RSAR came out with the June real estate market stats for Reno/Sparks.
Below is an overview of the major points with the full report available by clicking on the picture to the right.
- The median sales price rose 1.6% to $222,000. That’s up 30.6% from June 2012
- Solds ended at 503 which was down 5.5% from May 2013 and down 2.5% from June 2012
- There were 717 new listings. Down 5.8% from the previous month and up 7.2% from June 2012. 76% of these were regular sales which are good for everyone.
- Month’s supply of inventory went up to 3.9 months. Still in a strong seller’s market.
NAR sent out a new list of the top 10 areas where prices are rising the most.
Reno came in at #9 (+24.3% YoY). What’s somewhat humorous about the list is all of these areas were known as top rated foreclosure areas. It seems the over correction in pricing wasn’t just in Reno.
The article and stats can be read through the link below.
The Reno/Sparks Association of Realtors came out with the May 2013 market stats.
A brief summary with comments is below.
- The median sales price rose 6.1% to $218,000 from April 2013 and is up 32% from May 2012. 6.1% in one month!!! That’s ridiculous.
- Units sold was up to 513. A 7.8% increase from April but down 2.1% from May 2012. This is the highest units sold per month since November 2012 but is still hindered by the lack of inventory.
- Average price per sqft is up $121 per sqft.
- There were 750 new listings compared to 662 last month and 135 more than May 2012.
- 76% of these new listings were regular sales, 22% were short sales or REO, and 2% were court approval or “other”. This regular sale ratio is the highest we’ve had in many months and shows that sellers are learning that they have enough equity to sell without doing a short sale.
- Month’s supply of inventory is at 3.6 months. The lowest since the bubble burst in 2007.
Nothing we didn’t expect except for the sharp increase in median sales price. It’s nice to see a larger number of new listings but I think the recent rate increases will force on the fence buyers into the market and subsequently increase the median sales price.
I hesitated in writing this post because I’m quoted in the RGJ article (read through links below) and didn’t want to toot my own horn. I though better of it because this is the heart of what’s happening in the Reno/Sparks Real Estate market.
Simple Math: A + B = C
Rising home prices hit with low appraisals creates a cash market. Either the whole purchase is cash or the buyer may have to pony up cash for the difference between the appraisal and contract value.
Sellers know it’s happening and buyers need to be prepared. If the buyer can’t cover the difference, in cash, then the seller may put it back on the market to find someone who can.
If you’re looking to cash in on a good seller’s market or are a buyer needing helping navigating contact Broker Ricky Beach at (775) 750-1437 or Ricky@Resnv.com
The article stats that the typical sale to list price ratio is between 92%-98%. The top markets are now seeing homes selling above that threshold and even above list. Reno came in at #4 in the country for markets with high sale to list price ratios.
So how high is the ratio? We’ll use our more recent full months of stats, April 2013.
- Homes under $500,000 sold for 99.83% of the list price.
- Homes under $250,000 sold for 100.59% of the list price.
- Homes under $150,000 sold for 101.09% of the list price.
- Homes under $100,000 sold for 102.08% of the list price.
What this data means is buyers need to have their game faces on when putting in an offer while sellers can expect multiple offers if their home is priced right.
For more information on selling or buying a home in Reno or Sparks contact Broker Ricky Beach at (775) 750-1437 or Ricky@Resnv.com
Just listed! Regular sale in Fernley, NV.
Built in 2004 with newer laminate flooring installed. RV access to the side and backyard includes a large storage shed. Additional concrete slabs in driveway for more room.
Both front and back yard are limited maintenance for ease of living.
The kitchen flows to the living room which boasts a ceiling fan and gas fireplace for comfort. The master has an additional walk out to the backyard and the two additional bedrooms are hidden away from the living room for those quiet times.
For more information contact Broker Ricky Beach at (775) 750-1437 and Ricky@Resnv.com and watch the video below.
The full real estate statistics for Reno/Sparks can be viewed by clicking the picture to the right.
Below is a brief summary of the big points.
- Median sales price was $207,750. Up from $195,000 in March 2013 and up 37.5% from April 2012.
- Units sold hit 470 which was a dip from the 487 in March but can be expected due to lack of inventory.
- 655 new listings this month which will hopefully increase next month’s sales.
- 71% of those new listing were regular sales while only 26% were distressed (REO/short sale). More and more homeowners are realizing they can sell without doing a short sale.
- Month’s supply of inventory rose a little to 3.7 months. If you take out the pending properties there is around 1 months worth of homes to sell before we run out.
The numbers came in as expected. High seller’s market with buyers fighting for homes via multiple offers.
Ticor Title sent out the updated historical foreclosure stats up to April 2013.
You can view the graph by clicking the picture to the right.
Below is an overview:
- NODs (Notice of Default) inched up to 287
- NOSs (Notices of Sale) were down a bit but still higher than the past 9 months
- TDs (Trustee’s Deeds) stayed about average for the past few months.
- New REO listings went up a few
Overall, pretty expected numbers. The NODs continue to stay in the 200′s so the banks are going ahead and beginning foreclosure before AB300 passes. Hopefully, this adds some inventory in 12-14 months.
For more information on buying or selling in Reno and Sparks contact Broker Ricky Beach at (775) 750-1437 or Ricky@Resnv.com
I recently stumbled upon an interesting real estate story that I thought I would share. An agent in my office presented an opportunity to purchase an REO from a bank for one of my investment funds that I own a small interest in. The property has sat vacant for approximately 4 years and was involved in several lawsuits, this agent has maintained the utilities for over 2 years. Initially the former owner filed a lawsuit claiming predatory lending after purchasing 20+ homes in the Reno-Sparks area using different lenders. After purchase, these homes were rented out and the owner used the income to pay for the expenses of the home. At some point the owner stopped paying the bills and a majority of the homes were foreclosed upon. The first lawsuit that stopped the sale of the bank owned property was the former owner claiming predatory lending among other complaints in the Nevada Courts. At the same time or shortly thereafter, the former owner also joined a lawsuit that would ultimately be merged in with a huge multi-juridictional case, Dalton V. City Mortgage. This case had a different element that involved MERS, the Mortgage Electronic Registration System. This system acts as a clearing house for bond holders of pools of mortgage backed securities keeping track of who owns what loan and what point in time.
Real estate news from the past week…ish.Nevada Back To #1 For Foreclosures-RGJ.com #1 again!!! Lenders Allowing 5% and 10% Down-RGJ.com A way better deal than FHA’s 3.5% People Still Want To Buy Houses-DSNews.com Gallup Poll for what it’s worth. Foreclosure Timelines Are Getting Longer-DSNews.com Just keep adding to the inventory.
For more information on buying or selling in Reno and Sparks contact Broker Ricky Beach at (775) 750-1437 or Ricky@Resnv.com.