In early May I posted a table showing the proportion of vacant listings by MLS area in Reno-Sparks. Today I recompiled the numbers and updated the table.
Overall the proportion of vacant listings in Reno-Sparks has remained unchanged at 34%. However, on an individual area basis, some significant changes have occurred since May (see below). Also, not surprisingly, tenant-occupied listings inched up slightly, from 7% to 8%.
The table below shows the proportions of Vacant/Owner-Occupied/Tenant-Occupied listings for various MLS areas in the Reno/Sparks area. The table is sorted by Vacancy rate - highest to lowest.
| MLS Area | Vacant | Owner | Tenant |
| Southeast | 50% | 32% | 18% |
| Northwest | 49% | 38% | 13% |
| Somersett | 44% | 47% | 9% |
| Old Southwest | 43% | 51% | 6% |
| Southwest Suburban | 37% | 63% | 1% |
| North Valleys | 35% | 56% | 9% |
| South Meadows | 34% | 57% | 9% |
| Sparks | 34% | 59% | 7% |
| Sparks - East | 33% | 58% | 9% |
| Southwest | 33% | 62% | 5% |
| South Suburban | 32% | 63% | 5% |
| Spanish Springs | 31% | 62% | 7% |
| Sparks - Suburban | 31% | 65% | 4% |
| West Southwest | 22% | 74% | 5% |
| Old South Suburban | 21% | 75% | 4% |
For comparison purposes, the entire MLS breaks down as follows:
| Vacant | Owner | Tenant | |
| Entire MLS | 34% | 58% | 8% |
Somersett saw a significant (20%) decline in its proportion of vacant listings, from 55% in May to 44% today. Old South Suburban saw the greatest decline (38%) with its proportion of vacant listings dropping from 34% to 21%. Northwest Reno had the largest increase (81%) in its vacant listing percentage. Increasing from 27% in May to 49% today, Northwest Reno moves to the top of the list to lead all the Reno-Sparks areas. West Southwest remains the area with the highest proportion of owner-occupied listings, at 74%. Also, not surprisingly, tenant-occupied listings inched up slightly, from 7% to 8%.
[ed. note: A subsequent addition to the table places Southeast Reno at the top of the list.]
Data courtesy of NNRMLS July 2007.
21 comments
Curious as to why you didn’t include Southeast? I think that’s an official ‘area’ in the MLS….the area generally on the East side of Virginia over to Kietzke, and from downtown to McCarran-ish.
After recieving a cake with that had a ticking noise in it from a fellow poster I decided to write a post..
“somersett saw a significant decline (20%) in its proportion of vacan listings from 55% in may to 44% today”
Isnt that only 11% not 20%? perhaps im reading that wrong?
This information only proves what I have thought all along that my neighborhood
(spanish springs) is still one of the most resilant area in all of reno considering the state of the current market.
Welcom back, Derrick!
I’m a little surprised at the drop in Somersett vacant listings. It would take moving about 20 more vacant units than occupied units to precipitate that kind of drop drop, and I haven’t seen that many closings. Of the 11 resales available at the Village, only 3 at most are owner occupied. (and 8 are listed below the previous sale price)
What’s up with the Northwest? My first thought was it may have had to do with UNR students renting and being away for the summer, but the rental numbers stayed about the same. Anyone have a theory about the huge jump in vacant units?
I think we may need to watch these numbers for a while to get a better sense of what’s happening. There are really only two ways a seller ends up with a vacant house for sale. One, he bought it to flip it and can’t flip it (the “never been lived in” special), or, he bought and moved into another house before he sold the first one. (I suppose there could be some folks who have owned a house a long time, had tenants who left, and have now decided to sell and not rent it out again). There may be a few greatest fools of all, who have been living in a cave, who have bought to flip in the NW in the past couple months. Or, there may have been some folks who just couldn’t wait to sell their exisitng house before they bought another one. My guess would be more the latter, but then, who knows?
Good catch, Mike Van H. Omitting the Southeast MLS area was an oversight on my part. I have updated the table to now include “Southeast”. Interestingly, it has the highest proportion of vacant listings.
derrick, thanks for your question. What I meant was the decline from .55 to .44 represented a 20% reduction. Sorry for the confusion.
How about what’s up with the Southeast? Only 3 out of 10 houses for sale are owner occupied. 2 out of 10 are renter occupied. And 5 out of 10 aren’t occupied at all. Remember back in the days of lore, oh, about 3 years ago, when it was rare to see resale vacant houses for sale? When the Southeast is at 50% vacant and the Northwest is at 49% vacant, both older well-established neighborhoods, we are into strange times indeed.
