Each quarter our broker, Chase International, releases reports on the housing market in Reno, Sparks and the areas around Lake Tahoe and Truckee. At the end of each year, and annual report is produced. Some of you may have seen this piece picked up in the local newspapers. If not, I am including it below. I’ve also attached charts produced by our broker.
Real Estate Sales have risen exponentially in the Reno/Tahoe Region
LAKE TAHOE, Nev. (Jan. 4, 2010) – For anyone who has been waiting for the market to hit rock bottom to get into their dream home in the Lake Tahoe or Reno areas, time is definitely running out. Sales of single-family homes are up dramatically throughout the region. And while home prices continued to fall in 2009, the overall number of units sold has made a remarkable recovery.
Year-end statistics released today by Chase International show single family home sales increased in all of the nine distinct communities they measure within the Reno/Tahoe area. “The numbers don’t lie. Sales have risen exponentially in 2009, and we expect that trend to continue into 2010,” notes Sue Lowe, corporate vice president of Chase International. In fact, inventory is being absorbed at an astonishing rate.
For instance, the entire Lake Tahoe basin units sold are up 22% over the previous year. Tahoe City increased 38%, South Shore saw a 22 percent increase, East Shore saw an increase of 17 percent, and Incline Village increased 4 percent. In Truckee, unit sales jumped 23 percent.
The 2009 numbers for Reno and Sparks were also extremely positive – with Reno single-family home sales measured in number of units up over the previous year by an impressive 41 percent, and sales in Sparks increasing by a whopping 52 percent.
Condominium sales continue to be volatile and vary greatly depending on the area but overall increased around the Lake by 17%. Condo sales along East Shore were up 69 percent, Tahoe City was up 47%, Incline Village up 8% but the South Shore was down 27 percent. Condo sales also were very strong in the Reno/Sparks area – up 59 percent in Reno over the previous year and up 100 percent in Sparks (70 condos sold in 2008 in Sparks while 140 sold in 2009).
The median sales price for both homes and condominiums continued to drop last year over 2008 prices, which contributed to the increase in sales. However, the experts at Chase International say this downward trend in sales prices might be coming to an end.
“We are definitely seeing signs that home prices may be reaching the bottom. Some of the home prices we saw in 2009 were equivalent to prices a decade ago, and buyers have taken advantage of these discounts by snapping up some of these great properties, thereby limiting available inventory. Now that the word is out about the amazing values to be had in the Reno/Tahoe area, we anticipate pricing will level off as even more buyers enter the market,” says Lowe.
A complete breakdown of Chase International’s year-end sales report can be viewed on Chasenation.com.
Headquartered in Lake Tahoe, Nevada since 1986, with eight offices in the region (Zephyr Cove, Glenbrook, Incline Village, Tahoe City, Squaw Valley, Truckee, South Lake Tahoe and Reno) and one in London, England, Chase International and its exclusive affiliations handles a large share of the country’s property. A recognized leader in the world of real estate, Chase International has once again taken the reins of cutting edge technology by launching www.ChaseNation.com, the first interactive social networking website created by a real estate brokerage as a vehicle for direct interaction with consumers online.
With nearly 200 professional Realtors® boasting an array of industry certifications and the highest volume per sales agent in the area, Chase International successfully represents homes at all price levels. For more information about Chase International visit www.chaseinternational.com.
2009 Year-end Charts for Reno and Sparks
2009 Year-end Charts for Lake Tahoe
2009 Price Banding Charts
smarten
Thanks Guy. EXCEPT I didn’t appreciate the bottom portion of your post which represents a talkings point for Chase Int’l!
Since ChaseNation is touted in your press release, I think the subject is worthy of a post. What a BUST! What started out as what was supposed to be a clearing house for the community’s residential real estate news/views [the promise UNrealized], has turned into nothing more than a message board for Chase agents/their affiliates [only two blogs by NON-Chase agents in the last six months (one by a loan officer at Prime Lending, and the other by a Philippines gold credit card marketing salesperson), and NONE by non-industry members of the public like most of us]. What a joke. I think our RRB exemplifies far more of THE definitive voice for Reno/Sparks/Incline Village residential real estate because we’re knowledgeable and have no financial agenda!
That said, I particularly enjoyed reading Kerry Donovan’s “Why Didn’t My House Sell This Year?” blog [ http://www.chasenation.com/profiles/blog/show?id=2000642%3ABlogPost%3A17172 ]. Sounds a whole lot like Diane’s infamous article in the RGJ over two years ago – EXCEPT it has taken this source of expertise over two years to realize what we’ve been talking about here for years!
Martin
I suppose that since you are now the only realtor sponsor of this blog, you can put up whatever you want, including this patently hyped up spin piece by Chase. What a bunch of nonsense. This reminds me of what we used to hear back in 2004 and 2005. I am surprised that this advertising flier did not end with the statement that you better buy now, before you get forever priced out of the market.
