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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A few of my recent Facebook posts

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In addition to posting on this blog, I also maintain a Facebook Page where I post daily content on the Reno, Sparks, Incline Village and northern Nevada real estate market and economy.

Below are a few recent posts from my Facebook Page.

To see my Facebook posts in real time as I post them please Like my FB Page

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Northern Nevada regional median home prices – June 2019

I often get asked about the median home prices in areas other than Reno/Sparks, Nev. If you’re curious as to median home prices in some of the other areas of Northern Nevada, the table below shows June’s median home sales prices, as well as the month-over-month and year-over-year change. [Note: The large percent change observed in some of the areas can be a result of very few monthly sales in those areas.]

If there is an area in Northern Nevada that I have not listed above, let me know and I’ll add it.

Also, I would like to know if you find this information useful. Should I provide this data monthly? Quarterly?

As always, thank you for reading the blog.


The residential sales data in the table above 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 7, 2019. Note: This information is deemed reliable, but not guaranteed.

Posted in Agent Insights, Carson City, fernley, Incline Village, Market Trends | Tagged , , , , , , , | 4 Comments

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

June median sales price and other market metrics

Reno and Sparks, Nev. median home sales price hits another all-time record high — now at $400,000!

Wow! The median home price in Reno-Sparks, Nevada jumped to another new record high — coming in at $400,000 for June. June’s median home price climbed 2.6 percent over May’s median of $390,000.

Year-over-year, June’s median sale price is up 4.7 percent.

June’s median sold price per square foot (PPSF) also set a new record high — coming in at $220.49/sq.ft. This number is up 0.1 percent over May’s $220.20/sq.ft.

Year-over-year, June’s median sold PPSF is up 2.1 percent.

Homes Sold

The number of homes sold in June fell compared to May’s record-setting 681 homes sold. 544 homes sold in June — representing a whopping 20.1 percent drop from May.

Year-over-year, June’s number of homes sold was down 9.6 percent from the 602 homes sold in June 2018.

Year-to-date home sales for 2019 are down 5.8 percent compared to the same period last year.

Inventory

Regarding inventory, presently 1,252 homes are available for purchase in the Reno-Sparks market. This number is up 7.7 percent over the 1,163 homes available for sale this time last month. Year-over-year, June’s currently available inventory is up 35.6 percent.

That being said, despite the number of homes currently available for purchase, only 30.0 percent are priced at, or below, the current median sales price. Lack of affordable inventory remains an issue.

Pending sales rose slightly in June. Presently, 915 homes are pending sale in the Reno-Sparks market. That number is up 0.4 percent over the 911 homes pending sale this time last month. Year-over-year, current pending sales are up 1.0 percent over the number of pending sales in June 2018.

Days on Market

June’s median days on market (DOM) came in at 55 days — an increase of 1 day over May’s median DOM.

Year-over-year, June’s DOM number is up 5 days over June 2018’s number.

Sales by Type

June sales by type, break out as follows:

  • REO sales: 1.3% – up from May’s 1.2%
  • Short sales: 0.0% – down from May’s 0.3%
  • Subject to Court Approval sales: 1.3% – up from May’s 0.8%
  • Relocation sales: 0.8% – up from May’s 0.6%
  • Equity sales: 96.6% – down from May’s 96.9%

Sales by Price

June 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 8 1.7%
200 – 299 71 14.7%
300 – 399 191 49.8%
400 – 499 127 73.2%
500 – 599 46 81.6%
600 – 699 31 87.3%
700 – 799 19 90.8%
800 – 899 12 93.0%
900 – 999 10 94.9%
1M+ 28 100%
total 544

Wow!28 homes sold for $1M, or more, during the month of June. .

June’s median sold price for houses and condos combined was $375,000 — a 2.7 percent increase over May’s median sold price of $365,000 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
Jun 2019 544 $400,000 $220.49 55 1,252 915
May 2019 681 $390,000 $220.20 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
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

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 – July 3, 2019. Note: This information is deemed reliable, but not guaranteed.

For historical home sale data back to 1998 click here.

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A deep dive analysis on Reno-Sparks’ housing crisis

Check out today’s Reno Gazette Journal’s piece on Reno-Sparks’ affordable housing crisis. This deep-dive analysis is worth the read: Reno-Sparks has an affordable housing crisis. So why aren’t developers building more houses?

From the RGJ piece above:

Incomes, meanwhile, have not kept pace with the skyrocketing cost of housing. Between 2012 and 2017, wages for households in the Reno metro area grew by 25%, according to data from the Census Bureau American Community Survey. During that same period, the median price for existing single-family homes jumped by nearly 140%.

Do have an idea that would address the affordable housing crisis? Would love to hear your thoughts in the comments below.

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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 $1,771,500 with the market action index hovering around 25. This is less than last month’s market action index of 27. Inventory has held steady at or around 36. 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.

The Market Action Index has been trending lower for several weeks while prices have remained relatively stable. If inventory continues to grow relative to demand however, it is likely that we will see downward pressure on pricing.

Click on the chart below to access the entire market report.

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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…

Posted in headlines, News | Tagged , | Leave a comment