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