Reno/Sparks Home Market Dynamics for March 2016

In order to give a little more insight our market my office has created a dynamics report.MarketDynamics

The report breaks down our actives and sales in price bands and areas.

This offers a more detailed look than the whole market report from our association. That report is here… RSAR Report

The dynamics report is available here… March 2016 Dynamics Report

I enjoy the dynamics report because it offers ratios of the sold price to list price, sold price to original list price, days on the market before contract, and a more concise breakdown of the supply of inventory for buyers in each price band.

It’s valuable asset for buyers to get a grip on what the market is doing and for sellers to learn what to expect with marketing times and offer negotiations.

I’ll detail the reports more in the future but for now have a look and let me know what you think.

For more information on buying and selling in Reno/Sparks contact me at (775) 750-1437 or email Ricky@RickyBeach.com

To search for homes visit RickyBeach.com

To get your home’s value visit HomeValuesOfReno.com

To stay up to date on your neighborhood visit RenoSnapShot.com.

If you have any specific questions email me at Ricky@RickyBeach.com

Ricky Beach

Broker/Salesman


Keller Williams Group One Inc.

10539 Professional Circle., #100

Reno, NV 89521

Office: (775) 393-9601
Cell: (775) 750-1437
Email: Ricky@RickyBeach.com
Website:www.RickyBeach.com

Facebook Twitter LinkedIn YouTube

Reno Real Estate Stats For March 2016 (Video)

Thanks again to the Reno/Sparks Association of Realtors for the updated stats.

You can view the whole report here… March 2016 Stats

Below is an overview with commentary…

  • The median sales price hit $296,000. The last time I wrote the median sales price had dropped to $278,000 an the naysayers came out. Well two months later we have to consecutive months of price increases. 
  • Units sold jumped to 559 from 366. Pretty typical of the time of the year. It’s hardcore selling season again. 
  • New listing went up to 736 from 574. Another reason sales went up. We have a little more inventory.
  • The average price per sqft moved a little to $168 per sqft.
  • Even though we had a bunch of new listing they sold quick and inventory is at a ridiculous 2.8 months. This is the lowest I think I’ve ever seen it. An average market is between 5-7 months. 

Overall, it’s still a seller’s market and many people are getting priced out. Depending on where you’re looking, a nice 2000 sqft. house can go for $300,000-$550,000.

 

For more information on buying or selling feel free to call or email me. (775) 393-9601 or Ricky@RickyBeach.com

Below is your video of the statistics…

 


To search for homes visit RickyBeach.com

To get your home’s value visit HomeValuesOfReno.com

To stay up to date on your neighborhood visit RenoSnapShot.com.

If you have any specific questions email me at Ricky@RickyBeach.com

Ricky Beach

Broker/Salesman


Keller Williams Group One Inc.

10539 Professional Circle., #100

Reno, NV 89521

Office: (775) 393-9601
Cell: (775) 750-1437
Email: Ricky@RickyBeach.com
Website:www.RickyBeach.com

Facebook Twitter LinkedIn YouTube

Reno/Sparks Real Estate Stats for January 2016 (Video)

Thanks to the Reno/Sparks Association of Realtors for the updated stats. 

You can view the whole report here… January 2016 Stats

Below is an overview with my commentary.

  • The median sales price dropped to $277,000. Down 5% from December but up 9% from January 2015. Oh no, the prices are falling. It’s going to crash!!! Well, it was expected. If you remember from last month longer escrows are changing the seasonal pricing you normally see. One thing to note is the year over year increase of 3%. 3-4% of yearly appreciation is a typical real estate market. 
  • Sales were at 375 and down 25% from December but up 3% from January of 2015. Normal seasonal  stuff.
  • New listings rose in January to 445. 25% above December indicating we’re leaving the cold season but only up 1% from the previous January. We still need more inventory. 
  • Because of the new listings and slower selling season the months supply of inventory rose to 3.6 months. Still 17% below last January and still a seller’s market for homes under $500,000.  

Overall, there seems to be some signs of stabilization. The median price and median price per sqft dropping in correlation with historical seasonal averages is healthy. It would be nice to see the year over year appreciation to drop down below 5-6% in the coming months. That would be a pretty good indicator that we’ve leveled out. Our major problem right now is affordability. People are hard pressed to find a newer house with few repairs under $250,000 and even $300,000 in some areas. Builders are still raising prices each release as many are still under what it costs to buy a resale home. The majority will probably surpass resale pricing in 3-4 months.

