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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Lake Tahoe Friday fact

Paddleboarding off Speedboat Beach, Lake Tahoe — Image by Guy Johnson

What is the weather like?

During the winter months, the average high air temperature is in the mid-40s °F and the average low is in the mid to high-20s °F. In the summer months, the average highs are in the low-80s °F and the lows in the mid to low-50s °F. At least seven months per year, daily maximum temperatures reach the outdoor comfort zone. Sunshine occurs over 75% of the time during daylight hours each year for 273 sunny or partly sunny days. From November through March, 78% of the yearly precipitation occurs, mostly as snowfall. Typically, at lake level in Tahoe City, 15.8 feet of snow falls over winter and accumulates to a maximum snow pack depth of 2.8 feet Summers are very dry and there is less than a 10% chance of getting more than 0.1 inch of precipitation between May 1 and October 15.

Fact credit: TahoeFacts.com

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March median sales price and other market metrics

March home sales fall more than 19% YOY

The median home price in Reno-Sparks, Nevada slipped to $369,000 in March — giving back some of the gains seen in February. March’s median sales price represents a 0.8 percent decrease from February’s median and even a larger 1.6 percent decrease year-over-year.

March’s median sold price per square foot (PPSF) fell to $207.47/sq.ft. — a 0.6 percent decrease from February’s. Year-over-year, March’s median sold PPSF is up 3.3 percent.

But March’s most noteworthy metric was the number of homes sold (or, more to the point, not sold). Only 443 homes were sold during the month of March. Although, this paltry number is up 22.7 over February; historically, March homes sales have been 50 percent or more above February sales.

March typically marks the beginning of our housing market’s robust spring home buying season, but this year March home sales simply did not take off. To lend some perspective consider that, year-over-year, March’s units sold are down more than 19 percent from March 2018.

And this follows a February where units sales were also down almost 19 percent year-over-year. In fact, looking at total home sales for the quarter, 2019 1st-quarter sales were down 19.3 percent from the same period last year (1,129 vs. 1,399, respectively).

Another way to place March’s home sales in perspective, one would have to look back to 2009 in order to find a March with a lower total number of homes sold.

Inventory

Regarding inventory, presently 867 homes are available for purchase in the Reno-Sparks market. This number is down 2.7 percent from the 888 homes available for sale this time last month. Year over year, however, March’s current available inventory is up a hefty 63.9 percent.

That being said, despite the number of homes currently available for purchase, only 20.6 percent are priced at, or below, the current median sales price. Lack of affordable inventory remains a problem.

On a brighter note, pending sales rose slightly in March. Presently, 815 homes are pending sale in the Reno-Sparks market. That number is up 5.3 percent over the 774 homes pending sale this time last month. Look for unit sales to increase in April as the spring home-buying season ramps up. Year-over-year, current pending sales are essentially unchanged year-over-year.

March’s median days on market (DOM) came in at 78 days — a decrease of 10 days from February’s DOM. While a ten-day reduction in the median DOM does indicate increasing market velocity (a market beginning to warm up), March’s DOM number is still 56 percent higher year-over-year, indicating a relatively much slower market than this time last year.

March sales by type, break out as follows:

  • REO sales: 1.6% – up from February’s 0.6%
  • Short sales: 0.5% – down from February’s 0.6%
  • Subject to Court Approval sales: 1.1% – up from February’s 0.9%
  • Relocation sales: 0.9% – up from February’s 0.6%
  • Equity sales: 95.9% – down from February’s 97.4%

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 0 0.0%
100 – 199 3 0.7%
200 – 299 89 20.8%
300 – 399 180 61.4%
400 – 499 85 80.6%
500 – 599 39 89.4%
600 – 699 12 92.1%
700 – 799 7 93.7%
800 – 899 8 95.5%
900 – 999 7 97.1%
1M+ 13 100%
total 443

March’s median sold price for houses and condos combined was $345,000 — a 2.5 percent decrease from February’s median sold price of $353,890 for combined sales of houses and condos.

The table below contains the past 13 months of data[1]

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 2019 443 $369,000 $207.47 78 867 815
Feb 2019 361 $372,000 $208.63 88 888 774
Jan 2019 325 $362,000 $210.44 86 961 655
Dec 2018 385 $365,000 $209.82 77 1,079 541
Nov 2018 469 $377,500 $211.75 71 1,237 634
Oct 2018 468 $385,000 $213.86 65 1,300 717
Sep 2018 460 $372,527 $210.74 60 1,333 725
Aug 2018 572 $370,725 $211.79 57 1,208 790
Jul 2018 567 $385,000 $216.37 53 1,154 838
Jun 2018 602 $381,950 $215.88 49 923 906
May 2018 575 $375,000 $209.12 49 725 920
Apr 2018 492 $374,000 $205.46 51 638 891
Mar 2018 549 $375,000 $200.86 50 529 814

Thank you for taking the time to read this market report. As always, your comments and questions are welcomed.


1. 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 4, 2019. Note: This information is deemed reliable, but not guaranteed.

For historical home sale data back to 1998 click here.

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Incline Village, Nevada housing market report

Below please find the current housing market report for Incline Village, Nevada, provided by our friends at First Centennial Title.

From this week’s report…

This week the median list price for Incline Village, NV is $1,745,000 with the market action index hovering around 26. This is an increase over last month’s market action index of 24. Inventory has held steady at or around 26. [Note: The Market Action Index (MAI) answers the question “How’s the Market?” by measuring the current rate of sale versus the amount of the inventory. Index above 30 implies Seller’s Market conditions. Below 30, conditions favor the buyer.]

While prices have recently plateaued, this is a buyer’s market and the supply of homes listed has started growing relative to demand. This indicates that prices could easily resume a downward trend in conjunction with the MAI. Prices are unlikely to move significantly higher until there is a persistent upward shift in the MAI.

Click on the chart below to access the entire report.

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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 past week…

Posted in headlines, News | Tagged , | Leave a comment

Lake Tahoe Friday fact

Paddleboarding off Speedboat Beach, Lake Tahoe — Image by Guy Johnson

Where does all the water go?

About one-third of the water flows into the Truckee River through the dam at Tahoe City for downstream use with any remaining water flowing 140 miles to the river terminus at Pyramid Lake. The remaining two-thirds of water evaporate from the lake surface at an annual average rate of 0.1 inch per day. The average daily evaporation of water from the lake surface would serve the daily needs of 3.3 million Americans.

Fact credit: TahoeFacts.com

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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 past week…

Posted in headlines, News | Tagged , | Leave a comment

Lake Tahoe Friday fact

Paddleboarding off Speedboat Beach, Lake Tahoe — Image by Guy Johnson

Where does the water come from?

Rain and snow melt runoff from 63 tributaries in the 312 square-mile watershed adds 65% of the water. Another 35% falls as precipitation directly on the Lake. Typically, 212 billion gallons of water enter the Lake this way each year. In a normal year, Lake Tahoe will rise 15 inches from spring runoff, assuming the outlet gates are closed.

Fact credit: TahoeFacts.com

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