading the story prompted me to take a closer look at our own market’s million dollar home segment.

I pulled all houses listed at $1M and above during 2012 and compared that to the number listed so far in 2016. I found that the number of million dollar listings in the Reno-Sparks market has nearly doubled since 2012. See the table below.

I then took a look at closed sales of houses — comparing the same time period. I found that the current rate of $1M+ sales in the Reno-Sparks market is triple that in 2012. See the table below.

By percent change, that kind of increase would place Reno and Sparks in the top echelon of the ranking of cities.

2012 2016*
All Priced at $1M+ Share of $1M+ All Priced at $1M+ Share of $1M+ Percent Change in Share
Listings 6,600 124 1.88% 3,319 120 3.62% 92.44%
Sales 6,099 26 0.43% 2,257 30 1.33% 211.80%

* – partial year

Note: The home price data reported above 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 – May 24, 2016. Note: This information is deemed reliable, but not guaranteed.

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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