Incline Village / Crystal Bay market report – November 2020

Home sales remain very strong; Sales up 100% Y-o-Y; Median sale price median sales up 60% Y-o-Y!

Single-family homes

Despite a (seasonal?) decrease in home sales relative to the last four months’ sales numbers, November’s homes sold was double the number sold in November 2019.

Buyer demand remains unseasonably strong for homes in Incline Village and Crystal Bay. 34 homes sold during the month of November — down 33.3 percent from the number of homes sold in October, but a 100.0 percent year-over-year increase.

DOM (days on market) increased to 62 days — an 11 day addition to October’s number.

Available inventory remains very low — sitting at a little over a one-month supply, given current monthly home sales. At the moment there are 41 SFRs currently for sale. Of these 41 properties, only 11, or 28.6 percent) are priced at or below the current median sales price.

That being said home buyers are still purchasing. 42 homes are currently under contract and pending sale. Expect December and January monthly sales to clock in at significantly higher year-over-year totals. In fact, recent reports predict that there may not be a winter slowdown in home sales at all this year. [See Why This Winter’s ‘Slow’ Home-Selling Season May Be Hotter Than Ever]

November’s median sales price came in at $1,723,000 — a 20.5 percent jump over October’s median sales price of $1,430,000. Year-over-year, November’s median sales price is up an incredible 60.3 percent. And the demand for luxury homes is showing no signs of slowing — see Luxury Demand — Opulent Homes Selling in Nevada

November’s median sold PPSF (price per square foot) was $635.32/sq.ft. — a new record high sold PPSF. November’s sold PPSF is up 19.1 percent over October’s, and up 35.3 percent year-over-year.

Condo/Townhomes

25 condos and townhomes sold in November — down 10.7 percent from the 28 sold in October; but up 92.3 percent year-over-year.

November’s median sales price for condos/townhomes was $700,000 — a 4.8 percent decrease from October’s number; and a 15.7 percent year-over-year increase.

November’s median sold PPSF for condos/townhomes was $463.24 — a 2.2 percent decrease from October’s number; and a 4.5 percent year-over-year increase.

Median DOM for condos/townhomes was 50 days — just one additional day over October’s 49 DOM number; but down 46.8 percent year-over-year.


Click here to see Incline Village and Crystal Bay homes for sale


Data courtesy of the Incline Village REALTORS® – December 4, 2020. Note: This information is deemed reliable, but not guaranteed.

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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 week…

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November 2020 Market Report for Reno and Sparks, Nevada

November home sales set a record high for the month of November. November’s median sales price unchanged from October’s record high. Available inventory drastically low — down 71% Y-o-Y!

November’s median sold home price for Reno-Sparks held steady at $455,000 — unchanged from October’s record-setting high median sales price.

Year-over-year, November’s median closed sales price was up a whopping 13.8 percent!

November’s median sold price per square foot (PPSF) climbed to $243.82/sq.ft. — a 2.2 percent increase over October’s sold PPSF of $238.58/sq.ft,

Year-over-year, November’s median sold PPSF is up 12.6 percent.

Homes Sold

Home sales continue to exceed year-over-year numbers. 573 homes were sold in November. And although that number was down 8.8 percent from the record-setting number of homes sold in October, year-over-year, November home sales were up a whopping 25.9 percent — setting an all-time high for the number of homes sold in the month of November.

After catching and then surpassing 2019 year-to-date home sales in September 2020, year-to-date home sales are now up 4.8 percent from the same period last year — effectively wiping out the Coronavirus pandemic’s negative impact on home sales observed in March and April of this year. [See What happened on September 21, 2020?]

How long can these record-breaking monthly sales numbers last? Well, read on…

Inventory

Currently there are only 278 homes available for purchase in the Reno-Sparks market. This number is down 27.5 percent from the 385 homes available for sale this time last month.

And year-over-year, current available inventory is down an incredible 70.9 percent! Yes, last year at this time 956 homes were available for purchase — today there are 279!

And the picture becomes even bleaker when one looks at the available inventory of homes priced at, or below, the currently median sales price of $455,000. Currently only 63 homes (22.7 percent) are priced at, or below, the median sales price.

This drastically low amount of inventory has been, and will continue to, negatively impact the number of homes sold. However, that impact has not been readily apparent in monthly home sales totals to date. This is because of the market’s incredibly high absorption rate — which, depending on the formula used to calculate it, currently comes in at 53 – 74 percent. [For context, traditionally, an absorption rate above 20 percent has signaled a seller’s market and an absorption rate below 15 percent is an indicator of a buyer’s market. Our market’s absorption rate is over 50 percent.]

