Reno, Incline Village, Sparks, Carson City, Fernley, and Northern Nevada Real Estate Blog

This week’s real estate headlines

Posted on June 20, 2020 by Guy Johnson

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

from Freddie Mac: Mortgage Rates Drop, Reaching Another All-Time Low
from CNBC: Homebuyer Mortgage Demand Spikes to 11-Year High, as Rates Hit Another Record Low
from the National Association of Home Builders: Housing Starts Climb 4.3% in May as Buyers Return and Builders Aim to Speed Up Work
from realtor.com^®: Suburban Housing Markets Quicker to Bounce Back from COVID-19
from CNBC: Homebuilder Sentiment Posts Biggest Monthly Surge Ever, a Sign Housing Is Rebounding From Coronavirus
from CNBC: Coronavirus Mortgage Bailout Shrinks Further, But Bank-Held Loans Are Faring Worse
from HUD.GOV: FHA EXTENDS FORECLOSURE AND EVICTION MORATORIUM FOR SINGLE FAMILY HOMEOWNERS FOR ADDITIONAL TWO MONTHS
from HousingWire: 42% of people who bought homes during the pandemic engaged in a bidding war
from PR Newswire: Bidding Wars Climb in May as Coronavirus Intensifies Housing Shortage
from LendingTree: LendingTree Survey: More Than Two-Thirds of Home Sellers Would Accept a Lower Offer Price Amid COVID-19 Crisis
from REALTOR^® Magazine: Baby Boomers Are Making Home Renovation a Priority
from the National Association of REALTORS^®: Designing the Perfect Pop-Up Office

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May median sales price and other market metrics

Posted on June 19, 2020 by Guy Johnson

Reno-Sparks median sales price drops — Pending sales up substantially

May’s median sold home price for Reno-Sparks fell to $399,900 — a 3.8 percent decrease from April’s record-setting high.

Year-over-year, May’s median closed sales price is up 2.5 percent.

May’s median sold price per square foot (PPSF) increased — coming in at $222.30, or 1.1 percent up over April’s $219.95/sq.ft.

Year-over-year, May’s median sold PPSF is up 1.0 percent.

Homes Sold

Home sales rose to 403 units sold in May. And though this number is 3.3 percent higher than the number of homes sold in April, year-over-year, May’s home sales are off a whopping 40.9 percent from 682 homes sold in May 2019.

Inventory

Currently 720 homes are available for purchase in the Reno-Sparks market. This number is down 11.3 percent from the 812 homes available for sale this time last month. Year-over-year, current available inventory is down 38.1 percent.

Pending sales rose substantially in May. Presently, 1,048 homes are pending sale in the Reno-Sparks market. That number represents a 50.4 percent increase over the 697 homes pending sale this time last month.

Year-over-year, pending sales are up 15.0 percent.

Days on Market and Days to Contract

May’s median days on market (DOM) came in 57 days — an increase of 6 days over April’s median DOM. Year-over-year, May’s DOM number is up 3 days over May 2019’s number.

May’s median days to contract (DTC) came in at 5 days — an increase of 1 day over April’s median 4 DTC. Year-over-year, May’s DTC number is up 1 day over May 2019’s number.

Sales by Type

May sales by type, break out as follows:

REO sales: 0.2% – down from April’s 1.3%
Short sales: 0.2% – down from April’s 0.3%
Subject to Court Approval sales: 2.0% – up over April’s 1.0%
Relocation sales: 0.2% – down from April’s 0.8%
Equity sales: 97.3% – up over April’s 96.6%

Sales by Price

May 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	1	0.2%	0.2%
200 – 299	43	10.7%	10.9%
300 – 399	159	39.5%	50.4%
400 – 499	105	26.1%	76.4%
500 – 599	46	11.4%	87.8%
600 – 699	16	4.0%	91.8%
700 – 799	9	2.2%	94.0%
800 – 899	5	1.2%	95.3%
900 – 999	4	1.0%	96.3%
1M+	15	3.7%	100%
total	403	100%

May’s median sold price for houses and condos combined was $385,500 — a 3.6 percent decrease from April’s median sold price of $400,000 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
May 2020	403	$399,900	$222.30	57	720	1,048
Apr 2020	390	$415,500	$219.95	51	812	697
Mar 2020	513	$415,000	$221.31	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	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	682	$390,000	$220.13	54	1,163	911

