Per a request from longtime reader and commenter Reno Ignoramus, I’ve provided a breakout of the current residential listings by occupancy/vacancy type below. R.I. referenced data I posted back in August of 2008 (see Only Half of Reno Sparks Listings Are Owner Occupied), and asked if I would provide current numbers. Gladly.
For comparison purposes I’ve also included the percentages I reported back in 2008. As can be seen in the table below, less than half (48 percent) of current listings are owner-occupied. This number is two and one-half points lower than the 50.7 percent I reported back in August 2008. In actuality the current number is most likely less than 48 percent. I show listed properties on almost a daily basis, and in my experience many of the listings that specify “occupied by Owner” are in fact vacant. This can be the result of a couple reasons: 1) the property was occupied at the time the property was listed, but subsequently the occupants moved out and the status was not updated, or 2) for security purposes, or other reasons, the listing agent doesn’t necessarily want to advertise the property as being vacant, so she lists it as Occupied.
| Occupied by? | units | % | Aug 2008 % |
| Owner-occupied | 1,754 | 48.1 | 50.7% |
| Vacant | 1,485 | 40.7 | 41.8% |
| Tenant-occupied | 325 | 8.9 | 7.4% |
| Under Construction | 85 | 2.3 | 0.1% |
| ——- | ——- | ———- | |
|
total listings |
3,649 | 100.0 | 100.0% |
Note: The residential data above includes Site/Stick Built, Condo/Townhouse, Manufactured/Modular and Shared Ownership residential properties in the cities of Reno, Nevada and Sparks, Nevada [NNRMLS Area #100].. Data courtesy of the Northern Nevada Regional MLS – January 2011. Note: This information is deemed reliable, but not guaranteed.
Norton
Very interesting data. Obviously all the REOs now owned by banks are vacant and unoccupied. And the REOs comprise 40% of all sales. Harder to know what percent of all short sale listings are vacant, but it could be substantial. With 50% of all listings either vacant or rented to a tenant, this is not a good sign for the market going forward. The banks who own empty houses will continue to supress comps and drive the market down as they trickle out thier vast inventory of REO properties to the market. People who own empty houses in most cases have zero equity in those houses and they are not going to be willing, or able, to carry the alligator forever.
Carney
I would imagine that the great majority of the 40% of properties for sale that are vacant are REOs. So perhaps it is not a coincidence that 40% of all sales are REOs. Pretty safe to say that by now all the flips gone bad have been converted into REOs.
50% of all listings being either vacant or renter occupied is as bad for the market today as it was when Guy made the original post 2.5 years ago.
The only “good” news is that the inventory today is about 900 less than it was 2.5 years ago.
Tom Joad
Okay, I consider that the SFR median is now down 55% from the bubble high. 55% down is extraordinary, nothing any of us have seen in our lifetime. So I think surely we must be near the bottom, right?
Then I consider:
1.70% of all sales continue to be distressed producing no move up buyer.
2. There are about 15,000 properties in some state of foreclosure in Washoe County.
3. 50% of all listings are either empty or occupied by a renter.
4. 50% of all homeowners with a mortgage in Washoe County owe more than their house is worth.
5.The unemployment rate continues at 14%.
6. Mortgage rates will ever again in our lifetime be as low as they have been. They can only go up from here.
And then I am not so sure.