How are actual growth (jobs, households, population) numbers tracking with projections?

Each month the Economic Planning Indicators Committee (aka EPIC) compares actual numbers of new jobs, new households, and population growth to its EPIC report forecasts of the same. The region is now over two years into the five year EPIC report projections. How are actual numbers tracking with the projections? Click here to see the EPIC Report forecasts and the latest Actual numbers.

For example, below is a chart from the EPIC Report showing new household formation forecasted scenarios compared to the actual number. As can be seen, actual household formation is tracking more in line with “Scenario B2”, which forecasts 25,600 new households between December 2014 and December 2019.

chart source: EDAWN

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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…

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April median sales price and other market metrics

The Reno-Sparks, Nevada median home sales price rose in April to establish a new post-bubble high. April’s median sales price clocked in at $323,990 — a 1.6 percent rise over March’s median of $319,000. April was the fourth consecutive month of increasing median sales prices. Year-over-year April’s median sales price is up 9.8 percent over April 2016’s median of $295,000.

With this new high, home prices in Reno and Sparks, Nevada are now off only 11.2 percent from the housing bubble high of $365,000 set in January 2006.

April’s median sold price per square foot (ppsf) jumped to $183.02/sq.ft. — a 2.8 percent increase over March’s $178.09/sq.ft. Year-over-year, April’s median sold ppsf is up 9.0 percent.

The number of houses sold in April fell to 511 units sold. That total represents a 7.9 percent decrease from the 555 houses sold in March. Year-over-year, April’s sales were also down — coming in at 10.2 percent below April 2016’s sales.

April’s median days on market (DOM) decreased to 60 days — subtracting 10 days from March’s median DOM of 70 days. Current median DOM is now a full month less than the three months of DOM observed in February.

Available inventory increased compared to March’s number. Currently there are 896 houses listed available for sale. That number represents a increase of 6.7 percent over the 840 houses available for sale this time last month. April 2017’s inventory is also up 6.7 percent year-over-year.

Pending home sales continue to rise. Currently, there are over 1,149 houses pending sale. Compare that number to March’s 1,009 pending sales this time last month and we see that pending sales are up 12.2 percent.

April sales by type break out as follows:

  • REO sales: 3% – unchanged from March’s 3%
  • Short sales: 1% – down from March’s 2%
  • Equity sales: 95% – up from March’s 92%

April 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 25 4.9%
200 – 299 182 40.5%
300 – 399 167 73.2%
400 – 499 80 88.8%
500 – 599 20 92.8%
600 – 699 13 95.3%
700 – 799 8 96.7%
800 – 899 3 97.5%
900 – 999 2 97.8%
1M+ 11 100%
total 511

April’s median sold price for houses and condos combined was $306,945 — a 0.6 percent increase from March’s median sold price of $305,000 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
Apr 2017 511 $323,990 $183.02 60 896 1,149
Mar 2017 555 $319,000 $178.09 70 840 1,009
Feb 2017 385 $318,500 $174.01 90 857 896
Jan 2017 364 $302,250 $174.83 88 872 810
Dec 2016 529 $300,000 $173.43 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 569 $295,000 $167.98 58 840 1,142

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

Related post: March median sales price and other market metrics

Click here for historical data back to 1998.

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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

Have you checked out the content on my Facebook business page?

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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. Feel free to Like my FB Page to see my posts in real time as I post them.




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FCT’s Market Condition Report – March 2017

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

March Market Condition Report – April 2017

The ratio of housing supply to demand continues to decrease in Reno and Sparks, Nevada. For the month of March, Washoe Counties ratio of housing supply to demand dropped to 1.7. Compare that number to December’s ratio of 2.1.

Related post: FCT’s Market Condition Report – December 2016

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March median sales price and other market metrics

The Reno-Sparks, Nevada median home sales price rose slightly in March to establish a new post-bubble high. March’s median sales price clocked in at $319,450 — a 0.3 percent rise over February median of $318,500. Both month’s median sales prices surpass the previous post-bubble high of $318,000 set in July last year. Year-over-year March’s median sales price is up 7.7 percent over March 2016’s median of $295,000.

With this new high, home prices in Reno and Sparks, Nevada are now off only 12.5 percent from the housing bubble high of $365,000 set in January 2006.

March’s median sold price per square foot (ppsf) jumped to $178.11/sq.ft. — a 2.4 percent increase over February’s $174.01/sq.ft. Year-over-year, March’s median sold ppsf is up 7.9 percent.

The number of houses sold in March jumped to 542 units sold. That total represents a 40.8 percent increase over the 385 houses sold in February. Our market is well into the spring home buying season. Year-over-year, March’s sales were down — coming in at 6.4 percent below March 2016’s sales.

March’s median days on market (DOM) decreased to 70 days — that almost a three-week decrease from February’s median DOM of 90 days. As I predicted last month, days on market would begin to decrease as we entered the spring home buying season, and March’s number did not disappoint.

Available inventory decreased compared to February’s number. Currently there are only 840 houses listed available for sale. That number represents a decrease of 2.0 percent from the 857 houses available for sale this time last month. March 2017’s inventory is slightly higher year-over-year — coming in at 0.8 percent above March 2016’s inventory.

Pending home sales continue to rise. Currently, there are over 1,000 houses pending sale. Compare that number to February’s 896 pending sales this time last month and we see that pending sales are up 12.6 percent. With the sharp rise in March pendings, expect April sales to move higher as well.

March sales by type break out as follows:

  • REO sales: 3% – down from February’s 5%
  • Short sales: 2% – unchanged from February’s 2%
  • Equity sales: 92% – unchanged from February’s 92%

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 0.2%
100 – 199 25 4.8%
200 – 299 208 43.2%
300 – 399 168 74.2
400 – 499 71 87.3%
500 – 599 28 92.4%
600 – 699 19 95.9%
700 – 799 9 97.6%
800 – 899 7 98.9%
900 – 999 1 99.1%
1M+ 5 100%
total 542

March’s median sold price for houses and condos combined was $305,000 — a 2.7 percent increase from February’s median sold price of $297,000 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 2017 542 $319,450 $178.11 70 840 1,009
Feb 2017 385 $318,500 $174.01 90 857 896
Jan 2017 364 $302,250 $174.83 88 872 810
Dec 2016 529 $300,000 $173.43 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 579 $295,000 $165.07 65 833 1,037

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 10, 2017. 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.

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