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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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

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

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

January median sales price and other market metrics

January’s median sales price jumped up to $303,750 for the month — an increase of 1.3 percent over December’s median of $300,000. Year-over-year, January’s median sales price is up 8.9 percent over January 2016’s median of $279,000.

January’s median sold price per square foot (ppsf) climbed to $174.83/sq.ft. — a 0.3 percent increase over December’s $174.30/sq.ft. Year-over-year, January’s median sold ppsf is up 12.1 percent.

In last month’s report I wrote, “With the sharp drop in December pendings, expect January closings to be sharply down as well.” Well, that was certainly the case. The number of houses sold in January was 358. That total represents a whopping 31.2 percent decrease from the 525 houses sold in December. Sales of homes are oftentimes the lowest this time of year, but January 2017’s sales were particularly low — coming in at 7.0 percent below January 2016’s sales.

January’s median days on market (DOM) climbed to 88 days — adding five more days to December’s median DOM of 83 days. As our market enters the spring home buying season, we should observe that DOM number begin to retract.

Available inventory continues to drop precipitously. Currently there are only 872 houses listed available for sale. That number represents a decrease of 15.5 percent from the 1,032 houses available for sale this time last month — a total that, itself, was down 14.8 percent from the month previously. That being said, January 2017’s inventory is markedly higher year-over-year — coming in at 14.4 percent above January 2016’s inventory.

Pending home sales rose sharply. Currently, there are 810 houses pending sale. Compare that number to December’s 675 pending sales this time last month and we see that pending sales are up 20 percent. With the sharp rise in January pendings, expect February sales to mover higher as well.

January sales by type break out as follows:

  • REO sales: 3% – unchanged from December’s 3%
  • Short sales: 1% – unchanged from December’s 1%
  • Equity sales: 95% – up from December’s 94%

January 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 0.3%
100 – 199 21 6.1%
200 – 299 149 47.8%
300 – 399 104 76.8%
400 – 499 39 87.7%
500 – 599 18 92.7%
600 – 699 8 95.0%
700 – 799 7 96.9%
800 – 899 4 98.0%
900 – 999 0 98.0%
1M+ 7 100%
total 358

January’s median sold price for houses and condos combined was $287,500 — a 0.8 percent decrease from December’s median sold price of $289,900 for combined sales of houses and condos.

The table below contains the past 13 months of data…

Past 13 Months of Home Sales Data
Month Year # Sold Median Sold Price Sold Price per Sq Ft Median DOM # of Actives # of Pendings
Jan 2017 358 $303,750 $174.83 88 872 810
Dec 2016 525 $300,000 $174.30 83 1,032 675
Nov 2016 537 $310,000 $173.93 76 1,211 845
Oct 2016 514 $310,000 $175.57 73 1,306 956
Sep 2016 632 $310,000 $175.02 74 1,451 928
Aug 2016 596 $310,000 $172.45 67 1,440 1,031
Jul 2016 600 $318,000 $173.38 65 1,434 1,036
Jun 2016 660 $312,650 $175.49 61 1,299 1,072
May 2016 600 $310,000 $172.09 58 1,156 1,228
Apr 2016 571 $295,000 $167.86 58 840 1,142
Mar 2016 578 $295,000 $165.09 64 833 1,037
Feb 2016 369 $290,000 $162.77 85 765 1,010
Jan 2016 385 $279,000 $155.94 87 762 853

Note: 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 – February 9, 2017. Note: This information is deemed reliable, but not guaranteed.

Related post: December median sales price and other market metrics

Click here for historical data back to 1998.

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Nevada a “Top Moving Destination”

United Van Lines recently released its 2016 National Movers Study — See Retirees Moving to Mountain and Pacific West.

Nevade took the #9 spot on the 2016 list of the nation’s “Top Moving Destination”. The top inbound states of 2016 were:

  1. South Dakota
  2. Vermont
  3. Oregon
  4. Idaho
  5. South Carolina
  6. Washington
  7. District of Columbia
  8. North Carolina
  9. Nevada
  10. Arizona

From the United Van Lines report:

Retirees are continuing to move to the Mountain and Pacific West. The Western U.S. is represented on the high-inbound list by Oregon (67 percent), Idaho (65 percent), Washington (58 percent), Nevada (58 percent) and Arizona (57 percent).

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Real estate headlines

Here are a few national real estate-related stories and news pieces that came across my screen last week…

Posted in headlines, News | Tagged | Leave a comment

Reno area rents reach a new record high

Below is the most recent Multifamily Property Report from our friends Aiman Noursoultanova and Tiffany Brown of CBRE.

The average monthly rent continues to climb, hitting, yet another, record high in the 4th quarter of 2016. Average rents are up nearly 13 percent year-over-year.

Click on the image below to see the report.

Related post: Reno area rents reach highest level ever

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