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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RSAR Monthly Market Report for Fernley, Nevada – January 2018

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

From January’s report…

  • The median price at $240,000, up 4% from December 2017 and up 17% from January 2017.
  • Fernley’s unit sales at 39 are down 19% from December 2017 and down 3% from January 2017.
  • January new listings at 40 are up 48% from December 2017 and down 7% from January 2017.
  • The Fernley market has 3 months supply of inventory, a seller’s market.

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

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

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

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

From January’s report…

  • The January median price at $360,000 is up 4% from December 2017 and up 19% from a year ago.
  • January unit sales at 400 are down 19% from December and up 10% compared to January 2017.
  • January new listings are up 51% at 470 compared to December and up 20% from one year ago.
  • The Reno market is a seller’s market, at 1.3 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.

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

Related post: RSAR Monthly Market Report for Reno-Sparks, Nev. – December 2017

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January median sales price and other market metrics


January’s median sales price jumped ahead of December’s to begin the year at $360,000. January’s median sales price for homes sold in Reno and Sparks, Nevada surged 4.3 percent over December’s median of $345,000. Year-over-year, January’s median is up a whopping 19.2 percent over January 2017’s median sales price of $301,975.

Not only does January 2018’s median sales price surpass 2017’s high median of $355,000 set in July last year, but it also sets a new post-bubble high. Our market’s median sales price is currently off only 1.4 percent from the housing bubble record high of $365,000 set twelve years in January 2006. That record is very close to being broken.

On a price-per-square foot (PPSF) basis the median sales price began the year at $191.42/sq.ft. Despite the increase in the median sales price for the month, the PPSF number represents a 1.5 percent decrease from December’s median sold price per square foot of $194.37/sq.ft., but is an 9.7 percent increase year-over-year.

Lack of available inventory continues to be the major issue plaguing the Reno-Sparks housing market. Presently there are only 514 homes available for purchase in the Reno-Sparks market. Not only is that number down 15.0 percent from the 605 homes available for sale this time last month, but even more telling, year-over-year, available inventory is off a staggering 41.0 percent. Yes, last year at this time 872 homes were available for sale, presently there are only 514.
[For a more detailed analysis of the inventory problem our market is experiencing, see Reno, Nevada’s Housing Shortage — How Bad Is It?]

Pending home sales, on the other hand, are up substantially for the month. Presently there are 782 homes pending sale in the Reno-Sparks Market. That number represents a 35.3 percent increase over the 578 homes pending sale this time last month. Year-over-year, current pending sales are down 3.5 percent from January 2017. Look for February units sold to increase over January’s.

Speaking of the number of houses sold, as expected January sales decreased for the month. January’s 401 houses sold was 18.5 percent fewer than the 492 houses sold in December; however, year-over-year, January’s unit sales were 10.2 percent higher.

January’s median days on market (DOM) came in at 68 days — subtracting one day from December’s median DOM.

January sales by type, break out as follows:

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

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 0 0.0%
100 – 199 11 2.7%
200 – 299 90 25.2%
300 – 399 150 62.6%
400 – 499 65 78.8%
500 – 599 32 86.8%
600 – 699 17 91.0%
700 – 799 9 93.3%
800 – 899 7 95.0%
900 – 999 4 95.8%
1M+ 17 100%
total 401

An unusually high 17 homes sold for over $1,000,000 in January. Last year a total of 143 homes sold for over $1,000,000 — for an average of 12 per month.

January’s median sold price for houses and condos combined was $342,750 — a 5.5 percent one-month increase over December’s median sold price of $325,005 for combined sales of houses and condos.

The table below contains the past 13 months of data…

Happy New Year!

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 2018 401 $360,000 $191.42 68 514 782
Dec 2017 492 $345,000 $194.37 69 605 578
Nov 2017 533 $353,000 $196.66 62 767 713
Oct 2017 554 $345,000 $191.54 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 558 $319,000 $178.04 71 840 1,009
Feb 2017 387 $319,950 $173.78 90 857 896
Jan 2017 364 $301,975 $174.53 89 872 810

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 6, 2018. 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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2017 Fernley Housing Market Recap

I recently posted a recap of the 2017 housing market for Reno and Sparks, Nevada — See 2017 Reno-Sparks Housing Market Recap. Today, I would like to do the same for the Fernley, Nevada housing market.

Fernley’s housing market is on fire. 2017 saw big gains in nearly every metric tracked. Let’s take a look.

Fernley Home Prices

Fernley’s residential home prices ended the year up 19.7 percent year-over-year. In 2017 Fernley’s monthly median home price ranged from a low of $205,750 in January to the year’s high of $245,875, reached in November. The year ended with a median sales price of $229,840 in December — again, up nearly 20 percent from December 2016’s median of $191,950. [See chart below.]

The median sales price for the entire 12 months of 2017 was $223,700 – an increase of 17.8 percent over 2016’s 12-month median of $189,900. [See chart below.]

Expect home prices to continue to climb in 2018. The question is, to what level?