Yea, this market is fine. Just fine.
Yeah I guess no neighborhood is immune, although in the 417 properties available in zip code 89502 (wowzers that’s a lot just for that zip code which isn’t even close to all of Southeast) at least only 16 or so lie in the Vassar-to-Ryland and Holcomb-to-Kirman area (according to Realtor.com). Thats not so bad. I dig the new map feature on Realtor.com, it really shows in clusters where homes for sale are….being a designer I can relate to the madness easier visually than reading stats. It stinks though you can only see on the map a certain number of listings at a time. Anyone know of a cooler map that shows available properties?
Drove north up Virginia Street from the airport this evening, and as I went through downtown I was curious to see how many lights there were in the Palladio. It was 10pm and there was exactly one residence showing light of any kind at all.
Maybe some more vacant sales coming soon?
It would be nice to have something to compare these numbers to.
Would it be possible for someone to dig up the historical levels for vacant/owner/tenant in all the areas listed above.
That would give a great picture on the perfomance of each neighborhood and point out any leaders or laggards, or in this case through this market correction.
http://finance.yahoo.com/q/bc?s=HOV&t=3m
Short since 22/share..
Given the reemergence of Derrick (as if he ever really left) and his incessant yammering about shorting builder stocks, I feel this quote is quite relevant.
”And the stock market may be going up because there is a huge, towering overhang of short interest, and if there is one trick that the sharks of Wall Street reliably pull to eat their fill when short interest expands like this, it is by suddenly running the market sharply up and squeezing the shorts, who buy in a panic to cover their enormous short positions and to keep from losing more money if the stock price continues to rise, making prices go up even more, spooking more shorts, who then buy to cover, making prices go up some more, spooking more shorts.”
The bottom line: Whatever the sheeple are doing, do the opposite.
Given the reemergence of Derrick, I too have an observation.
Isn’t this the fellow who said we should only rely upon a fellow blogger’s investment advice if he/she is “rich” [according to Derrick someone with a net worth of $4M-$5M], and by his definition he is not rich?
So I remind Derrick of his very words and ask he not give any of us investment advice until he’s rich [and then, only if we ask].
Cheers ahoy!
ohh! dont be so brash because my call on shorting builder stocks given the RE market was 100% right, especially on companies like hovnanian and lennar..
Guy could you post the historical levels of vacant/owner/rental rates. So we could have something to compare those numbers too?
Bantering bear you obviously cant appreciate a good investment move.
Are you that uptight? You cant even give credit where credit is due?.. Shame on you.
Grand Wazoo I have driven by the Palladio at night and seen it during night time walks where I have counted 25+ lights on…..now granted that’s still less than I would like, but definitely more than one.
Can’t somebody (like GreenNv/Jaded) tell us how many Palladio units have actually closed? Standing out on the street, it looks like about maybe 10-12 units are occupied, but it is hard to tell where one unit ends and the adjacent one starts. I think the developer has said that about 75% of the units have been sold, but it sure as heck does not look like the building is 75% occupied.
When I went to an open house there this month, the agent told me over 30 were available.
I an SO looking forward to posting Palladio figures, but there is a glitch with the Recorder’s office. Most likely something about getting legal descriptions in order. But I don’t see anywhere near 50 folks in the queue, more like 15. Their hand out lists 34 units for sale, not the 23 or 24 wee seee on the MLS. Occupancy looks like Motel 6 on a Tuesday!
Has the Palladio ever established their HOA fees yet?
Almost everything you want to know about the Palladio! As of 7/25/07, 26 of 87 units have closed, and it looks like units are continuing to close. A flyer I picked up on site last week listed 31 inits available and 3 pending. HOA is $.425 / SF / month and include water, hot water, sewer, garbage, heating, cooling, building and pool maintenance, and insurance.
The parcel map hasn’t been completed, so none of the sales information is up on the Assessor’s site yet. I can glean purchase prices from the Recorder (a pain). If someone has an old flier with unit SF, I can try to post some $/SF info. A lot of the purchase agreements are from Fall 2004, but a couple very recent agreements are also showing up.
So 26, or 30% of the Palladio units have closed. 31 units, or more, are unsold. And what of the other remaining 30 units?
None of this seems to add up to 75% sold, does it?