Polly
What would have been far more interesting than this marketing propoganda, would have been a list of all the Chase Int’l agents (including Diane Cohn)who have lost their house to foreclosure, or are in the process of losing it to foreclosure right now because they swallowed this kind of airhead hype.
Sully
Martin, try saying that on the Chase site. See if your comment even gets posted! 🙂
SkrapGuy
“snapping up”
You know for sure it is a realtor snowjob whenever it says buyers are “snapping up” properties (and thus you better too).
I’m sorry, Iv’e become so tired of hearing realtor jibberish about “snapping up” properties.
Anybody who has not been living in a cave and with an even passing interest in real estate prices knows that the reason that sales volume has increases so dramatically is that 70% of all the sales are banks peddling REOs and short sellers trying to get out alive. 70% of all sales being distressed is the sign of a sick market, not a healthy one.
Martin
Sully,
I have absolutely no illusions about Chase Nation. It is, as Smarten so accurately notes, a joke. It has always been a joke. It was supposed to be a legitimate site for honest commentary. Puh-lease. The only posts that last there for 5 minutes are kool-aid laced comments about how great the market is. It is an embarrassment, but realtors don’t seem to notice.
james
What a PATHETIC puff piece!
yes martin, the Realtors indeed don’t seem to notice!
SmartMoney
A half-hour ago I fell off my chair laughing, but I’m better now.
BanteringBear
Polly posted:
“What would have been far more interesting than this marketing propoganda, would have been a list of all the Chase Int’l agents (including Diane Cohn)who have lost their house to foreclosure, or are in the process of losing it to foreclosure right now because they swallowed this kind of airhead hype.”
A woman after my own heart. This latest shill piece by Chase is nothing more than a regurgitation of the same swill from days gone by. Anyone falling for this tripe needs to check their head- or go work for this pathetic excuse of a company.
Reno Ignoramus
“the experts at Chase International”….
I just love it when realtors fashion themselves as experts at analyzing the market. Especially when these very “experts” kept on denying the bubble in 2004 and 2005 and 2006.
This is still a fine blog, Guy, and you can take the hits, I know.
But with all due respect, asking a realtor if it’s a good time to buy a house is like asking a barber if you need a haircut.
Guy Johnson
R.I., yes, of course, I can take the hits. To be honest I didn’t perceive any of the above negative comments to be directed specifically to me. Perhaps I’m mistaken. …actually the overall sense of the comments seem to applaud the RenoRealtyBlog.
Regarding the post, in the past I have presented Chase’s quarterly charts without the accompanying Chase press release. This time I decided to include Chase’s commentary.
I believe the charts are useful; particularly those charts for the Lake Tahoe area, as I do not regularly cover that market on this blog.
A question for the reader’s: Going forward, should I include or not include Chase’s commentary? It really makes no difference to me, so you all can decide.
Raymond
Guy, maybe you could create a “just for laughs” section on the blog, and then post all of the Chase commentary in that section.
Greymare
HAHAHA you folks are dreaming. I used to tune into this website because it seemed like a credible link to what is happening with real estate in the Reno area. Now, it seems to be nothing more than a group counseling session for people that are unwilling to accept what is REALLY happening in the world. Good luck with that.
GrandWazoo
OK Greymare – what is really happening?
I’m giddy with anticipation.
Greymare
Dear Grand Wazoo, for one thing, where are all the shadow foreclosures in this equation? For another, what would be the sales figures if it wasn’t for the tax credit for first-time buyers? And then, what are we going to do when the tax credit expires? I don’t think there are enough rich Californians to keep us all employed, do you?
SkrapGuy
Greymare, are you kidding? The topic of shadow inventory has been discussed ad nauseum on this blog. Bantering Bear has been talking about that for at least 2 years. So has the issue of the impact of all the gov’t stimulus on first time buyers, including the tax credit. And “Rich Californians”? RI coined that term on this blog about 4 years ago, and has been making the point ever since then that the notion of wealthy Californians propping up Reno’s market is nothing more than realtor shuck and jive. Many have commented that it is difficult to come up with a really new topic on a RE blog after 4 years, but nothing you mention is in the least bit new for ths blog. In fact, those topics have been discussed into the ground.
MikeZ
That said, I particularly enjoyed reading Kerry Donovan’s “Why Didn’t My House Sell This Year?”
It just boggle’s my mind that some many professional’s don’t understand the basic grammer rule’s of plurality v. possession.
Ms. Donovan, the plural of “buyer” is not “buyer’s.”
Reno Ignoramus
“boggle’s” the mind?
“grammer rule’s”
Very good, MikeZ.
I think that the realtors at Chase have only annointed themselves as experts on the real estate market, not the particularities of the rules of grammar.
MikeZ
RI, I expect my professionals, especially those I’m entrusting with major financial transactions, to know fundamental, 6th grade grammar rules. I’m picky like that.
bob c
should have split that sentence mikeZ…four commas
bondstevenbond
I’d keep the Chase commentary Guy. If only to display how embarrassing it must be for any true professional to be associated with Chase’s commentary. The way they insult the intelligence of their clientele is simply breathtaking.