Price Per Square Foot

2017 begin with a median sold price per square foot of $126.73/sq.ft. in January and ended the year with $148.43/sq.ft. in December. [See chart below.]

December’s median sold price per square foot was up 19.4 percent year-over-year.

Unit Sales

2017 was a record year for number of homes sold. A total of 620 houses (excluding condos) were sold in 2017. This represents an increase of 19.2 percent over the 520 houses sold in 2016. [See chart below.]

Sales by month exhibited the typical seasonality the market experiences. Monthly sales set a low of 25 houses sold in February, and then climbed throughout the first half of the year peaking at 88 units sold in June. The 2nd half of 2017 saw sales receding to end the year with 48 sales in December. [See chart below.]

2017 sales by price range breakout as follows…

Half of the homes sold in 2017 sold for more than $223,700, and half sold for less than $223,700.

Volume

With both sales price and units sold being up in 2017, not surprisingly, total volume was greatly higher than 2016’s. 2017’s sales volume of $145,458,191 was up a whopping 43.5 percent over 2016’s volume of 101,351,324. [See chart below.]

How Purchased?

Conventional mortgages were used to purchase the majority, nearly 36.8 percent, of Fernley houses in 2017. Cash sales made up 17.9 percent of 2017 house purchases. The means used to purchase in 2017 breaks out as follows…

Note: “Other” includes: assumption of existing mortgage; contract of sale; owner carry financing; etc.

Other Metrics?

What other Fernley housing metrics would you like to see? I have the means to report on a variety of data provided by our local MLS. Let me know what you’d like to see, and I will be happy to report on it.

And, as always, thank you for reading the Reno Realty Blog.

Note: The home price and other data reported above covers the city of Fernley, Nevada [NNRMLS Area #450]. 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 – January 29, 2018. Note: This information is deemed reliable, but not guaranteed.

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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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Washoe County Home Sales By Zip Code

Washoe County covers 41 zip codes and 11 cities. To see all the cities within Washoe County, as well as the 41 zip codes covered, click here. To see an interactive zip code boundary map for Washoe County click here.

How did home sales compare across the county by zip code? Let’s take a look.

Note: The data in the charts and tables below covers both site/stick built and condo/townhouse sales in Washoe County in 2017. Data excludes manufactured/modular homes. Also, due to very low number of sales in zip codes: 89442 (Wadsworth – 3 sales); 89439 (Verdi – 12 sales); and 89510 (Reno – Pyramid Lake – 22 sales), these zip codes have been excluded from the rankings charted below.

Number of Homes Sold

Of the nearly 6,000 houses and condos sold throughout Washoe County in 2017, five zip codes accounted for over half of the units sold.

The table below shows the top six zip codes in terms of unit sales. 89436 (Wingfield Springs) in Sparks, Nevada took the top spot (as it also did the previous year) with 784 home sales in 2017.

Highest Median Sales Price

The table below shows the top six zip codes in terms of median sales price in 2017. 89511 (Reno – South Suburban and Southwest Suburban) took the top spot, for Reno-Sparks zip codes, with a median sales price of $638,500 for 2017 — nearly double the median for the county as a whole in 2017.

Lowest Median Sales Price

The table below shows the six zip codes with the lowest median sales price in 2017. With a median sales price of $201,000, zip code 89512 (Reno – North) had the lowest in the county.

Home Price Appreciation

For the year, home prices in Washoe County increased 11.2 percent year-over-year. Of course, this increase was not uniform across all areas.

The table below shows the top six zip codes in terms of year-over-year median sales price increase. 89512 (Reno – North) took the top spot with a nearly 23 percent year-over-year sales price increase — twice the 2017 median sales price for the county as a whole.

Data

The table below shows the data for all Washoe County Zip Codes. Click on the table to enlarge.

Got additional questions regarding home sales by Washoe County Zip Codes? Hit me up at
guyjohnson@hotmail.com, or post your question in the comment below.

Related Post: Washoe County Home Sales By Zip Code [published January 5, 2017]

Note: The home price reported above covers the zip codes of Washoe County, Nevada. Residential data includes Site/Stick Built and Condo/Townhouse properties only. Data excludes Manufactured/Modular and Shared Ownership properties. Data courtesy of the Northern Nevada Regional MLS – January 25, 2018. Note: This information is deemed reliable, but not guaranteed.

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Reasons to move to Reno, Nevada

In 2015 I was one of a handful of locals interviewed by Zillow for a story they published on their Zillow Blog titled, 15 Reasons to Move to Reno, the Biggest Little City in the World.

To this day, my blog post linking to that Zillow piece continues to remain a top-ten post, in terms of traffic, on the Reno Realty Blog.

It seems many visitors to this blog are interested in the topic. Whether they’re researching Reno for a prospective relocation here, or simply trying to figure out why so many others are moving here, the topic is searched for quite often.

Google the phrase reasons to move to reno nevada and 427,000 results will be returned.

Some of the top search results include…

What about Reno brought you here?

If you relocated to Reno, Nevada, please share your #1 (or more) reasons for doing so. Or, now that you’ve been here a while, let us know what you like best about Reno.

I look forward to your comments below.

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