Washoe County releases draft for short-term rentals


Are you an AirBnB or VRBO host? Or are you considering entering the short-term rental space? If so, then you may be interested in Washoe County’s proposed recommendations for short-term rentals.

Some of the recommendations on the table include:

  • Short-term rental (STR) permit required
  • Designated 24/7 responsible party who can respond to issues within a 30-minute timeframe
  • Annual renewal of STR permit
  • Applicable room taxes to be paid
  • Designated parking spaces to be provided
  • Occupancy limits

…and more.

Please note: These recommendations apply only to STRs in unincorporated Washoe County — meaning outside of Reno and Sparks.

These recommendations for consideration by the Board of County Commissioners will be heard at the Board’s November 12th, 2019 meeting at, or after, 1:30PM. Click here for the meeting agenda and location.

If you happen to attend, please share your comments below.

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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 past week…

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October median sales price and other market metrics

Home prices remain strong, inventory drops sharply, as market velocity cools

Reno-Sparks home prices regained some of the ground lost during the previous two months. October’s median sold home price was $399,995 for the month — a 1.3 percent increase over September’s median sales price of $395,000.

Year-over-year, October’s median closed sales price was up 3.9 percent.

Despite the increase in the median sales price, October’s median sold price per square foot (PPSF) saw a decrease for the month. October’s median sold PPSF fell to $216.08/sq.ft. — down 1.3 percent from September’s $218.87/sq.ft.

Year-over-year, October’s median sold PPSF is up 1.0 percent.

Homes Sold

Home sales fell to 554 units sold in October — representing a 4.0 percent decrease from September’s 577 homes sold.

That being said, year-over-year, October’s number of homes sold was up a whopping 18.4 percent over the 468 homes sold in October 2018.

Year-to-date home sales for 2019 are now up 3.0 percent compared to the same period last year — 5,290 vs. 5,135, respectively.

Inventory

Currently 1,090 homes are available for purchase in the Reno-Sparks market. This number is down 15 percent from the 1,283 homes available for sale this time last month. Year-over-year, current available inventory is down 16.2 percent.

Pending sales also fell in October. Presently, 773 homes are pending sale in the Reno-Sparks market. That number is down 5.0 percent from the 814 homes pending sale this time last month. Expect homes sales to continue to decline as the market enters the fall and winter seasons.

Despite its monthly decline, year-over-year, current pending sales are up 7.8 percent over the number of pending sales this time last year.

Days on Market

October’s median days on market (DOM) clocked in at 76 days — an increase of 8 days over September’s median DOM. Increasing DOM is indicative of a cooling fall market.

Year-over-year, October’s DOM number is up 11 days over October 2018’s number.

Sales by Type

October sales by type, break out as follows:

  • REO sales: 1.1% – down from September’s 1.4%
  • Short sales: 0.4% – up over September’s 0.2%
  • Subject to Court Approval sales: 0.9% – down from September’s 1.3%
  • Relocation sales: 0.2% – unchanged from September’s 0.2%
  • Equity sales: 97.5% – up over September’s 97.0%

Sales by Price

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 1 0.2%
100 – 199 3 0.7%
200 – 299 82 15.5%
300 – 399 193 50.4%
400 – 499 130 73.8%
500 – 599 68 86.1%
600 – 699 33 92.1%
700 – 799 12 94.2%
800 – 899 8 95.7%
900 – 999 4 96.4%
1M+ 20 100%
total 554

October’s median sold price for houses and condos combined was $379,900 — a 2.7 percent increase over September’s median sold price of $370,000 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 2019 554 $399,995 $216.08 76 1,090 773
Sep 2019 577 $395,000 $218.87 68 1,283 814
Aug 2019 623 $399,000 $213.78 64 1,342 898
Jul 2019 605 $406,000 $217.39 60 1,367 906
Jun 2019 570 $400,000 $219.78 55 1,252 915
May 2019 680 $390,000 $220.27 54 1,163 911
Apr 2019 531 $375,000 $213.73 65 996 923
Mar 2019 458 $369,000 $207.92 78 867 815
Feb 2019 362 $372,150 $208.84 89 888 774
Jan 2019 325 $362,000 $210.44 86 961 655
Dec 2018 385 $365,000 $209.82 77 1,079 541
Nov 2018 469 $377,500 $211.75 71 1,237 634
Oct 2018 468 $385,000 $213.86 65 1,300 717

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, 2019. Note: This information is deemed reliable, but not guaranteed.

For historical home sale data back to 1998 click here.

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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 past week…

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“Housing Our Future” report released

Concerned about housing affordability in our region?

If so, then you may find the newly released report, Housing Our Future – Truckee Meadows Regional Strategy for Housing Affordability of interest.

15 months in the making, and weighing in at 286 pages, this is one thorough document.

From the document…

Housing our Future is the Truckee Meadows’ Regional Strategy for Housing Affordability over the next ten years. This strategy contains two components: a Community Profile and a Strategy Roadmap. The Housing our Future Community Profile introduces and defines the use, need, and impact that affordable housing has and can have on the region. It is supported by robust analysis and evaluation of the current housing stock, market conditions, regional housing tools, and national best practice. The Housing our Future Strategy Roadmap provides the concrete steps the region can take over the next ten years to capitalize on the opportunities and address the needs that were identified in the Community Profile.

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Incline Village housing market report

From the most recent housing market report for Incline Village, Nevada

This week the median list price for Incline Village, NV is $2,097,497 with the market action index hovering around 30. This is about the same as last month’s market action index of 30. Inventory has held steady at or around 42.

The Market Action Index answers the question “How’s the Market?” by measuring the current rate of sale versus the amount of the inventory. Index above 30 implies Seller’s Market conditions. Below 30, conditions favor the buyer.

In the last few weeks the market has achieved a relative stasis point in terms of sales to inventory. However, inventory is sufficiently low to keep us in the Seller’s Market zone and prices have recently resumed upward pressure.

Click on the chart below to access the entire market report for Incline Village.

Click here to see homes for sale in Incline Village.

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Reno, NV ranks 6th in the U.S. for most dynamic mid-sized city

Point2Homes recently analyzed 150 urban centers throughout the U.S., across 18 factors, in order to rank them according to “Most Dynamic” in regards to innovation and development.

The analysis looked at each city’s: human capital; education and culture; economic activity; and housing.

In the overall ranking of all 150 urban centers, Reno, Nevada ranks 16th in the country for “Most Dynamic”.

In looking at just mid-sized cities (200,000 to 499,999 residents), Reno ranks 6th in the U.S.

From the Point2Homes report:

Despite a significant jump in home prices, Reno remains affordable. It also boasts the 7th most significant growth in the number of building permits.

Way to go Reno! Congrats!

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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…

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