A few of my recent Facebook posts

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

Below are a few recent posts from my Facebook Page.

Regarding the first post below, it’s a link to a recent Reno Gazette-Journal piece regarding Reno’s median home price hitting the $400,000 milestone. Keep in mind that the $400,000 median home price is for Reno, NV only, and does not include Sparks, NV. The median home price in Sparks is $344,000. Combined, the Reno-Sparks median home price is $375,000 (March 2018).

As always, please Like my FB Page to see my posts in real time as I post them.

Thank you in advance.

Posted in Agent Insights, General | 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 past week…

Posted in headlines, News | Tagged , | 1 Comment

RSAR Monthly Market Report for Fernley, Nevada – March 2018

The Reno/Sparks Association of REALTORS® (RSAR) has released its Fernley Market Report for the month of March 2018.

From March’s report…

Prices continue to inch up, but still remains 9% off the peak of the market in March 2006.” said Doug McIntyre, 2018 RSAR President. “Fernley is still an affordable option with the majority of inventory priced under $400,000.

  • The median price at $243,600, up 1% from February and up 20% from March 2017.
  • Fernley’s unit sales at 58 are up 16% from February and up 26% from March 2017.
  • February’s new listings at 82 are up 71% from February and up 7% from March 2017.
  • The Fernley market has 1.7 months supply of inventory, a seller’s market.

Click on the graph below to see the entire RSAR market report for March.

Related post: RSAR Monthly Market Report for Fernley, NV – February 2017

Posted in Market Trends | Tagged , , , , , , , , , | Leave a comment

RSAR Monthly Market Report for Reno-Sparks, Nevada – March 2018

The Reno/Sparks Association of REALTORS® (RSAR) has released its Market Report for Reno-Sparks the month of March 2018.

From March’s report…

The lack of inventory continues to drive sales price up. First quarter new listings were up 1% compared to the same period 2017,” said Doug McIntyre, 2018 RSAR President. “While this is not keeping up with demand, it’s a positive early indicator as we approach the spring selling season.

  • The March median price at $375,000 is up 2% from February and up 18% from a year ago.
  • March unit sales at 528 are up 19% from February and down 6% compared to March 2017.
  • March new listings are down 3% at 551 compared to February and down 20% from one year ago.
  • The Reno market is a seller’s market, at 1.1 months supply of inventory. Months supply of inventory is the time it would take to exhaust the active inventory at the current rate of sales.
  • The March median sales price at $375,000 reached a new record high for the Reno/Sparks area since the boom and bust twelve years ago.

Click on the graph below to see the entire RSAR market report for March…

Related post: RSAR Monthly Market Report for Reno-Sparks, Nev. – February 2018

Posted in Market Trends | Tagged , , , , , , , , , , , | 1 Comment

March median sales price and other market metrics

March has come and gone, and upon review it appears that March Madness has infiltrated the housing market. The median sales price for homes in Reno and Sparks, Nevada jumped 2.1 percent in March to come in at $377,121 — setting another all-time record for home prices.

March’s new record high of $377,121 eclipses the previous month’s record-setting median sales price of $369,399. Year-over-year, March’s median is up a whopping 18.2 percent over March 2017’s median sales price of $319,000.

March’s median sold price per square foot (PPSF) soared to $200.73/sq.ft. This number is 3.2 percent higher than February’s median sold PPSF of $194.31/sq.ft., and is 12.7 precent higher year over year.

What is driving these rising home prices? Lack of available inventory.

Home buyer demand greatly exceeds the number of homes available for purchase. Multiple offers, bidding wars, and homes selling above asking price are commonplace. Presently there are only 529 homes available for purchase in the Reno-Sparks market. That number is essentially the same as the 528 homes for sales this time last month, however it is down a whopping 37 percent from the 840 homes available for sale in March 2017.

The lack of available homes for sale not only drives home prices higher, but also impacts the overall number of homes sold, days on market, and future (pending) sales.

