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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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

RSAR Market Reports for Reno, Sparks, and Fernley, Nevada – February 2020

The Reno/Sparks Association of REALTORS® (RSAR) has released February’s Market Reports for Reno, Sparks, and Fernley, Nevada.

The following infographics highlight each market’s housing numbers. Click on the infographics below to access the entire reports.

Reno Market Report

Sparks Market Report

Fernley Market 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

Incline Village Housing Market

From the most recent housing market report for Incline Village, Nevada…

This week the median list price for Incline Village, NV is $1,500,000 with the market action index hovering around 24. This is about the same as last month’s market action index of 24. Inventory has held steady at or around 86.

The market shows signs of warming up, with sales demand recently increasing faster than inventory. Prices have not yet responded as the market is still working through excess inventory. It’s unlikely that we’ll see prices level off or move higher until the MAI sustains its upward trend and maybe not until the inventory is depleted enough to create a Seller’s market.

Click on the Market Segments table below to access the entire market report for Incline Village.

Click here to see homes for sale in Incline Village.

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February median sales price and other market metrics

Reno-Sparks median sales price pulls back 3.2 percent in February; Monthly home sales up 15.4 percent; Pending sales up 14.6 percent


Median Sales Price

February’s median sold home price for Reno-Sparks was $391,975 for the month — a 3.2 percent decrease from January’s median sales price of $404,972.

Year-over-year, February’s median closed sales price was up 5.3 percent.

February’s median sold price per square foot (PPSF) also fell — coming in at $212.80, or 1.5 percent below January’s $215.99/sq.ft.

Year-over-year, February’s median sold PPSF is up 2.0 percent.

Homes Sold

Home sales rose to 450 units sold in February — representing an impressive 15.4 percent increase over January’s 380 homes sold.

Year-over-year, February’s number of homes sold was up a whopping 24.0 percent over the 363 homes sold in February 2019.

Inventory

Currently 587 homes are available for purchase in the Reno-Sparks market. This number is down 5.5 percent from the 621 homes available for sale this time last month. Year-over-year, current available inventory is down a staggering 33.9 percent.

Pending sales are showing a healthy uptick. Presently, 816 homes are pending sale in the Reno-Sparks market. That number is up 14.6 percent over the 712 homes pending sale this time last month. As pending sales rise expect unit sales to climb as well next month.

Current pending sales are up 5.4 percent over the number of pending sales this time last year.

Days on Market and Days to Contract

February’s median days on market (DOM) clocked in at 79 days — a decrease of 8 days from January’s median DOM. Year-over-year, February’s DOM number is down 11 days from February 2019’s number.

February’s median days to contract (DTC) fell substantially to 17 days — a decrease of 13 days from January’s median 30 DTC. Year-over-year, February’s DTC number is down 2 days from February 2019’s number.

Both DOM and DTC numbers indicate that the housing market is accelerating — typical as we enter the spring home buying market.

Sales by Type

February sales by type, break out as follows:

  • REO sales: 0.9% – up over January’s 0.3%
  • Short sales: 0.7% – up over January’s 0%
  • Subject to Court Approval sales: 1.6% – up over January’s 0.8%
  • Relocation sales: 0.4% – up over January’s 0%
  • Equity sales: 96.4% – down from January’s 98.9%

Sales by Price

February sales by price band, break out as follows in the table below…

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 0.4% 0.4%
200 – 299 61 13.6% 14.0%
300 – 399 176 39.1% 53.1%
400 – 499 108 24.0% 77.1%
500 – 599 42 9.3% 86.4%
600 – 699 18 4.0% 90.4%
700 – 799 15 3.3% 93.7%
800 – 899 8 1.8% 95.5%
900 – 999 4 0.9% 96.4%
1M+ 16 3.6% 100%
total 450 100%

February’s median sold price for houses and condos combined was $367,500 — a 4.5 percent decrease from January’s median sold price of $385,000 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
Feb 2020 450 $391,975 $212.80 79 587 816
Jan 2020 390 $404,972 $215.99 87 621 712
Dec 2019 517 $394,000 $216.19 82 779 541
Nov 2019 454 $400,000 $216.60 73 956 683
Oct 2019 563 $399,999 $216.61 76 1,090 773
Sep 2019 579 $395,000 $218.24 68 1,283 814
Aug 2019 623 $399,000 $213.78 64 1,342 898
Jul 2019 606 $406,000 $217.39 60 1,367 906
Jun 2019 570 $400,000 $219.78 55 1,252 915
May 2019 680 $390,000 $220.27 54 1,163 911
Apr 2019 531 $375,000 $213.73 65 996 923
Mar 2019 458 $369,000 $207.92 78 867 815
Feb 2019 363 $372,300 $208.63 90 888 774

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


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 – March 7, 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.

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The Housing Supply Shortage: State of the States

FreddieMac’s most recent housing supply analysis estimates that 2.5 million additional housing units are needed to make up the U.S.’s severe housing supply shortage.

But the need for additional housing units varies greatly between states. In fact, while there are currently 29 states that have a housing deficit, 21 states are oversupplied.

And when one considers only the 29 states with a housing deficit, the housing shortage grows from 2.5 million units to 3.3 million units.

Where does Nevada fall? Nevada definitely falls on the “undersupplied states” side of the coin — coming in with a 1.55 percent housing stock deficit as a proportion of the state’s housing stock.

But Nevada’s housing stock deficit is made more acute when interstate migration is taken into account — increasing to a 2.21 percent housing stock deficit as a proportion of the state’s housing stock considering interstate migration flows.

From the analysis, “High housing costs have driven many U.S. citizens and households out of California, driving housing demand higher in their destination states.” And what are California’s “destination states”? Well, Nevada is one of the top ones. [See A closer look at Nevada’s and Washoe County’s inflow population migration]

To see Freddie Mac’s full analysis, see The Housing Supply Shortage: State of the States

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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