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

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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

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

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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

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Reno/Sparks Market Stats for November 2015 (Video)

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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

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Reno/Sparks Real Estate Stats for October 2015 (Video)

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Thanks to RSAR for the updated stats for October 2015.

You can view the whole report by clicking the picture to the right or through here… November 2015 Reno/Sparks Real Estate Stats

Below is an overview with thoughts…

  • The median sales price fell from $285,000 in September to $280,000 in October. Up 7.7% from October of last year. I felt this would happen at some point. We were on an unsustainable climb so it’s nice to see it settle. Plan on the market going up and down +/- 3-4% each month until the spring of 2016. 
  • Homes sold were down 7.7% from September but up 8% from last October. Pretty normal for the time of year. Watch for a real slow down from two weeks before Christmas until two weeks after New Years. That slowdown will show up in the late January and early February numbers. 
  • New listings dropped 12.5% from September but were up 5.5% from last October. See note above. 
  • The price per sqft has stayed much the same. Only down .6% from September but up 11.8% from last October. This shows that there’s still plenty of stability even though the median sales price dropped at a higher rate. 
  • The months supply of inventory fell to 3.4 months. This means if no new houses came on the market we’d run out of homes in 3.4 months at the current pace. An equally leverage market between buyer and seller is 5-7 months. Even with all the price reductions it’s a strong seller’s market. 

Here’s the video…

For more information on buying or selling in Reno or Sparks feel free to call me at (775) 393-9601 or email me at 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

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Reno/Sparks Pricing Cheat Sheet for August

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Thanks to our think tank for crunching the number for August.cheat sheet

You can view the whole report here… August 2015 Pricing Cheat Sheet

The lower prices ranges are still selling for about 99% of the list price but he pending ratio went down and the months supply of inventory went up.

Take a look for yourself.

If you have more specific questions about a neighborhood or house shoot me an email at Ricky@RickyBeach.com and I’ll get you the info.

 

 
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

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