This week’s real estate headlines

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

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This week’s real estate headlines

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

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

This week’s real estate headlines

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

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

August Market Report for Reno and Sparks, Nevada

Reno-Sparks’ home prices continue to surge; September’s median sales price hits another all-time new high; Inventory continues to dwindle

August’s median sold home price for Reno-Sparks climbed to $444,900. August’s median sales price represents a 2.4 percent increase over July’s median of $434,450, and also sets another new record high for the market.

Year-over-year, August’s median closed sales price is up 11.5 percent.

August’s median sold price per square foot (PPSF) pulled back slightly — coming in at $228.54, or 0.2% percent below July’s $229.11/sq.ft.

Year-over-year, August’s median sold PPSF is up 6.9 percent.

Homes Sold

August home sales were strong, but were hindered by lack of affordable inventory. 642 homes sold for the month. This number was down 13.7 percent from the number of homes sold in July, however was up 2.9 percent over the 624 homes sold in August 2019.

Year-to-date home sales are down 1.3 percent from the same period last year.

Inventory

Currently 468 homes are available for purchase in the Reno-Sparks market. This number is down a hefty 20.4 percent from the 588 homes available for sale this time last month.

And year-over-year, current available inventory is down a whopping 65.1 percent!

Pending sales rose in August. Presently, 1,068 homes are pending sale in the Reno-Sparks market. That number represents a 3.0 percent increase over the 1,037 homes pending sale this time last month.

Year-over-year, pending sales are up 18.9 percent.

Days on Market and Days to Contract

August’s median days on market (DOM) came in 53 days — a decrease of 4 days from July’s median DOM. Year-over-year, August’s DOM number is down 11 days from August 2019’s number.

August’s median days to contract (DTC) came in at 5 days — unchanged from July’s median DTC. Year-over-year, August’s DTC number is unchanged from August 2019’s number.

Sales by Type

August sales by type, break out as follows:

  • REO sales: 0.5% – down from July’s 0.8%
  • Short sales: 0% – unchanged from July’s 0%
  • Subject to Court Approval sales: 0.2% – down from July’s 0.6%
  • Relocation sales: 0.6% – up over July’s 0.3%
  • Equity sales: 98.8% – up over July’s 98.3%

Sales by Price

August sales by price band break out as follows…

Sales by Price Segment
sales price ($000’s) units sold % of sales cumulative % of sales
0 – 99 0 0.0% 0.0%
100 – 199 1 0.2% 0.2%
200 – 299 32 5.0% 5.1%
300 – 399 210 32.7% 37.8%
400 – 499 182 28.3% 66.1%
500 – 599 79 12.3% 78.4%
600 – 699 44 6.8% 85.2%
700 – 799 24 3.7% 89.0%
800 – 899 21 3.7% 92.2%
900 – 999 11 1.7% 93.9%
1M+ 39 6.1% 100%
total 643 100%

August’s median sold price for houses and condos combined was $415,000 — a 1.9 percent increase over July’s median sold price of $407,250for 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
Aug 2020 642 $444,900 $228.54 53 468 1,068
Jul 2020 744 $434,450 $229.11 57 588 1,037
Jun 2020 562 $407,000 $222.71 58 688 1,062
May 2020 402 $399,700 $222.37 57 720 1,048
Apr 2020 392 $415,500 $219.95 51 812 697
Mar 2020 514 $415,000 $221.44 56 774 658
Feb 2020 459 $392,500 $211.63 78 587 816
Jan 2020 393 $405,000 $216.01 88 621 712
Dec 2019 518 $393,500 $216.29 81 779 541
Nov 2019 455 $400,000 $216.54 72 956 683
Oct 2019 563 $399,999 $216.61 76 1,090 773
Sep 2019 579 $395,000 $218.24 68 1,283 814
Aug 2019 624 $399,000 $213.73 64 1,342 898

Please post your comments and questions below, and thank you for reading this post.


1. The “Past 13 Months of Home Sales Data” 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 – September 3, 2020. Note: This information is deemed reliable, but not guaranteed.

For historical home sale data dating back to 1998 click here.

Click here to see Reno Homes for Sale.

Posted in Agent Insights, Market Trends, Reno, Sparks | Tagged , , , , , , , , , , , , , , | 4 Comments

This week’s real estate headlines

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

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

The Great San Francisco Exodus

Have you heard of the 2020 San Francisco Exodus?

Here are some recent news pieces related to the phenomenon:

What impacts are being observed from the San Francisco Exodus?

From the Zillow report referenced in the first two pieces,

In San Francisco, list prices have fallen 4.9% year over year and inventory has risen 96% with a flood of new listings.

Contrast those numbers to Reno-Sparks’ — where list prices have risen 6.2% year-over-year and inventory has fallen 57% [based off of July 2020 year-over-year data].

The RGJ piece reports on the imbalance in U-Haul truck rental traffic to and from Reno, and the resulting discrepancies on truck rental rates. See the table below…

Longtime readers of this blog know that I post an annual deep-dive analysis of inbound migration data to Washoe County and Nevada. See:

In January’s blog post (above) I reported,

More than 50,000 Californians moved to Nevada from July 1, 2018 to July 1, 2019, according the U.S. Census Bureau’s American Community Survey 1-Year Estimates 2018 – 2019 State-to-State Migration Flows. This number is a 6.7 percent increase over the 47,513 Californias that moved to Nevada the previous year.