Presently, 797 homes are pending sale in the Reno-Sparks market. Year-over-year, that number is up 16.7 percent over the number of pending sales this time last year. Given that increase, December sales may exceed December 2019 home sales; however, January may tell a different story.

Days on Market and Days to Contract

November’s median days on market (DOM) came in at 52 days — an increase of 2 days over October’s median DOM. However, year-over-year November’s DOM is a whopping 20 days (or 27.7 percent) lower than November 2019’s DOM. These numbers show the velocity the current market.

November’s median days to contract (DTC) came in at 5 days — unchanged from October’s median DTC. Year-over-year, November’s DTC number is 12 days lower than November 2019’s 17 DTC — again, reflecting the velocity the current market.

Sales by Type

November sales by type, break out as follows:

  • REO sales: 0.9% – up over October’s 0.2%
  • Short sales: 0% – down from October’s 0.2%
  • Subject to Court Approval sales: 0.5% – down from October’s 0.7%
  • Relocation sales: 0% – down from October’s 0.7%
  • Equity sales: 98.6% – up over October’s 98.3%

Sales by Price

November 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 2 0.3% 0.3%
200 – 299 24 4.2% 4.5%
300 – 399 162 28.3% 32.8%
400 – 499 152 26.5 59.3%
500 – 599 87 15.2 74.5%
600 – 699 45 7.9% 82.4%
700 – 799 31 5.4% 87.8%
800 – 899 17 3.0% 90.8%
900 – 999 12 2.1% 92.8%
1M+ 41 7.2% 100%
total 573 100%

November’s median sold price for houses and condos combined was $430,000 — a 2.4 percent increase over October’s median sold price of $420,000 for combined sales of houses and condos, and an 15.6 percent year-over-year increase.

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
Nov 2020 573 $455,000 $243.82 52 278 797
Oct 2020 628 $455,000 $238.58 50 385 979
Sep 2020 692 $440,000 $239.97 49 432 1,013
Aug 2020 656 $444,900 $228.25 54 468 1,068
Jul 2020 748 $433,160 $229.14 57 588 1,037
Jun 2020 565 $407,000 $223.21 58 688 1,062
May 2020 403 $399,900 $222.43 57 720 1,048
Apr 2020 392 $415,500 $219.95 51 812 697
Mar 2020 516 $415,000 $221.74 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

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 – December 2, 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 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 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 week…

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

Incline Village / Crystal Bay market report – October 2020

No slowdown in buyer activity; Sales up 155% year-over-year

Single-family homes

Buyer demand remains unseasonably strong for homes in Incline Village and Crystal Bay. 51 homes sold during the month of October — unchanged from the number of homes sold in September, and a 155 percent year-over-year increase over the 20 home sales in October 2019!

DOM (days on market) decreased to 51 days — an 18 day reduction from September’s number.

Available inventory remains very low — sitting at a less than a one-month supply, given current monthly home sales. At the moment there are 47 SFRs currently for sale. Of note is that 14 of these current listings (~30%) have had at least one price reduction. This could be an indication of increased Seller motivation as the market enters the winter months.

That being said home buyers are still purchasing. 60 homes are currently under contract and pending sale. Expect November and December monthly sales to clock in at significantly higher year-over-year totals. In fact, recent reports predict that there may not be a winter slowdown in home sales at all this year. [See Why This Winter’s ‘Slow’ Home-Selling Season May Be Hotter Than Ever]

October’s median sales price came in at $1,430,000 — a 15.4 percent decrease from September’s median sales price of $1,690,000. Year-over-year, however, October’s median sales price is up 17.2 percent. October’s median sold PPSF (price per square foot) was $533/sq.ft. — a 5.2 percent decrease from September’s, but up 15.4 percent year-over-year.

Condo/Townhomes

28 condos and townhomes sold in October — down 24.3 percent from the 37 sold in September; but up 64.7 percent year-over-year.

October’s median sales price for condos/townhomes was $735,000 — a 0.7 percent increase over September’s number; and a 63.3 percent year-over-year increase.

October’s median sold PPSF for condos/townhomes was $473.81 — a 6.6 percent decrease from September’s number; and a 26.7 percent year-over-year increase.

Median DOM for condos/townhomes was 49 days — unchanged from September’s number; but down 34.7 percent year-over-year.


Data courtesy of the Incline Village REALTORS® – November 8, 2020. Note: This information is deemed reliable, but not guaranteed.

Click here to see Incline Village and Crystal Bay homes for sale

Posted in Agent Insights, Crystal Bay, Incline Village, Market Trends | 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 week…

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