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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RSAR Monthly Market Report – May 2017

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

From May’s report…

“Historically, during the peak listing months, May, June and July, new listing inventory outpaces sales, said John Graham, 2017 RSAR President. “This year new listings and sales are tracking at the nearly the same pace. This means new listing inventory is being quickly absorbed as sales.”

  • The May median price at $335,500 was up 4% from April and up 8% from a year ago.
  • May unit sales at 652 are up 26% from April and up 9% compared to May 2016.
  • May unit sales at 652 is the second highest unit sales in a month, exceeded only by June 2005 at 679 sales.
  • Sellers are receiving an average of 99% of list price down less than 1% from May 2016.
  • The Reno market remains in a seller’s market, at 3.0 months supply of inventory. A months supply of inventory is the time it would take to exhaust the active and pending inventory at the current rate of sales.

Click on the graph below to see the entire report for May.

Related post: RSAR Monthly Market Report – December 2016
 

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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

May median sales price and other market metrics

Wow! What a month May was for the local housing market. All housing metrics were up for the month of May. Let’s take a look…

The Reno-Sparks, Nevada median home sales price increased to $335,000 in May to establish a new post-bubble high. May’s median sales price rose a whopping 3.4 percent over April’s median of $323,990. Year-over-year May’s median sales price is up 8.1 percent over May 2016’s median of $310,000.

With this new high, home prices in Reno and Sparks, Nevada are now off less than 9 percent from the housing bubble high of $365,000 set in January 2006.

The number of houses sold in May rocketed to 662 units sold. That total represents a whopping 28.5 percent increase over the 515 houses sold in April. Sure, there is some seasonality at play here, but even so, year-over-year, May’s sales were up 10.1 percent above May 2016’s sales.

May’s number of houses sold, 662, also set a post-bubble high for units sold — breaking the previous post-bubble record set last year in June with 661 houses sold. [For the record, the most number of houses sold in a single month in the Reno-Sparks market was 679 set in June 2005 at the height of the housing bubble.] Historically, a greater number of homes are sold in June than in May, so we may see a new all-time record set this month.

May’s median sold price per square foot (ppsf) receded a bit to $182.63/sq.ft. — a 0.2 percent decline from April’s $183.02/sq.ft. Year-over-year, May’s median sold ppsf is up 6.2 percent.

May’s median days on market (DOM) came in at 60 days — unchanged from April’s median DOM.

Available inventory increased slightly compared to April’s number. Currently there are 903 houses listed available for sale. That number represents a increase of 0.8 percent over the 896 houses available for sale this time last month. Year-over-year, however, May 2017’s inventory is is down 21.9 percent.

Pending home sales continue to rise. Currently, there are 1,240 houses pending sale — a 7.9 percent increase over the 1,149 pending sales this time last month. Year-over-year, current pendings are up slightly by about 1 percent.

May sales by type break out as follows:

  • REO sales: 2% – down from April’s 3%
  • Short sales: 2% – up from April’s 1%
  • Equity sales: 96% – up from April’s 95%

May 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 23 3.6%
200 – 299 205 34.6%
300 – 399 239 70.7%
400 – 499 99 85.6%
500 – 599 37 91.2%
600 – 699 18 94.0%
700 – 799 6 94.9%
800 – 899 10 96.4%
900 – 999 10 97.9%
1M+ 14 100%
total 662

May’s median sold price for houses and condos combined was $318,500 — a 4.0 percent increase over April’s median sold price of $306,990 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
May 2017 662 $335,000 $182.63 60 903 1,240
Apr 2017 515 $323,990 $183.02 60 896 1,149
Mar 2017 556 $319,000 $178.04 71 840 1,009
Feb 2017 386 $319,470 $173.90 90 857 896
Jan 2017 365 $302,000 $174.73 88 872 810
Dec 2016 531 $300,000 $173.67 83 1,032 675
Nov 2016 537 $310,000 $173.93 76 1,211 845
Oct 2016 514 $310,000 $175.57 73 1,306 956
Sep 2016 632 $310,000 $175.02 74 1,451 928
Aug 2016 596 $310,000 $172.45 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 601 $310,000 $172.02 58 1,156 1,228

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 7, 2017. Note: This information is deemed reliable, but not guaranteed.

Related post: April median sales price and other market metrics

Click here for historical data back to 1998.

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The home buying process

Here’s a step-by-step guide to the home buying process — provided by our friends at Ticor Title. Click on the photo to enlarge.

And when you’re ready to begin your own home buying process give me a call. I’d love to assist. 775-722-4011.


Click to enlarge

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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

How are actual growth (jobs, households, population) numbers tracking with projections?

Each month the Economic Planning Indicators Committee (aka EPIC) compares actual numbers of new jobs, new households, and population growth to its EPIC report forecasts of the same. The region is now over two years into the five year EPIC report projections. How are actual numbers tracking with the projections? Click here to see the EPIC Report forecasts and the latest Actual numbers.

For example, below is a chart from the EPIC Report showing new household formation forecasted scenarios compared to the actual number. As can be seen, actual household formation is tracking more in line with “Scenario B2”, which forecasts 25,600 new households between December 2014 and December 2019.

chart source: EDAWN

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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