Take for example the number of homes in March. 479 homes sold in March. While this number was higher than the number of homes sold in February, year-over-year March’s units sold represented a 14.3 percent reduction compared to the 559 homes sold in March 2017.

Similarly, pending home sales, although slightly higher for the month, are substantially lower when looked at year-over-year. Presently there are 814 homes sales pending in the Reno-Sparks Market. That number is up 2.3 percent over the 796 homes pending sale this time last month. However, year-over-year, current pending sales are down 19.3 percent from March 2017.

March’s median days on market (DOM) came in at 50 days — subtracting 11 days from February’s median DOM. As an indicator of the velocity of the current market, compare March’s median 50 DOM with March 2017’s median DOM of 71 days. Current days on market is a full three weeks less than DOM this time last year.

March sales by type, break out as follows:

  • REO sales: 1% – unchanged from February’s 1%
  • Short sales: 1% – unchanged from February’s 1%
  • Equity sales: 97% – unchanged from February’s 97%

March 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 0.0%
100 – 199 11 2.5%
200 – 299 95 22.3%
300 – 399 170 57.8%
400 – 499 105 79.7%
500 – 599 29 85.8%
600 – 699 19 89.8%
700 – 799 20 93.9%
800 – 899 6 95.2%
900 – 999 7 96.7%
1M+ 16 100%
total 479

16 homes sold for over $1,000,000 in March. Last year a total of 143 homes sold for over $1,000,000 — for an average of 12 per month. Thus far, year-to-date, 51 $1M+ homes sales have occurred. If this pace continues, 2018 will see over 200 sales of $1M+ homes.

March’s median sold price for houses and condos combined was $350,000 — unchanged from February’s median sold price 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
Mar 2018 479 $377,121 $200.73 50 529 814
Feb 2018 443 $369,399 $194.31 61 528 796
Jan 2018 405 $360,000 $191.42 68 514 782
Dec 2017 494 $345,000 $194.36 69 605 578
Nov 2017 534 $353,000 $197.03 61 767 713
Oct 2017 555 $345,000 $191.48 64 851 843
Sep 2017 613 $336,900 $194.62 59 925 889
Aug 2017 721 $347,900 $190.53 61 952 1,032
Jul 2017 641 $355,000 $192.15 57 1,002 1,034
Jun 2017 763 $340,000 $188.82 56 963 1,127
May 2017 680 $334,950 $182.46 60 903 1,240
Apr 2017 518 $324,287 $183.03 60 896 1,149
Mar 2017 559 $319,000 $177.99 71 840 1,009

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 – April 1, 2018. Note: This information is deemed reliable, but not guaranteed.

Related post: February median sales price and other market metrics

Click here for historical data back to 1998.

Posted in Agent Insights, Market Trends | Tagged , , , , , , , , , , , , , | 5 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

Washoe County ranks 422 (out of 449 U.S. counties) for gross annual rental yield

ATTOM Data Solutions recently released its Q1 2018 Single Family Rental Market report, which ranks the best U.S. markets for buying single family rental properties in 2018. Despite Reno, Nevada’s current record-high rental rates, the actual yield on SFR rentals ranks near the bottom of the list — coming in at 5.2% annually. That’s because home prices are also at record highs for our market.

From the ATTOM Data Solutions report

The average annual gross rental yield (annualized gross rent income divided by median purchase price of single family homes) among the 449 counties was 8.9 percent for 2018, down from an average of 9.2 percent in 2017.

Compare Washoe County’s yield of 5.2% to that of these top performing counties…

  1. Baltimore County, Md.: 28.6%
  2. Bibb County, Ga. (Macon metro area): 21.8%
  3. Montgomery County, Ala. (Montgomery metro area): 21.7%
  4. Wayne County, Mich. (Detroit metro area): 21.7%
  5. Clayton County, Ga. (Atlanta metro area): 20.3%

Here’s a cool interactive map from ATTOM Data Solutions report…

Posted in Reno, Sparks | 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