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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3 Reno Neighborhoods with the Fastest Rising Home Values

Below is a guest post written exclusively for this blog by Zillow’s Content Coordinator, Miriam Bornstein

Reno’s housing market has shown much growth over the past year. With a median home value of $237,600, and home values increasing by 14 percent this year, Reno’s market is hot for buyers, offering some of the highest year-over-year appreciation across the United States.

Consider these three Reno neighborhoods with the fastest rising home values when beginning your home search.

Northeast Reno
Median home values in Northeast Reno are listed at $137,100 and have rapidly increased over the past year by a whopping 29 percent. This number is significantly higher than the median national home value increase of 3 percent. Northeast Reno is a great neighborhood for outdoor enthusiasts, offering stunning hiking trails at Keystone Canyon, breathtaking views of the Truckee River and the Great Reno Balloon Race, the largest free hot-air balloon event in the world. With a wide offering of the outdoors, close access to Sparks and the University of Nevada, Reno, it’s no wonder that home values will continue to increase throughout the next year by 11 percent.

East Reno
With a median home value of $167,500, East Reno home values have increased by 22 percent since May of 2014 and are predicted to rise another 8.9 percent by May 2016. East Reno is located near the Reno-Tahoe Airport, making it a great neighborhood among business professionals who consistently travel for work. Another draw to this neighborhood is the price of single-family homes. With a median price of $195,400, single-family homes are less expensive than homes found in regions such as, Southwest Reno, South Central Reno and South Reno, where prices range from $314,100 to $374,100. With single-family homes appreciating by 16 percent year-over-year, East Reno is becoming a desirable neighborhood for those wanting comfortable amenities with nearby conveniences.

North Valleys
North Valleys, which has a median home value of $189,300, is the perfect destination for families and professionals who desire a community that’s removed from the city. Home values there have increased 16 percent since May of last year and are forecasted to increase another 6.8 percent by May 2016. In terms of trending areas, Sierra Sage Golf Course and Mayors Park are two hot spots in North Valleys with an abundance of recently sold homes. For those willing to live further from the city, North Valleys compensates with extra acreage, nearby schools and local events like the Reno Air Races.

Reno’s housing market has shown steady growth with prices appreciating by 43 percent over the last five years. Reno will continue to attract travelers and prospective residents with the rise of major businesses opening facilities such as, Tesla, Amazon and Apple and through the increased popularity of national events like Burning Man and the Great Balloon Festival. If you’re looking to buy a home, consider whether one of these three Reno neighborhoods is the right fit for you.

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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…

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FCT’s Market Condition Report – June 2015

Our friends at First Centennial Title have released their Market Condition Report for the Reno, Nevada area for the month of June. (Click on the report below to enlarge.)

FCT Market Condition Report June 2015

Nothing but green. Green tinted cells signal tight markets — from a Ratio of Supply to Demand standpoint — in the specified areas. All other things being equal, the smaller the Ratio of Supply to Demand, the tighter the area market.

Reno’s Ratio of Supply to Demand value of 1.9 is up slightly from last month’s 1.8 number, however remains extremely low. Sparks’ Ratio of Supply to Demand value of 1.2 is unchanged from last month’s 1.2 number, and also remains extremely low.

Also noteworthy is the difference between the median “in escrow” price and the median closed sales price report for the areas. The June report shows that Reno properties exhibit a median “in escrow” price of $300,000 and a median closed sales price of $295,000. This difference of only $5,000 indicates that properties are selling at only a 1.7 percent discount.

related post: FCT’s Market Condition Report – May 2015

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RSAR Monthly Market Report – June 2015

The Reno/Sparks Association of REALTORS® has released its Sparks and Reno real estate market report for June 2015. Click on the report below to access the entire report.

rsar-market-report-2015-06

From June’s report…

“June 2015 unit sales was another record June, exceeded only by June 2005’s unit sales,” said Dave Hansen, 2015 RSAR president. “We continue to see a steady increase in the average median sales price since the bottom of the market in January 2012. Although the price curve rose rapidly in 2012, it has flattened out. This is a good thing and indicates the market may be stabilizing.”
June 2015 median price was down -2.3% to $278,500 compared to $285,000 in ?May 2015 and up 11.4% compared to $250,000 in June 2014.

related post: RSAR Monthly Market Report – May 2015

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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…

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June median sales price, units sold, DOM and inventory

June mediansThe skyrocketing median sales price finally took a breather in June. The Reno-Sparks median home price dropped to $279,500 for June — a 1.9 percent drop from May’s $285,000 median sales price. That being said the current median home price is up 11.8 percent year-over-year.

Surprisingly, June’s median sold price per square foot (ppsf) did not decrease in concert. Junes median ppsf came in at $155.20/sq.ft. — a 1.2 percent one-month increase over the $152.57/sq.ft. seen in May; and a 14.2 percent year-over-year increase.

The number of homes sold in June was the standout metric in June. 632 houses sold in June; representing a 10.1 percent increase over the 574 houses sold in May. Our market hasn’t seen that many sales in one month since August 2013. June’s sales were up 11.9 percent year-over-year.

June’s median days on market (DOM) increased a bit, moving from 52 DOM in May to 55 DOM in June.

For the 4th consecutive month available inventory has risen. [That is a good thing.] 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, 1,005 houses are available for sale — up 8.1 percent over May’s 930 houses for sale. However, available for-sale inventory remains low. June’s number is down 18.6 percent from this time last year.

Pending sales receded a bit in June. June’s 1,088 pending sales is down 3.6 percent from May’s 1,129 pendings.

June sales by type break out as follows:

  • REO sales: 3% – down from May’s 4%
  • Short sales: 5% – unchanged from May’s 5%
  • Equity sales: 90% – up from May’s 89%

Distressed sales now make up less than 10 percent of the monthly sales.

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

sales price ($000’s) units sold cumulative % of sales
0 – 99 3 0.5%
100 – 199 94 15.3%
200 – 299 263 57.0%
300 – 399 155 81.5%
400 – 499 50 89.4%
500 – 599 29 94.0%
600 – 699 12 95.9%
700 – 799 9 97.3%
800 – 899 3 97.8%
900 – 999 5 98.6%
1M+ 9 100%
total 632

June’s median sold price for houses and condos combined was $262,000 — a 1.9 percent decrease from May’s median sold price of $267,000 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
Jun 2015 632 $279,500 $155.20 55 1,005 1,088
May 2015 574 $285,000 $152.57 52 930 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
Jun 2014 565 $250,000 $135.91 61 1,234 1,098

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

Click here for historical data back to 1998.

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

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This past week’s real estate headlines

national real estate headlines - 2014I trust everyone had an enjoyable 4th of July holiday weekend. Here are a few national real estate-related stories that came across my screen last week…

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