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 – May 19, 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 days on market, Guy Johnson, I’m your Guy, median home price, Reno homes for sale, Reno housing market, reno median home price, Reno Real Estate, reno real estate market, Reno Realtor, Sparks homes for sale, Sparks housing market, Sparks median home, Sparks real estate, sparks real estate market | Leave a comment

This week’s real estate headlines

Posted on June 13, 2020 by Guy Johnson

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

from Freddie Mac: Mortgage Rates Remain Relatively Flat
from CNBC: Fed holds rates near zero — here’s exactly what that means for your wallet
from HousingWire: Mortgage applications jump 13% — Refinancings make a comeback as stay-at-home orders wane
from CNBC: Mortgage demand from homebuyers amazes again, now up 13% annually despite rising rates
from realtor.com^®: Realtor.com® Launches Weekly Housing Recovery Index — Data shows housing recovery remains strong despite social unrest
from Bloomberg: Airbnb Joins Vacation-Rental Sites Seeing Surge in Demand
from LendingTree: Despite COVID-19 Crisis, More Than Half of Homebuyers More Likely to Purchase a Home Soon
From The Wall Street Journal: Cleveland Is a House-Flipping Hot Spot, and Covid Adds Fuel
from realtor.com^®: Will Working From Home Spell Doom for the Open Floor Plan?
From The Wall Street Journal: Landlords’ New Credo for Late-Paying Retail Tenants: I’ll See You in Court

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This week’s real estate headlines

Posted on June 6, 2020 by Guy Johnson

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

from CNBC: Mortgage demand from homebuyers jumps 18%, as interest rates set another record low
from Freddie Mac: Mortgage Rates Tick Up Slightly
from realtor.com^®: Key Housing Indicators Begin to Turn Around in May — Data shows new listings and asking price trends strengthen after bottoming out in April
from Point2Homes: Homebuyers, Eager to House Hunt Again, Ramp Up Online Searches
from REALTOR^® Magazine: 41% of Home Buyers Say They’re Willing to Go Over Budget
from Forbes.com: Four Ways The Global Pandemic Could Reshape U.S. Real Estate
from The Wall Street Journal: Remote Work Could Spark Housing Boom in Suburbs, Smaller Cities
from the National Association of REALTORS^®: Top 10 Most Favorable Areas for Millennials During the Pandemic

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How is the coronavirus pandemic impacting the Reno-Sparks housing market? [Update for the week of May 24th – May 30th]

Posted on June 3, 2020 by Guy Johnson

Note: This post is the eigth in a series of weekly updates examining the impact of the coronavirus pandemic on the Reno-Sparks housing market.

Pending sales continue to climb; Sales up!

New Pending Sales

Perhaps the most positive indication of the lessening of the coronavirus pandemic’s impacts on our local housing market is the number of new pending sales observed.

The week of May 24th – May 30th saw 177 homes placed into contract as pending sales. Not only is this number the largest we have observed since the coronavirus pandemic began, but also, year-over-year, these pending sales are up 22.1 percent over the weekly total of 2019. Very good news!

Since bottoming during the week of March 22nd – 28th, new pending sales have continued to climb. This trend will positively impact forthcoming closed home sales. Pending sales typically take 30 – 45 days to result in a closed sale, so look for future home sales to rise accordingly.

New Listings

The 104 new listings that hit the market the week of May 24th – May 30th, though fewer than the number of new listings the previous week, lessened the year-over-year weekly gap.

For the week of May 24th – May 30th new listings are up 38.5 percent from the corresponding week last year.

[Note: The number of new listings for the week of April 19 – April 25 has been adjusted to remove a large number of listings added that week due to a one-time transfer of listings from one brokerage to another. See How is the coronavirus pandemic impacting the Reno-Sparks housing market? [Update for the week of April 19th – 25th] for more details.]

Back on Market

The number of properties falling out of escrow and returning to market increased during the week of May 24th – May 30th.

18 properties came back on market during the week of May 10th – May 16th — four more than the week prior. This number remains is a bit higher than pre-coronavirus weekly numbers, however is well off the peak weekly numbers observed in March and April.

