Market Report (Week Ending 4/4/2020)

The future may be brighter than you think!  As concerns have been mounting due to the screeching halt of at least 1/4 of the US economy, many Americans are left to wonder what the financial fallout of COVID-19 will ultimately be.  Economists and business owners believe the economy will bounce back after the threat to lives subsides?  Visit my “In-The-Know Real Estate Blog” for more!
A few week ago, I distributed my Homebound Edition of “The Weekend Warrior.”  If you haven’t seen it, check it out!  Since public events have ceased, I stopped writing The Weekend Warrior and last week I began reporting what is happening in the Reno-Sparks real estate market weekly.  The world we live in is changing on a daily basis. My goal in “The Weekly Watch” is to increase your knowledge about what is happening with your investments and to provide you with information to make informed decisions during this unprecedented time. The following are highlights from the most recent real estate activity in the Greater Reno-Sparks Region, including the North Valleys.  These graphs represent activity for single-family residences and excludes condos/townhouses and new construction.
The Median Sales Price dipped 4.5%, from $400,632 to $382,500 from the week ending 03/28/2020 to the week ending 04/04/2020.  This statistic is reflective of properties that went into contract roughly 30 days ago (the common length of escrow for properties obtaining financing).
# of Closed Sales decrease 21% between the week ending 03/28/2020 and the week ending 04/04/2020.  Again, this statistic is reflective of properties that went into contract about 30 days ago.
Of the properties that went into contract approximately 30 days ago, these 120 Sellers received 98.9% of List Price.  This is a slight decrease of 0.3% from the previous week’s closed sales.
# of Days from Listing to Contract increased nearly 32%, suggesting that approximately one month ago, demand for properties appeared to be decreasing.  # of Days from Listing to Contract is the length of time needed to obtain an acceptable offer.
In the week ending 04/04/2020, the Active Inventory remained relatively steady at 942 versus 948 the previous week. This inventory includes properties of all price ranges.  Note that during the last week.
During the week ending 04/04/2020, 50 single family residences were either withdrawn from the market or the listing expired.  This number sharply increased from 30 the previous week.
One of the biggest surprises of last week…  # of New Contracts/Pending Sales actually increased 4% from the week ending 04/04/2020 compared to the week ending 03/28/2020.  Note in the graph above, the # of New Contracts/Pending Sales per week has been declining since 02/22/2020.
… And the biggest surprise from last week… # of New Listings increased 10.4% from the week ending 03/28/2020 to the week ending 04/04/2020.SUMMARY

  • Real Estate in Nevada is still deemed an “essential business.”  Properties are being showed by private appointment only, with strict adherence to social distancing guidelines.
  • The number of units sold declined 21% over the last two full weeks.
  • However, the number of new listings and new contracts actually ROSE indicating ACTIVITY IS HAPPENING in our local market.  Will we started seeing a few more homes available for purchase as some Sellers stick to their plans of listing in spring?  What will happen to the median sales price?  Only time will tell.
  • Mortgage interest rates tumbled again last week, but are still considered to be volatile for a number of reasons explained in WashingtonPost.com.  For home purchase and re-financing information and rates that apply to you, contact me, and I’ll introduce you to a reputable local lender.
  • While unemployment is on the rise, there are still Buyers in the market with good job security who are wanting in making a purchase, and doing so.
  • For more information about specific property values and to search real estate for when YOU are ready to purchase/sell, please do not hesitate to call me at 775-233-0682 or email dhallerbach@intero.com.
Along with strictly practicing social distancing if you must leave your house, and frequently washing your hands for 20 seconds with soap and hot water, here is a collective of helpful tips to Boost Your Body’s Natural Defenses:
  • Get plenty of sleep.  It is suggested that adults should shoot for a minimum of 7 hours, teens aim toward 8-10 hours and younger children & infants target 14 hours of sleep per day.
  • Exercise.  According to PubMed Central, moderate exercise boosts the effectiveness of vaccines in people with compromised immune systems.  Ideas for moderate exercise… a brisk walk, a light hike, jogging, bicycling, snow-shoeing.
  • Stay hydrated.  MayoClinic.org recommends that men drink 3.7 liters of fluids per day, and women consume 2.7 liters per day.
  • Control your stress levels.  Brain & Behavior Health Institute Research Foundation offers some fantastic recommendations for “How to Stay Mentally Healthy Amidst the COVID-19 Pandemic.”
  • Load up on vitamins.  Some of the more beneficial vitamins for boosting the immune system include  A, C, E, B6, D, and minerals like zinc, iron, and selenium.
  • Fuel yourself with whole plant foods.  Foods rich in antioxidants and nutrients help combat harmful pathogens.  Suggestions include citrus fruits, red bell peppers, broccoli, kale, garlic, ginger, spinach, yogurt, almonds, turmeric, green tea, papaya, kiwi, poultry, sunflower seeds and shellfish.
  • Take a probiotic supplement.  If you’re unable to get your hands on foods like yogurt, kefir, sauerkraut, kimchi, and miso, you may want to introduce a probiotic supplement. Research from PubMed Central suggests that “a flourishing network of gut bacteria can help your immune cells differentiate between normal, healthy cells and harmful invader organisms.”
  • Limit added sugars, including high fructose corn syrup.  Visit Healthline.com for a good explanation of added vs. natural sugars and how much is recommended per day.
It doesn’t even need to be antibacterial soap!  Just any old soap will do when it comes to washing hands.  I was recently shown this awesome video that demonstrates why washing your hands with soap and hot water for at least 20 seconds is the most effective way to eliminate the virus from your hands and reduce the spread of infection.  CLICK HERE to check out the very informative 3 min, 44 sec video.
Though the use of personal masks is not currently mandated, the CDC advises that we all wear them in public where social distancing is more difficult, like the pharmacy or grocery store.  A homemade, cloth face covering used from common materials around the house is perfectly acceptable.  I recently sacrificed some 18″x18″ cloth buffet napkins from Cost Plus World Market to sew the mask I’m modeling in the photo above.  I followed the simple directions at CNN.com and voila!  If sewing isn’t in your repertoire of skills, visit YouTube.com for easy instructions to make a face covering from a bandana, no sewing required.  According to CDC.gov your face cloth covering should:

  • fit snugly but comfortably against the side of the face
  • be secured with ties or ear loops
  • include multiple layers of fabric
  • allow for breathing without restriction
  • be able to be laundered and machine dried without damage or change to shape

 

Posted on April 7, 2020 at 4:56 am
Denise Hallerbach | Category: Reno-Sparks Market Report | Tagged , ,

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