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…

Posted in headlines, News | Tagged | Leave a comment

Welcome Cenntro Motors Corporation

Posted in News | Tagged | Leave a comment

RSAR Monthly Market Report – September 2014

The Reno/Sparks Association of REALTORS® has released its real estate market report for September 2014. The report can be accessed by clicking on the chart below.

housing afordability index
September’s market report debuts two new charts on housing affordability (see Charts 27 and 28).

The Housing Affordability Index shown in these new charts is derived by examining many metrics, including:

  • median home sales price
  • Washoe County median income
  • a 5% down payment
  • the applicable interest rate for a 30 year fixed mortgage
  • and a debt to income ratio of 28%

A value of 100 on the index means that a buyer with the Washoe County median income has adequate income to qualify for a mortgage on a median priced home. From the Housing Affordability Index chart (Chart 27) we can see that in January 2012 the market was at its most affordable; coinciding when the median home price hit a low. With the recent increases in median price and interest rates, the median priced home is less affordable for the Washoe County median income earner.

The 13-month detail chart (Chart 28) applies the same factors identified above to the past thirteen months. An area with a factor of over 100 would be considered most affordable to the median income earner.

As can be seen in Chart 28 the Housing Affordability Index shows at today’s median price the most affordable areas are North Valleys, Old Southeast and Sparks.

Summary from the September report…

  • Sales are down for the month. It’s not unusual to see a drop in sales in the Fall and Winter months.
  • It appears the market is following the seasonal trends that were typical before the real estate boom and bust.
  • The sales to listing price ratio is down to 98.4% compared to September 2013 when it was at 99.4%. This is an indication that even though it’s a seller market, sellers are accepting less than listing price.
  • Available inventory is up 4.2%, but there is no real improvement in the “affordable range.” There is less than 3 Month’s Supply of Inventory in the $150,000 to $250,000 price ranges.
  • September pending sales are level with August at 395. Pending sales are a leading indicator of future closed transactions.
  • Interest rates are predicted to increase in 2015 which will reduce purchasing power. Buyers who are sitting on the fence should look at their options while interest rates remain at historic lows and down payment assistance programs are available.

related post: RSAR Monthly Market Report – August 2014

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

Ch-ch-changes

Mike Kazmiersky, President/CEO of the Economic Development Authority of Western Nevada (EDAWN), penned a nice piece on how the Reno-Sparks area will change with the arrival of Tesla Motors’ Gigafactory. See Our World Has Just Changed With Tesla! [click on the link and then scroll down]

Some positive impacts will include…

  • higher home values
  • increase property tax revenues
  • improved air service
  • rebound of the construction industry
  • higher average wages
  • lower unemployment

On the negative side, the area will see…

  • more traffic
  • increase prices
  • higher cost of living
  • population increase

What are your thoughts? What changes (expected or otherwise) will the region see?

Posted in Developments, News | Tagged , | 1 Comment

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…

Posted in headlines, News | Tagged | Leave a comment

FCT’s Market Condition Report – September 2014

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

FCT Sept 2014 MCR
from the report:

The Ratio of Supply to Demand measures the number of units of supply relative to the number of closings per month (demand). All other things being equal, the smaller this number, the tighter the area market. Green formatting signals relatively tight markets in the area segment. Red formatting signals relatively loose markets.

Reno and Sparks, Nevada are each green.

related post: FCT’s Market Condition Report – August 2014

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

Washoe County real estate licensees increase for the first time since the collapse of the housing bubble

declining number of licenseesNevada’s number of active real estate licensees topped 20,000 in August and is now at a level not seen since June 2011 (see “Statewide” table below).

After years of dwindling numbers, the number of real estate licensees turned the corner earlier this year — See Nevada real estate licensees on the rise – May 12, 2014.

This change in direction is a result of more than two years of increasing home prices. And with the excitement and optimism surrounding Tesla Motors’ gigafactory forthcoming expect this increasing trend to continue.

Clark and Washoe Counties accounted for the largest number of new licensees — with Washoe County seeing an increase in its agent count for the first time since the housing bubble burst. Washoe County’s number of Active real estate licensees totaled 2,455 in August — a 1 percent increase over March’s 2,431 Active licensees.

Active Inactive Total
Washoe County Licensed RE Agents and Brokers
August 2014 2,455 629 3,084
March 2014 2,431 601 3,032
November 2013 2,460 538 2,998
April 2013 2,490 543 3,033
September 2012 2,506 555 3,061
May 2012 2,517 587 3,104
January 2012 2,537 623 3,160
June 2011 2,574 699 3,273
February 2011 2,578 744 3,322
March 2010 2,644 803 3,447
November 2009 2,737 779 3,516
September 2009 2,737 796 3,533
August 2009 2,725 817 3,542
March 2009 2,770 1,022 3,792
December 2008 2,888 1,001 3,889
September 2008 2,791 1,011 3,802
June 2008 2,984 1,085 4,069
January 2008 3,104 1,142 4,246
October 2007 3,176 1,134 4,310
August 2007 3,229 1,137 4,366
June 2007 3,221 1,237 4,458
April 2007 3,166 1,304 4,470

 

Active Inactive Total
Statewide Licensed RE Agents and Brokers
August 2014 20,403 4,671 25,074
March 2014 19,710 4,101 23,811
November 2013 19,484 3,937 23,421
April 2013 19,719 3,704 23,420
September 2012 19,832 3,642 23,474
May 2012 19,925 3,855 23,780
January 2012 19,987 4,264 24,251
June 2011 20,395 4,861 25,256
February 2011 20,744 5,276 26,020
March 2010 22,139 5,652 27,791
November 2009 22,612 5,802 28,414
September 2009 22,865 5,943 28,808
August 2009 22,920 6,066 28,986
March 2009 23,466 7,448 30,914
December 2008 24,327 7,457 31,784
September 2008 23,814 7,345 31,159
June 2008 25,986 7,518 33,504
January 2008 26,997 7,470 34,467
October 2007 28,115 6,970 35,085
August 2007 28,548 6,988 35,536
June 2007 28,763 7,418 36,181
April 2007 28,886 7,723 36,609

Source: Nevada Real Estate Division

Related post: Nevada real estate licensees on the rise (May 12, 2014)

Posted in Agent Insights, Real Estate Industry | Tagged , , , | Leave a comment

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…

Posted in headlines, News | Tagged | Leave a comment