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

Lake Tahoe Friday fact

Paddleboarding off Speedboat Beach, Lake Tahoe — Image by Guy Johnson

How deep is Lake Tahoe?

A maximum depth of 1,645 feet in Crystal Bay makes Tahoe the second deepest lake in the USA, third deepest in North America and 11th deepest in the world. The elevation of Carson City, Nevada is 85 feet higher than the deepest part of Lake Tahoe. If the Willis (formerly Sears) Tower, the tallest building in North America, were dropped into Lake Tahoe at its deepest point, the top would still be submerged by 195 feet of water. The average depth is about 1,000 feet.

Fact credit: TahoeFacts.com

Posted in Lake Tahoe | Tagged , , | Leave a comment

Lake Tahoe Friday fact

Paddleboarding off Speedboat Beach, Lake Tahoe — Image by Guy Johnson

How large is Lake Tahoe?

The maximum length of the Lake is 21.2 miles (north to south) and the maximum width is 11.9 miles (east to west). The surface area is 191 square miles (122,200 acres). The shoreline length is 75.1 miles and the encircling state highway is 71.8 miles long.

Fact credit: TahoeFacts.com

Posted in Lake Tahoe | Tagged , , | Leave a comment

Market Quicksheets from the Reno/Sparks Association of REALTORS®

Below please find the market infographics for January 2019 for the Reno, Sparks and Fernley, Nevada housing markets.

While the Sparks and Reno markets each saw a decline in the median sales price, Fernley’s housing market experienced a slight increase in the median sales price in January 2019.

New listing inventory was up substantially in all three markets.

These infographics are provided by the Reno/Sparks Association of REALTORS®.

Posted in Market Trends | Tagged , , , , , | Leave a comment

Lake Tahoe Friday fact

Paddleboarding off Speedboat Beach, Lake Tahoe — Image by Guy Johnson

How clear is the water and why?

Clarity is determined by measuring the water depth at which an 8-inch diameter white disk disappears from view. The Lake owes it extraordinary natural clarity mainly to its exceptional depth and volume, a relatively small watershed and favorable climatological conditions. In 2013, clarity averaged 70.1 feet, far less than the maximum 105 feet of clarity measured in 1968. In the last 10 years, the rate of loss of clarity has decreased due to environmental improvements in the watershed.

Fact credit: TahoeFacts.com

Posted in Lake Tahoe | Tagged , , | Leave a comment

January median sales price and other market metrics

January home sales drop to its lowest level in a decade

The median home price in Reno-Sparks, Nevada fell to $362,000 in January — marking three consecutive months of declines. The median sales price of $362,000 is off 6.0 percent from its high of $385,000 set in October last year. It is also nearly back to where it was a year ago when the median was $359,950 in January 2018.

  • Month-over-month, January’s median sales price is down 0.8%.
  • Year-over-year, January’s median sales price is up 0.7%.

Despite the decline in the median sales price, January’s median sold price per square foot (PPSF) increased to $210.44/sq.ft — a slight gain of 0.3 percent over December’s. Year-over-year, January’s median sold PPSF is up 9.8 percent.

The bigger story with the housing market is the substantial drop in the number of homes sold for the month. Units sales in January totaled a paltry 321 homes — down 16.4 percent from December’s 384 units sold, and down a whopping 20.9 percent year-over-year.

Longtime followers of the housing market will know that January is historically known for weak sales, but 320 units sold is abnormally low. In fact, one would have to go back to 2009 in order to find a month with lower sales.

Regarding inventory, presently 961 homes are available for purchase in the Reno-Sparks market. Given the current rate of home sales, available inventory equates to about a 3-month supply (MSI) — a Seller’s market. Currently, available inventory is down 10.9 percent from the 1,079 homes for sales this time last month. Year-over-year, the current number of available homes for purchase is up a whopping 87.0 percent from this time last year.

However, despite the number of homes available for purchase only 44.8 percent are priced at, or below, the current median sales price.

On a brighter note, pending sales rose in January. Presently, 655 homes are pending sale in the Reno-Sparks market. That number is up 21.1 percent over the 541 homes pending sale this time last month. Look for unit sales to increase in February as the market begins to enter the spring home buying season. Year-over-year, current pending sales are down 16.2 percent from January 2018.

January’s median days on market (DOM) came in at 86 days — an increase of nine days over December’s DOM. January’s DOM is up a significant 26.4 percent year-over-year indicating a relatively slower market than this time last year.

January sales by type, break out as follows:

  • REO sales: 1.6% – down from December’s 2.2%
  • Short sales: 0.6% – up from December’s 0%
  • Subject to Court Approval sales: 1.9% – up from December’s 0.6%
  • Relocation sales: 0.3% – down from December’s 0.6%
  • Equity sales: 95.6% – down from December’s 96.7%

January 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 6 1.9%
200 – 299 76 25.5%
300 – 399 115 61.4%
400 – 499 67 82.2%
500 – 599 16 87.2%
600 – 699 14 91.6%
700 – 799 8 94.1%
800 – 899 6 96.0%
900 – 999 4 97.2%
1M+ 9 100%
total 321

January’s median sold price for houses and condos combined was $340,000 — essentially unchanged from December’s median sold price of $339,900 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
Jan 2019 321 $362,000 $210.44 86 961 655
Dec 2018 384 $364,750 $209.76 77 1,079 541
Nov 2018 469 $377,500 $211.75 71 1,237 634
Oct 2018 469 $385,000 $213.62 65 1,300 717
Sep 2018 460 $372,527 $210.74 60 1,333 725
Aug 2018 572 $370,725 $211.79 57 1,208 790
Jul 2018 567 $385,000 $216.37 53 1,154 838
Jun 2018 602 $381,950 $215.88 49 923 906
May 2018 575 $375,000 $209.12 49 725 920
Apr 2018 491 $374,000 $205.34 51 638 891
Mar 2018 549 $375,000 $200.86 50 529 814
Feb 2018 444 $370,000 $193.90 61 528 796
Jan 2018 406 $359,950 $191.74 68 514 782

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 – February 6, 2019. Note: This information is deemed reliable, but not guaranteed.

For historical home sale data back to 1998 click here.

Posted in Agent Insights, Market Trends | Tagged , , , , , , , , , , , , , , | Leave a comment

Incline Village, Nevada housing market report

Below please find the current housing market report 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 $1,645,000 with the market action index hovering around 25. This is about the same as last month’s market action index of 25. Inventory has held steady at or around 30. [Note: 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.]

Home sales have begun exceeding new inventory. This is a Buyer’s market so prices are not yet moving higher as excess inventory is consumed. If the tightening continues and the market moves into the Seller’s zone, we may see upward pressure on pricing.

Click on the chart below to access the entire report.

Posted in General | Tagged , , , , , | Leave a comment

This weeks 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