Reno/Sparks Real Estate Stats for October 2013

Posted on November 22, 2013 by Ricky Beach

The Reno/Sparks Association of Realtors came out with the October 2013 market stats.

The full report can be viewed by clicking on the picture to the right. A brief overview with commentary is below.

The median sales price was down 3.8% to $215,000 from the previous month. Though it’s still up 19.4% from October 2012. This decrease is pretty typical of the season and the up and down market we’ve seen for the past few months.
Units sold was up 4.5% to 532 compared to September and down 1.1% compared to October 2012. Expect these numbers to fall as we enter the snowy months.
New listings were up 6.4% compared to September and up 33.4% compared to October 2012. 77% of these were regular sales which is one reason why the sale to list price ratio fell below 100% for the second month at 99.7%. Sellers are starting to reduce prices as they see that the white hot market of months ago is fading.
Average price per sqft. of sales continues to increase and rested at $131 per sqft. Similar to late 2008 numbers.
Months supply of inventory fell to 3.8 months or what would be considered a strong sellers market. Anything about $500,000 is in a buyer’s market which can be seen from the long days on market and increased price reductions.

Overall, expect the median sales price to dip a little in the winter with a little bump post holidays.

For more information on buying or selling in Reno and Sparks call me at (775) 393-9601 or 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

Reno/Sparks Market Stats for September 2013

Posted on October 21, 2013 by Ricky Beach

Thanks to the Reno/Sparks Association of Realtors for sending out the September market stats.

The full report can be viewed by clicking the picture to the right. A summary of the major points with comments is below.

The median sales price rose again after a drop two months ago. It settled at $224,900. Just below its highest point of June 2013. The short sale median price actually dropped a little but REOs and regular sales rose enough to cause market appreciation. Expect the median sales price to bounce up and down a couple percentage points each month for the foreseeable future.
Units sold dropped dramatically from 628 in August to 497 in September. This is caused by the normal seasonal sales drop in the fall and sellers trying to out do each other with list prices.
Average days on market for sold properties rose to 106 from 98 in August. Regular sales continue to have a couple weeks of market time before selling.
New listings also dropped to 583 with 78% being regular sales and 40% being under $200,000. It seems that higher priced homes are starting to hit the market.
Month’s supply of inventory rose to 4 months which is getting closer to a balanced market instead of the intensely strong seller’s market we’ve been having.

Overall, expect more price reductions as sellers have out down themselves and a little up and down, within a couple percentages, for the median sales price in the next few months.

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

Reno/Sparks Foreclosure Stats for September 2013

Posted on October 10, 2013 by Ricky Beach

Thank you to Ticor Title for the updated Washoe County foreclosure statistics.

You can view the report by clicking on the picture to the right.

Below are some comments.

Whoa Nelly!!! There was a spike in the Notice of Default filings. Almost exactly opposite to the drop before AB284 in September 2011. Of course, this is caused by the implementation of SB321 on October 1, 2013. The banks were trying to get as many filings into the foreclosure mill as they could before they were handcuffed by SB321.

At best, these filings will the hit market as REOs in 9-16 months . Though they could cause an increase in short sales. Probably not enough to affect the market overall.

Expect, the October numbers to drop into the low teens (only 5 recorded as of 10/8/2013).

If you’re looking for an agent to help you buy or sell in Reno or Sparks contact me at (775) 750-1437 or Ricky@Resnv.com

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How does the Nevada Homeowner’s Bill of Rights work?

Posted on October 8, 2013 by Ricky Beach

I’m not an attorney and neither is my brokerage. The following information is not legal advice. All parties are advised to seek legal counsel before any action.

Thanks to the Incline Law Group for handing out the Nevada Home Owner’s Bill of Rights (SB321) timeline and for the Reno/Sparks Association of Realtors for holding so many meetings on the subject.

To the right you’ll find the timeline that must be kept by both home owner and lien holder/servicer/bank. Essentially, the bank must contact the home owner prior to filing a notice of default and starting the foreclosure process. Should the home owner not respond, not respond correctly, or in a timely manner throughout the process the bank can start foreclosure.

More than ever before, I believe, it’s imperative for home owners facing default to speak with an attorney or legal counsel. Home owners have once chance at foreclosure alternatives and as you can see in the timeline… the process is very complicated.

If you need names of attorneys that can help contact me at (775) 750-1437 or Ricky@Resnv.com. You can also contact the Incline Law Group, creator of the timeline, at (775) 831-3666.

Reno/Sparks Real Estate Stats for August 2013

Posted on October 8, 2013 by Ricky Beach

Our third child is here and sleep is getting better? so it’s time to start blogging again.

The Reno/Sparks Association of Realtors sent out the August statistics a few weeks ago. You can view the whole report by clicking the picture to the right.

Below is a brief overview with comments….

The median sales price rose to $220,000 after a short fall in July. I expect to see the median move up and down a couple thousand every month as it seems we’re starting to top off the crazy price increases of the past year.
The number of units sold hit 608 and is the highest amount of sales in the past year.
Average days on market was at 94. Remember, these days on market include the 30-45 days of escrow. For regular sales it was 66 days and 73 days for REO/Bank Owned. Short sales are still taking forever as they sit at 201 days.
There were 712 new listings with over 80% being regular sales.
The month’s supply of inventory stayed low at 3.4 months. That number includes pending sales so the effective month’s supply is around 45 days.

The stats show that we’re still in a strong seller’s market but I’ve been seeing price reductions on many homes as sellers have been out listing each other, price wise, and it finally hit a peak. Look for a continued up and down market within a few percentage points for the foreseeable future. Especially, if SB321 takes over for AB284 and continues to kill the REO/Short Sale market.

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

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