 

 

For more information on buying and selling in Reno/Sparks contact Ricky at (775) 750-1437 or Ricky@RickyBeach.com

 

To search for homes visit RickyBeach.com

To get your home’s value visit HomeValuesOfReno.com

To stay up to date on your neighborhood visit RenoSnapShot.com.

If you have any specific questions email me at Ricky@RickyBeach.com

Ricky Beach

Broker/Salesman


Keller Williams Group One Inc.

10539 Professional Circle., #100

Reno, NV 89521

Office: (775) 393-9601
Cell: (775) 750-1437
Email: Ricky@RickyBeach.com
Website:www.RickyBeach.com

Facebook Twitter LinkedIn YouTube

Reno/Sparks Real Estate Stats For December 2015 (Video)

Thanks to the Reno/Sparks Association of Realtors for the updated stats.

You can view the whole report here…. December 2015 Stats

Below is an overview with commentary in italics.

  • The median price stayed at $290,000. Matching November but up 11% from December 2014. This is the same price as July and August of 2015.  December is usually a slow month but with escrows taking 40-60 days now our stats are lagging an extra half month behind the market reality.
  • The median price per sqft. dropped to $163 from $165 in November but is consistent with the past 6 months and is actually $18 more per sqft than last December. In line with the median sales price the price per sqft is staying stable. 
  • Sales were up 14% from November but down 8% from last December. From above, longer escrows are changing the reporting of seasonal sales cycles. Expect January numbers to be the new December numbers. 
  • Listings were down 11% from November but up 23% from last December. More inventory seems to be coming but it hasn’t softened pricing to a point that buyers are on equal footing with sellers. Though marketing times have increased.  
  • There was 2.8 months of inventory. This is really low when considering the past couple months were near 4 months of inventory. 

Overall, the big worry was an escalating market that wouldn’t hold its weight and end up depreciating quickly.  I’ve seen a few more short sales and REOs pop up but not enough to do any damage to pricing. The new loans being given out are highly scrutinized and use fixed rates unlike the original bubble. Builders are consistently increasing their phase release prices by $3,000-$7,000 each offering (1-1.5 month intervals). We’re using a small data sample but strong numbers in the winter show that pricing won’t change much (in a negative way) through 2016 less a macro economic collapse. This is the new Truckee Meadows we’re living in.

 

 

For more information on the market or buying and selling you can contact me at (775) 393-9601 or Ricky@RickyBeach.com.

 

To search for homes visit RickyBeach.com

To get your home’s value visit HomeValuesOfReno.com

To stay up to date on your neighborhood visit RenoSnapShot.com.

If you have any specific questions email me at Ricky@RickyBeach.com

Ricky Beach

Broker/Salesman


Keller Williams Group One Inc.

10539 Professional Circle., #100

Reno, NV 89521

Office: (775) 393-9601
Cell: (775) 750-1437
Email: Ricky@RickyBeach.com
Website:www.RickyBeach.com

Facebook Twitter LinkedIn YouTube

Reno/Sparks Market Stats for November 2015 (Video)

Thanks to the Reno/Sparks Association of Realtors for the updated stats.

They added an affordability index which is pretty cool. 

You can view the full report in the video below….

Here’s an overview with commentary….

  • The median price rose 4% to $292,000. Up 12% from last November and 4% from October. A quick turnaround after 3 months of depreciation. I think December will go down a little then we’ll start inching up in the spring. 
  • The number of sales dropped sharply to 419. Down 22% from October and 12% from last November. Pretty typical of the time of year but a little more of a drop because sellers and buyers are having a tough time finding middle ground on pricing.
  • New listing were down 29% from October and up 25 from November of last year. Again, pretty normal of the time of year. 
  • The months supply of inventory or the amount of time to close every house on the market without any new ones popping up is at 3.8 months. A typical market is 5-7 months so inventory wise it’s still a seller’s market. 

Overall, sellers will need to start reducing price to get offers even with the short inventory. Buyers have become more patient and are willing to wait.

 


To search for homes visit RickyBeach.com

To get your home’s value visit HomeValuesOfReno.com

To stay up to date on your neighborhood visit RenoSnapShot.com.

If you have any specific questions email me at Ricky@RickyBeach.com

Ricky Beach

Broker/Salesman


Keller Williams Group One Inc.

10539 Professional Circle., #100

Reno, NV 89521

Office: (775) 393-9601
Cell: (775) 750-1437
Email: Ricky@RickyBeach.com
Website:www.RickyBeach.com

Facebook Twitter LinkedIn YouTube