“36 Hours in Lake Tahoe”

Each week the New York Times produces a video series called “36 hours in…”, where they shoot on location at a premier destination somewhere in the world. This week they released “36 Hours in Lake Tahoe”. [Note: the video is over 11 minutes long, but if you’re a fan of Lake Tahoe, it’s an enjoyable watch.]

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Washoe County insured recordings statistics – January 2015

Below please find Washoe County, Nevada resale, new home sale, and refinance insured recordings statistics for January provided by our friends at Ticor Title of Nevada, Inc.

[Click on the chart below to enlarge.]

Ticor Washoe County Market Stats for JANUARY 2012-2015 Trend Line

As we typically observe in January, all three indices took a major drop from December’s numbers. This drop is made even more dramatic when measured against the typical spikes observed in the indices during the month of December.
If historical patterns hold true, expect all three indices to bounce back in February.

Below please find Washoe County, Nevada Notices of Default (NODs), Notices of Sale (NOSs), Trustees Deed Filings (TDs) and New SFR REO Listings statistics for January 2015 provided to us by our friends at Ticor Title of Nevada, Inc.

[Click on the chart below to enlarge.]

Ticor Washoe County Foreclosure JANUARY 2015 Trend Line bar

The foreclosure-related indices were essentially unchanged for January over December, with the exception of new REO listings. January saw the number of new SFR REO listings increase by ten listings — 31 in January compared to December’s 21.

Related post: Washoe County insured recordings statistics – December 2014

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How accurate are Zillow’s Zestimates?

This is a question I get asked frequently. ..and is one, the answer of which, Zillow is constantly monitoring, and makes readily available. Zillow computes its Zestimate accuracy by comparing the final sale price of a home to the Zestimate for that home on or before the sale date. And Zestimates are automatically computed three times a week.

So how accurate is Zillow’s Zestimate? From Zillow’s website:

Nationally, the Zestimate has a median error rate of 8%, which means half of the Zestimates in an area are closer than the error percentage and half are farther off. For example, in Seattle, Zestimates for half of the homes are within 6.6% of the selling price, and half are off by more than 6.6%.

Zillow makes public the Zestimate accuracy data for every state, county, and major metro area in the U.S. For example, here is the latest Zestimate accuracy info for Nevada. [Note: If you’re a data geek, Zillow even allows you to download to a spreadsheet.]

So how accurate are Zestimates for our local market? Drilling down to Washoe County from the link above, the most recent accuracy numbers are:

  • within 20% of the actual sales price 86.9 percent of the time
  • within 10% of the actual sales price 64.6 percent of the time
  • within 5% of the actual sales price 34.4 percent of the time
  • for an overall median error rate of 7.3 percent

What do these numbers mean? Zestimates for half of the homes in Washoe County are within 7.3% of the selling price, and half are off by more than 7.3%. One-third of the Zestimates for Washoe County homes are within 5% of the actual sales price, and about two-thirds are within 10% of the actual sales price.

That’s not too bad for an automated algorithm that has never seen the property. As Zillow states on it’s site:

[A Zestimate] is not an appraisal. It is a starting point in determining a home’s value…We encourage buyers, sellers, and homeowners to supplement Zillow’s information by doing other research such as: Getting a comparative market analysis (CMA) from a real estate agent.

So, if you’d like to get an idea of your home’s value, start with Zillow; but for a more in-depth analysis, give me a call — 775-722-4011 – or send me a note. I’d be happy to help.

For much more information on Zestimates, check out Zillow’s Zestimate FAQ page.

Related post: How accurate are Zillow’s Zestimates for our market? (March 3, 2012)

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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 – January 2015

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

FCT Jan 2015 MCR with Commentary
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.

Both Reno’s and Sparks’ Supply to Demand ratio are very low currently — coming in at 1.9 and 1.3, respectively — signally an extremely tight markets.

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

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Median sales price by zip code

median sales price by zip codeThe table below shows the median sales prices for houses and condos throughout the Reno and Sparks, Nevada metropolitan area, broken out by zip code. I compared 2014 4th-quarter data to the same period for 2013. The zip codes are sorted by percent change in sales price, in descending order.

Three of the zip codes had very few sales (10 or fewer) for either one or both of the time periods reported, resulting in a highly variable (and perhaps less meaningful) percent change. I have denoted these zip codes with an asterisk.

