Washoe County insured recordings statistics – December 2014

Below please find Washoe County, Nevada resale, new home sale, and refinance insured recordings statistics for December 2014 provided by our friends at Ticor Title of Nevada, Inc.

[Click on the chart below to enlarge.] Ticor Washoe County Market Stats for DECEMBER 2011-2014 Trend Line

All indices were up for December. December saw a large spike, 19.2 percent, in the number of re-finances — no doubt driven by low mortgage rates. The number of December resales also jumped — 15.1 percent over November’s number of resales. And new construction sales climbed more than 11 percent in December to reach level not seen since July 2013.

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 November 2014 provided to us by our friends at Ticor Title of Nevada, Inc.

[Click on the chart below to enlarge.]

Ticor Washoe County Foreclosure DECEMBER 2014 Trend Line

December’s number of new REO listings hitting the market was the lowest monthly total for the year (2014). Notices of Sale (NOSs) and Trustee Deeds (TD) – slight uptick. Notices of Default (NODs) – slight downtick.

Related post: Washoe County insured recordings statistics – November 2014

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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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Job growth tsunami coming: 51,000 new jobs to hit the area

51,000 new primary and secondary jobs are coming to the Reno-Sparks area over the next five years. See the RGJ’s story: Job growth to test region’s infrastructure says EDAWN

But who’s going to fill these positions?

Nevada currently has the second fastest growing population in the nation; so perhaps these jobs will be filled with job seekers relocating to the region. But can the region’s infrastructure (roads, housing, schools, healthcare system, water supply, etc.) support that kind of growth and continued population increase?

Regarding housing I can say that inventory is already at historically low levels. Buyer demand is currently already very strong — even though it’s only January. Home prices have nearly doubled since bottoming three years ago. Where is the additional housing stock going to come from? Where is it going to be built? KTVN news recently reported that there are several new housing developments underway throughout the Truckee Meadows. But will that be enough to satisfy homebuyer demand and keep home prices in check.

To address these concerns and others, the Economic Development Authority of Western Nevada (EDAWN) has convened a regional planning group, the Economic Planning Indicators Committee (EPIC). See the RGJ Opinion piece: Kazmierski: 50,000 jobs coming to Reno area – now what? In the piece, Mike Kazmierski, president and CEO of EDAWN, says EPIC’s mission is: “to identify in detail the who, what, where and when impacts of this growth. The goal is to get this information out to the community by March 1st.”

I will keep readers posted on updates as I receive them.

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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…

Most of the news this week revolved around mortgage rates

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FCT’s Market Condition Report – December 2014

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

FCT Market Condition Report Dec 2014

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.

Reno’s Supply to Demand ratio fell beneath 2.0 in December to 1.8 — this was a significant drop from Reno’s Supply to Demand of 2.3 in November. Sparks saw a similar drop in its market’s Supply to Demand ratio — falling from 1.8 in November to a very low 1.2 in December; and signally an extremely tight market.

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

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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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RSAR Monthly Market Report – December 2014

The Reno/Sparks Association of REALTORS® has released its real estate market report for December 2014. Click on the report below to access the entire report — including new “Housing Affordability Index” charts on pages 27 and 28.

rsar-market-report-2014-12

Summary from December’s report…

  • “The past year saw the lowest number of first-time home buyers in decades,” said Dave Hansen, 2015 president Reno/Sparks Association of REALTORS®. “While renting can be a good choice when saving for a down payment, recent findings show that homeownership is still the better deal. The cost of renting is rising faster than any other time in the last six years, according to the Bureau of Labor Statistics, and rental inventory stands at a 20-year low. We believe that because of this, first-time home buyers will be more active in the 2015 housing market, freeing up some of that rental inventory.”
  • December 2014 median price was up 0.8% to $262,000 compared to $260,000 in November 2014 and up 12.9% compared to $232,000 in December 2013.
  • December, 2014 units sold was up 6.6% to 501 compared to 470 in November, 2014 and up 1.6% compared to 493 in December 2013.
  • As predicted new listing inventory dipped to a seasonal low of 281.
  • Annual sales for 2014 were down 2% or 134 units compared to 2013 annual sales.
  • The December sale to listing price ratio was as 98.3% and has remained between 98% and 98.5% for the past six months.
  • The market remains in a seller’s market at 2.7 month’s supply of inventory, the lowest in history. The Reno market has remained consistently in a seller’s market for 24 of the past 26 months.
  • With an uptick in sales in December as the year closed, and low new listing inventory numbers, it’s no surprise that the Month’s Supply of Inventory is at a historical low.
  • The unemployment rate continues to decline. Washoe county annual average unemployment as of November is down to 7.4% compared to 9.6% in 2013.

related post: RSAR Monthly Market Report – November 2014

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