Withdrawns

The week of May 24th – May 30th saw 14 homes taken off the market. — four more than the week prior. This number is in line with pre-coronavirus pandemic weekly levels.

The market appears to have moved past the worst of the number of listings being taken off the market.

[Note: The number of withdrawn listings for the week of April 19 – April 25 has been adjusted to remove a large number of listings withdrawn that week due to a one-time transfer of listings from one brokerage to another. See How is the coronavirus pandemic impacting the Reno-Sparks housing market? [Update for the week of April 19th – 25th] for more details.]

Homes Sold

111 homes sold the week of May 24th – May 30th. this number was up 19.4 percent from the previous week, but still down 37.4 percent year-over-year, from the corresponding week of 2019 — an improvement in the year-over-year weekly differential over the previous week.

The number of homes sold continue to reflect the effects of the unprecedented low number of pending sales observed in late March and early April, however the year-over-year weekly difference is beginning to close.

With new pending sales now above year-over-year weekly totals (see above), expect home sales to continue to rebound.

As always, thank you for reading the blog. I will continue to track the data and update you on a weekly basis.

In the meantime, please take care of yourself and each other.

The 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 – June 3, 2020. Note: This information is deemed reliable, but not guaranteed.

Posted in Agent Insights, coronavirus, Market Trends, Reno, Sparks | Tagged coronavirus, coronavirus pandemic, COVID-19, COVID-19 pandemic, Novel Coronavirus, Reno housing market, Sparks housing market | Leave a comment

This week’s real estate headlines

Posted on May 30, 2020 by Guy Johnson

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

from Freddie Mac: Mortgage Rates Hit Another All-Time Low
from CNBC: Mortgage demand from homebuyers shows unexpectedly strong and quick recovery, as applications spike 9% from a year ago
from realtor.com^®: Forget About Recessionary Real Estate Bargains: Home Prices Are Still Rising
from realtor.com^®: The Summer Home-Buying Season May Be Much Hotter Than Expected—Here’s Why
from REALTOR^® Magazine: NAR: Contract Signings Likely Won’t Go Any Lower
from the National Association of Home Builders: In a Positive Sign, New Home Sales Hold Steady in April
from Forbes: The Market For Flexible Rentals Sees Unprecedented Surge
from the National Association of REALTORS^® Economists’ Outlook blog: 5 Housing Market Trends as of April 2020
from The Mortgage Reports: Will sellers or home buyers have the advantage this summer?

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How is the coronavirus pandemic impacting the Reno-Sparks housing market? [Update for the week of May 17th – May 23rd]

Posted on May 26, 2020 by Guy Johnson

Note: This post is the seventh in a series of weekly updates examining the impact of the coronavirus pandemic on the Reno-Sparks housing market.

Buyers have returned to the market! Pending sales up 26% YoY!

New Pending Sales

Perhaps the most positive indication of the lessening of the coronavirus pandemic’s impacts on our local housing market is the number of new pending sales observed.

The week of May 17th – May 23rd saw 168 homes placed into contract as pending sales. Not only is this number the largest we have observed since the coronavirus pandemic began, but also, year-over-year, these pending sales are up 26.3 percent over the weekly total of 2019. Very good news!

New Listings

The 128 new listings that hit the market the week of May 17th – May 23rd was equal to the number of new listings the previous week; and are down 44.3 percent from the corresponding week last year.

The relative lack of new listings coming to market is negatively impacting inventory. And with inventory levels already depressed, and buyer demand increasing, this will place upward pressure on home prices.

Back on Market

The number of properties falling out of escrow and returning to market decreased during the week of May 17th – May 23rd.

14 properties came back on market during the week of May 10th – May 16th. This number is down 48.1 percent from the previous week. Good news!

Withdrawns

The week of May 17th – May 23rd saw ten homes taken off the market. This number is in line with pre-coronavirus pandemic weekly levels.

The market appears to have moved well past the worst of the number of listings being taken off the market.

Homes Sold

The number of homes sold continue to reflect the effects of the unprecedented low number of pending sales observed in late March and early April.

86 homes sold the week of May 17th – May 23rd. this number was down 9.5 percent from the previous week, and down nearly 50 percent year-over-year, from the corresponding week of 2019.