It will be interesting to see how the consequences of the pandemic impact those migration numbers for 2020.


Data source: U.S. Census Bureau 2013-2017 5-Year American Community Survey

Will the San Francisco metro area unseat the Las Vegas metro area as the #1 metro contributing the most new residents to Reno, NV this year?

I would love to read your thoughts in the comments below.

Posted in Agent Insights, headlines, Reno, Sparks | Tagged , , , , | 1 Comment

Just how big was July’s median home price increase?

In this blog post I take a closer look at the magnitude of July’s increase in the median sales price for homes in the Reno-Sparks housing market.

By now most readers of this blog are aware of the huge jump in home prices last month — either through my most recent market report, July median sales price and other market metrics [August 5, 2020], or perhaps from local pieces, such as the Northern Nevada Business Weekly’s Record high in July: Reno’s median home price tops $459K as demand soars [August 14, 2020], or the Reno Gazette-Journal’s Reno median home price hits record $459,900; Sparks tops $400,000 for 1st time [August 11, 2020].

What was the increase?

As I wrote in July’s Market Report (Aug 5, 2020):

July’s median sold home price for Reno-Sparks rocketed to $435,000! Not only was this a whopping 7.4 percent increase over June’s median sales price, but also July’s median sets an all-time record high for our market.

So the median home price for the Reno-Sparks housing market saw a 7.4 percent one month increase. To lend some real numbers to that 7.4 percent increase — the median sales price went from $405,000 in June to $435,000 in July — a whopping $30,000 one-month increase!

Now, I realize a one-month change does not a trend make, but what I am addressing here is simply the sheer magnitude of this one-month increase.

Has such an increase ever occurred before?

Well, yes and no.

Long-time readers of the blog know that I maintain historical housing data for the Reno-Sparks market going back to January 1998. Among other metrics, this data set contains 271 prior months of monthly median sales data.

An analysis of this data reveals that prior to last month there have been seven other instances where the month-over-month percentage change in the median sales price was greater than the 7.4 percent seen in July.

These greatest past instances can be seen in the table below.

The table also includes the equivalent dollar amount that these percentage changes represented. Notice that none of these amounts exceed the $30,000 increase observed in July.

Sorting the historical monthly data by month-over-month dollar amount change yields the following table.

The table above contains the top ten largest dollar amount increases in the monthly medians.

Note that July’s $30,000 was the greatest one-month increase in the median sales price (dollar-wise) going back to the beginning of the data set — January 1998. In fact, July’s $30,000 increase was remarkable 33.3 percent higher than the second greatest one-month increase of $22,500 — which occurred in March of this year.

Was July’s increase unique to Reno-Sparks?

Whether one looks at the percentage increase, or dollar amount increase, July’s median sale price jump was big. But did other markets in Northern Nevada see similar jumps?

The table below shows the change in median sales price for some of the surrounding areas, sorted from highest to lowest. The table also splits out Reno, NV from Sparks, NV for comparison purposes.

Note, that the month-over-month percentage change is for July 2020 over June 2020 only.

As can be seen in the table above, the Gardnerville/Minden market tops the list of other area markets in both month-over-month increase, 21.7 percent; as well as year-over-year increase, 16.8 percent.

Reno, NV came in second on the list with a 10.8 percent month-over-month increase in its median sales price.

All markets shown above exhibit increased median sales prices year-over-year.

How’s does Reno-Sparks compare to what is happening nationally?

From the National Association of REALTORS® Existing Home Sales Report for July (See Existing-Home Sales Continue Record Pace, Soar 24.7% in July):

The median existing-home price for all housing types in July was $304,100, up 8.5% from July 2019 ($280,400), as prices rose in every region. July’s national price increase marks 101 straight months of year-over-year gains. For the first time ever, national median home prices breached the $300,000 level.

Nationally, the median existing-home price for all housing types in June was $295,300. Therefore July’s median of $304,100 represents a 3.0 percent month-over-month increase.

The table below shows Reno-Sparks compared to the U.S.

How is my 2020 Forecast looking?

At the beginning of this year I published a post where I provided a forecast of what level home prices might reach in 2020 (See Reno housing market forecast 2020 [January 9, 2020])

In that blog post I wrote:

…if this methodology is correct, then the Reno-Sparks median sales price should increase to $434,556 by November 2020.

Well, looks like the market hit that number — only a few months early.

Anyone care to guess where the median home price for Reno-Sparks will be at the end of 2020? Please comment below.


As always thank you for reading. Take care of yourself and each other.


The median home price data reported above includes Site/Stick Built properties only. Data excludes Condo/Townhouse, Manufactured/Modular and Shared Ownership properties. Data courtesy of the Northern Nevada Regional MLS – August 24, 2020. Note: This information is deemed reliable, but not guaranteed.

Posted in Agent Insights, Carson City, Fernley, Incline Village, Market Trends, Reno, Sparks | Tagged , , , , , , | 2 Comments

This week’s real estate headlines

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

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