Why couldn’t they have said something reasonable like, “Sold prices per square foot continue to fall. They are now down about 55% from the peak, and nobody really knows when they will trough.”
CommercialLender
Not one usually shy for words, I’ll just answer this ‘expert’ piece with their own words:
“For anyone who has been waiting for the market to hit rock bottom to get into their dream home in the Lake Tahoe or Reno areas, time is definitely running out.”
Hurry up! Time is running out on obtaining my dream home!
GrandWazoo
… and to think I used to hold lawyers in low esteem …
Guy Johnson
FYI All, I’ve just added the 2009 year-end price banding charts to the post.
smarten
Hey Guy –
Just a recommendation, but how about alerting your colleagues [specifically Sheri Chase] to the public’s impression of their expertise/residential real estate forecasts?
Better yet, how about placing a blog on the ChaseNation site inviting your colleagues to see what the public thinks? In no way am I suggesting that you degrade Chase in any manner – simply here’s a link to what the public thinks of the shuck and jive.
smarten
Bondstevenbond states, “The way they [ChaseNation agents] insult the intelligence of their clientele is simply breathtaking.”
You might want to modify your statement along the lines of the late George Carlin – “stunningly arrogant!”
ToBuyOrNotToBuy
Sorry to change topic. Does anyone here have any experience or know the situation in Fallen Leaf condos? Would future Hoa fees spike be a concern if someone is interested in buying a unit there?
Reno Ignoramus
“Sold prices per square foot continue to fall. They are now down about 55% from the peak, and nobody really knows when they will trough”.
bondstevenbond, that statement is far too honest, far too genuine, far too accurate, and far too helpful to ever appear on the Chase website. Why, that’s the kind of thing that Diane Cohn used to say on this blog, back when she was selling real estate, and now she is out of the business.
CommercialLender
While we are Realtor-credibility-bashing, can someone please explain to me why on earth Realtors always have their photos on their listings, business cards, email, et.al. For that matter, the photos in many cases pose fake smiles, annoying grins, and contrived situations (a ‘team’ standing arms crossed, back to back for example, or a phone held to an ear to look as if he did not know a camera was present.) This practice grates on my nerves so much as to make me recoil from the industry and want to represent myself.
Don’t get me wrong, I am an A-type personality and also in ‘sales’ and very much believe in face to face meetings with clients, but there is something in my book very, how to say?, narcissistic or arrogant in making your own smiling mug part of every communication. No offense to Guy, Diane, JoAnn, et.al., but I for one don’t give a flying flip what an agent looks like. If I use an agent, I want the most effective skills, can-do attitude, most experience, best and most instructive writeup on a property, and one who is realistic and informative. Self serving comments such as “its always a good time to buy!” and fake posed photos of an agent holding a phone to his ear just scream untrustworthy in the same way a boisterous used car salesman hounding you incessantly on a car lot screams ‘get the hell away from me’.
My apologies for being rude if that is what came across, though I truly am only inquisitive here.
E.Edward
You just have to love some of these posts here with-out a stitch of thought….”Your gonna miss the boat if you don’t buy now”.. Sound familiar?
We are at 1997 wages and falling? Record high foreclosures? Record high unemployment? This is NOT sign’s of a stable housing market..
What are these people pushing? Things are going to return to 04-06 days?….NO-WAY!
These low interest rates and gimmicks are a temporary band-aid at best.
If your a cash home buyer and determined to invest, Better to throw your money on black, If your one of the duped lucky finance buyers, kiss your down payment {if any} by-by and get ready to settle in that home for the next 30 years?…..Just don’t pay attention to what your neighbor is going to buy there home for..
Just my opinion.
bob c
i wouldn’t worry too much about fallen leaf…..it was built during the peak and will turn over pretty much all of its original owners and thus have a pretty sturdy HOA base…..stay on the assessor to adjust property taxes downward (they have been doing a pretty good job)
fallen leaf should be fine…….nice buy at the current numerous short sale prices
MikeZ
Ambrose Evans-Pritchard raises a red flag:
http://tinyurl.com/y93go5c
But it also masks the continued rot in the housing market, allows lenders to hide losses, and stores up an ever larger overhang of unsold properties. It takes heroic naivety to think the US housing market has turned the corner.
The fuse has yet to detonate on the next mortgage bomb, $134bn (£83bn) of “option ARM” contracts due to reset violently upwards this year and next.
bondstevenbond
Smarten and Commercial Lender,
With due appreciation of your delightful comments, I’ll paraphrase our dear departed George Carlin. Perhaps he can help us understand all the cheesy realtor biz cards with their glamour pics…
“I’ve never actual been F@%^ ‘d by a real estate broker who was a ten. But on one property I got F*&^ ‘d by five real estate brokers who were twos. And I feel THAT ought to count for something!”