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…

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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 week…

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

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…

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

May median sales price and other market metrics

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.

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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 week…

Posted in headlines, News | Tagged , | 5 Comments

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…

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

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

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 , , , , , , | Leave a comment

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…

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