For comparison purposes, see last year’s post, Which zip codes saw the greatest price increase in 2013?, where I compared 2013 4th-quarter sales data with 2012 4th-quarter sales, by zip code.

Also, here is link to a map showing the zip code boundaries for Greater Reno-Sparks, Washoe County, Nevada – provided by the Center for Regional Studies.

Zip Code Area % Increase 2014 Q4 Median Price 2013 Q4 Median Price
89501* Reno (Downtown) 28.3% $229,000 $178,450
89433 Sparks (Sun Valley) 20.6% $187,450 $155,450
89511 Reno SW (ArrowCreek, Saddlehorn, Galena, Montreux, St. James) 19.3% $525,000 $440,000
89509 Reno (Old Southwest) 19.1% $328,250 $275,500
89434 Sparks (D’Andrea) 18.8% $205,000 $172,600
89436 Sparks (Spanish Springs, Wingfield Springs) 17.4% $269,950 $230,000
89502 Reno (Hidden Valley, Donner Springs) 15.5% $171,000 $148,000
89506 Reno (Stead, Lemmon Valley, Golden Valley) 14.3% $182,897 $160,001
89503 Reno (NW) 12.1% $190,500 $170,000
89431 Sparks 11.9% $156,500 $139,900
89704 Washoe Valley 9.7% $255,000 $232,500
89508 Cold Springs, Rancho Haven 8.9% $193,900 $178,000
89523 Reno (Somersett) 7.5% $285,000 $265,000
89521 Reno (Double Diamond, Damonte Ranch) 7.4% $289,850 $270,000
89519 Reno (Caughlin Ranch) 4.3% $425,000 $407,450
89441 West Spanish Springs 2.3% $312,000 $305,000
89510* Palomino Valley -3.2% $305,000 $315,000
89512 Reno (North) -6.4% $103,000 $110,000
89439* Verdi-Mogul -10.6% $357,530 $400,000
  all zip codes combined 16.5% $233,000 $200,000

* denotes 10 or fewer sales for the quarter.

This next table presents the same zip code data sorted by 2014 4th-quarter median sales price.

Zip Code Area 2014 Q4 Median Price 2013 Q4 Median Price % Increase
89511 Reno SW (ArrowCreek, Saddlehorn, Galena, Montreux, St. James) $525,000 $440,000 19.3%
89519 Reno (Caughlin Ranch) $425,000 $407,450 4.3%
89439* Verdi-Mogul $357,530 $400,000 -10.6%
89509 Reno (Old Southwest) $328,250 $275,500 19.1%
89441 West Spanish Springs $312,000 $305,000 2.3%
89510* Palomino Valley $305,000 $315,000 -3.2%
89521 Reno (Double Diamond, Damonte Ranch) $289,850 $270,000 7.4%
89523 Reno (Somersett) $285,000 $265,000 7.5%
89436 Sparks (Spanish Springs, Wingfield Springs) $269,950 $230,000 17.4%
89704 Washoe Valley $255,000 $232,500 9.7%
89501* Reno (Downtown) $229,000 $178,450 28.3%
89434 Sparks (D’Andrea) $205,000 $172,600 18.8%
89508 Cold Springs, Rancho Haven $193,900 $178,000 8.9%
89503 Reno (NW) $190,500 $170,000 12.1%
89433 Sparks (Sun Valley) $187,450 $155,450 20.6%
89506 Reno (Stead, Lemmon Valley, Golden Valley) $182,897 $160,001 14.3%
89502 Reno (Hidden Valley, Donner Springs) $171,000 $148,000 15.5%
89431 Sparks $156,500 $139,900 11.9%
89512 Reno (North) $103,000 $110,000 -6.4%
  all zip codes combined $233,000 $200,000 16.5%

* denotes 10 or fewer sales for the quarter.

Note: The median home price data reported above covers zip codes throughout Reno, Nevada and Sparks, Nevada. Residential data includes Site/Stick Built properties and Condo/Townhouses. Data excludes Manufactured/Modular and Shared Ownership properties. Data courtesy of the Northern Nevada Regional MLS – February 2015. Note: This information is deemed reliable, but not guaranteed.

Related post: Which zip codes saw the greatest price increase in 2013?

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A few of my Facebook posts from this past week

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In addition to posting on this blog, I also maintain a Facebook Page where I post daily content. A sample of these FB posts follow. Feel free to Like my FB Page to see these posts as they occur.

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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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