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 for Reno-Sparks, Nevada – October 2018

The Reno/Sparks Association of REALTORS® (RSAR) has released its Reno-Sparks Market Report for October 2018.

From October’s report…

“The Reno market is a seller’s market, at 2.9 months supply of inventory,” said Doug McIntyre, 2018 RSAR President. “The months supply of inventory for the past two months has been at 3 months. This shows an improvement in inventory levels, providing buyers more choices.”

  • The October median price at $380,000 is up 2% from September and up 10% from a year ago.
  • October unit sales at 459 are up 1% from September and down 17% compared to October 2017.
  • October new listings are down 14% at 556 compared to September and up 1% from one year ago.
  • The Reno market is a seller’s market, at 2.9 months supply of inventory.

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

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RSAR Monthly Market Report for Fernley, Nevada – October 2018

The Reno/Sparks Association of REALTORS® (RSAR) has released its Fernley Market Report for October 2018.

From October’s report…

“The Fernley market is a seller’s market, at 2.9 months supply of inventory,” said Doug McIntyre, 2018 RSAR President. “The months supply of inventory in Fernley has been trending up for the past 8 months. This shows an improvement in inventory levels, providing buyers more choices.”

  • The median price at $258,500 is up 7% from September and up 9% from October 2017.
  • Fernley’s unit sales at 44 are down 30% from September and up 5% from October 2017.
  • October new listings at 58 are up 2% from September and down 3% from October 2017.
  • The Fernley market has 2.9 months supply of inventory, a seller’s market.

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

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Incline Village, Nev. market snapshot

Below please find this week’s housing market snapshot for Incline Village, Nevada provided by our friends at First Centennial Title.

From this week’s report…

This week the median list price for Incline Village, NV is $1,560,000 with the market action index hovering around 27. This is less than last month’s market action index of 28. Inventory has held steady at or around 42.

Click in the chart below to access the full report.

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Rents continue to increase across the U.S. — and Reno, NV in top-five for rent increase

From the RENTCafé® report below, “Although nationwide rent prices remained relatively flat M-o-M, we are still seeing a strong 3.3% increase Y-o-Y in October. The national average, which clocked in at $1,420 last month, is $45 higher than in October 2017.”

Reno, Nevada ranks in the Top-5 small cities with the most significant Y-o-Y rent increases for October 2018. Reno, NV apartment rents up 11.2 percent year-over-year.

Click on the graphic below to See RENTCafé’s® Apartment Market Report for October 2018.

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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

  • After setting a record high of $387,000 in July, the Reno-Sparks median home price pulled back dramatically in August — falling to $371,450, or a 4 percent one-month decrease. September saw slight gains with a median sales price of $373,500. Did home prices continue their momentum in October? Let’s take look…

October’s median sales price came in at $380,000; for a gain of 1.7 percent over September’s median sales price of $373,500. Year-over-year, October’s median sales price is up 10.1 percent.

October’s median sold price per square foot (PPSF) also increased — coming in at $213.62/sq.ft., up 1.2 percent over September’s median sold PPSF of $211.16/sq.ft. October’s median sold PPSF is up 11.6 percent year-over-year.

Units sales in October totaled 459 homes sold for the month — actually totaling a bit higher than September’s 456 units sold. However, year-over-year, home sales are down 17.3 percent from the 555 homes sold in October 2017.

Regarding inventory, presently 1,300 homes are available for purchase in the Reno-Sparks market. Given the current rate of home sales, available inventory equates to about a 2.8 months supply. Currently, available inventory is down 2.5 percent from the 1,333 homes for sales this time last month. Year-over-year, the current number of available homes for purchase is up a whopping 52.8 percent.

However, despite the gains in the number of homes available for purchase only 36.5 percent are priced at, or below, the current median sales price.

Pending sales held fairly steady. Presently, 717 homes are pending sale in the Reno-Sparks market. That number is down only 1.1 percent from the 725 homes pending sale this time last month. Year over year, however, current pending sales are down 14.9 percent from October 2017.

October’s median days on market (DOM) came in at 65 days — an increase of four days over September’s DOM. October’s DOM is in line with last year’s 64 days.

October sales by type, break out as follows:

  • REO sales: 1% – up from September’s <1%
  • Short sales: <1% – unchanged from September’s <1%
  • Subject to Court Approval sales: 2% – up from September’s <1%
  • Relocation 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 0 0.0%
100 – 199 7 1.5%
200 – 299 82 19.4%
300 – 399 169 56.3%
400 – 499 93 76.5%
500 – 599 43 85.8%
600 – 699 19 90.0%
700 – 799 10 92.2%
800 – 899 10 94.3%
900 – 999 6 95.6%
1M+ 20 100%
total 459

A whopping 20 homes sold for over $1,000,000 in October. Last year, in total, 143 homes sold for over $1,000,000 — for an average of 12 per month. Thus far, year-to-date, 192 $1M+ homes sales have occurred — averaging more than 17 million-dollar, and above, sales per month this year. [See related post: Reno, Nevada Luxury Home Prices Gain Momentum in First Half of 2018.]

October’s median sold price for houses and condos combined was $353,000 — down 0.6% from September’s median sold price for combined sales of houses and condos.

The table below contains the past 13 months of data[1]

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 2018 459 $380,000 $213.62 65 1,300 717
Sep 2018 456 $373,500 $211.16 61 1,333 725
Aug 2018 567 $371,450 $211.79 57 1,208 790
Jul 2018 566 $387,000 $216.32 53 1,154 838
Jun 2018 601 $381,900 $215.98 49 923 906
May 2018 574 $375,000 $209.04 49 725 920
Apr 2018 491 $374,000 $205.34 51 638 891
Mar 2018 548 $375,000 $200.88 50 529 814
Feb 2018 444 $370,000 $193.90 61 528 796
Jan 2018 406 $359,950 $191.74 68 514 782
Dec 2017 493 $345,000 $194.35 69 605 578
Nov 2017 534 $353,500 $197.03 62 767 713
Oct 2017 555 $345,000 $191.48 64 851 843

Thank you for taking the time to read this market report. As always, your comments and questions are welcomed.


1. 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 7, 2018. For historical home sale data back to 1998 click here. Note: This information is deemed reliable, but not guaranteed.

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Incline Village, Nev. market snapshot

Below please find the housing market snapshot for Incline Village, Nevada provided by our friends at First Centennial Title.

Click in the chart below to access the full report.

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