August 2020 Market Report

** Data in this report reflect market activity from JULY 2020 compared to the previous month and year.  Information is gathered from the Reno-Sparks Association of Realtors® (RSAR) for the Greater Reno-Sparks region via Northern Nevada Regional Multiple Listing Service (www.nnrmls.com).  Data accounts for single-family resale residences only, and excludes townhouses/condos, manufactured/modular and new construction.

Here is the market overview:

And here are a more detailed look at the stats for July 2020 compared to the previous month and year:

  • In July 2020, the Median Sales Price for single-family re-sale properties in Reno-Sparks combined leaped 7.4% month-over-month and 7.1% year-over-year to $435,000.  This is the biggest increase month-over-month in recorded history.

  • # of Units Sold bumped up another 29%, month-over-month from 557 to 718.  Sales volume compared to 2019 has been historically low over the last several months.  However, as new contracts have been ramping up the last few months, we are finally seeing an 18.3% increase in sales volume in July 2020 compared to July 2019.  Please note that the sales that closed in July likely went into contract in June 2020, accounting for a typical 30-day escrow.

  • The graph above represents the number of Units Sold by Price Range.  Single family residences (SFR) priced between $300k and $400k typically represent a significant chunk of market share.  And while 220 SFR sold in the $300k-$400k price range, 210 homes priced between $400k and $500k closed in July 2020, a respectable volume for this price range.

Months Supply of Inventory (MSI) has plummeted 64% compared to July 2019. and is 364% lower than the previous month.  MSI absorption rate represents the time it would take to “sell out” of the Reno-Sparks inventory at the current rate of sale if no new listings were to come to market.  A balanced market is around 5-6 months of supply.  At 0.9 months supply, we continue to be in a very strong “Seller’s Market.”

The Average # of Days from Listing to Contract in July 2020 ticked down a couple of days compared to June 2020.  It took an average of 38 days from listing on MLS until acceptance of offer presented.  Single family residences are taking about 13% less time to receive and acceptable offer this year than in July 2019.  These averages account for all price ranges.

With competition among buyers in multiple offer situations, the average SFR in Reno-Sparks received 99.3% of asking price in July 2020.  Many homes are selling above asking price and buyers are waiving appraisal outcomes to secure the property today.

A distressed sale is one that is caused by economic hardship.  A short sale occurs when a homeowner defaults on his/her mortgage payment and is unable bring payments to the lender current, and is therefore forced to sell the property for less than the balance owed.  A Foreclosure occurs when a lender repossesses real property after the borrower defaults on the loan and does not successfully sell it prior to this event.  Percentage of Distressed Sales increased from 1.4% to 2% month-over-month, and is down 31% from the same time last year.  Distressed properties still make up an extremely small percentage of the current market.

The # of New Contracts inched up in July 2020 with 745 accepted offers in the pipeline to close escrow.  July 2020 saw 25% more new contracts than the same month last year.  

# of New Listings to hit the market in July 2020 dipped 1.5% month-over-month.  # of New Listings in July 2020 are down 15% from the same period of time last year.

SUMMARY:

  • In a nutshell… our housing inventory is extremely low.  The absorption rate at 0.9 Months Supply of Inventory is at a historic low.  This low inventory, coupled with high buyer-demand, is resulting in multiple offer situations, overbidding in many cases, and a jump in the Median Sales Price (MSP).  The Reno-Sparks MSP is now $435,000.  Reno’s MSP is $459,000 and Sparks’ MSP is $415,000.
  • While mortgage interest rates ticked up ever-so-slightly last week, they are still very low, offering buyers increased purchasing power, and current homeowners the opportunity to refinance to put more cash in their pockets monthly.
  • The # of Distressed Properties on the market is still at a minimal level.  Short sales and foreclosures account for only 2% of all sales at this time.
  • The # of New Contracts in July 2020 were 25% greater than this same time last year.
  • Relocation home buyers from out-of-state and investment buyers are craving properties to purchase here in Northern Nevada.  The real estate market appears to be thriving at this time despite the persistence of COVID-19.
  • If you are in the market to buy OR sell property in Northern Nevada, please fee free to email me at dhallerbach@intero.com or reach me directly at 775-233-0682.  I am so happy to assist!

Posted on August 17, 2020 at 1:29 pm
Denise Hallerbach | Posted in Reno-Sparks Market Report | Tagged , , , ,

The Weekend Warrior (July 9-12)

Welcome to
THE WEEKEND WARRIOR

The Weekend Warrior is your guide for the best events happening around the Reno/Sparks/Lake Tahoe region brought to you by Intero Real Estate Services Reno! Our hugely popular Artown during the month of July is keeping us entertained, both virtually and in-person. Check out the happenings this weekend!

ARTOWN
ALL OF JULY
ONLINE AND VARIOUS LOCATIONS AROUND NORTHERN NEVADA

Artown… The entire month of July is historically THE MONTH when Reno’s art and culture scene explodes. Daily during non-pandemic times, the parks, plaza, galleries and theaters overflow with locals and visitors here to embrace the beauty and intrigue of creativity in every form. This year, Artown performers take most of their performances to the virtual world where we can login and enjoy their works.  For those who need to get out of the house, masks and social distancing practices will be exercised at events that are taking place live.  Discover all events and classes offered at Artown.org.

ARTOWN ARTIST RECEPTION: MARTIN GOLLERY (THE NEVADA WE LOVE)
THURSDAY, JULY 9 (5-9 pm)
BUENOS GRILL (3892 Mayberry Dr. Ste. A, Reno)

Delight in the diverse beauty and unique energy of The Nevada We Love with beloved Lake Tahoe photographer Martin Gollery.  Gollery shares his finest works with the public at Buenos Grill Thursday evening where you’ll take in the beauty of his art and can enjoy 1/2 price drinks and complimentary chips and salsa during the reception.  Of course, eating dinner at Buenos Grill is never a  bad idea either.  This restaurant is COVID-19 compliant.  For more details visit Artown.org.

“MOVIES IN THE PARK”
FRIDAY, JULY 10 (9-11 pm)
WEST WIND EL RANCHO DRIVE-IN, SPARKS, NV

Starting last week, Artown and Cordillera International Film Festivals “Movies in the Park” changed residency in an effort to keep event-goers safe.  Under normal circumstances, we would be snuggling under a blanket or hanging out in a beach chair at Wingfield Park in Downtown Reno.  This year, we can enjoy summer flicks from the comfort of our own cars at the West Wind El Rancho Drive-In. This Friday night, The Goonies projects from the big screen.  This 1985 comedy classic follows a group of misfits as they take off on a treasure-hunting adventure. Free popcorn will be served and a special surprise guest panel will be on-site for Q&A. Entry is limited, so visit CiffNV.org to save your spot.

 

POPS AT HOME
THURS, JULY 9 / FRIDAY, JULY 10 / SATURDAY, JULY 11 ( 8 am)
ONLINE

Though we would rather be gathering like we do every year with the Reno Philharmonic LIVE at Wingfield park, we realize that social distancing in large groups is not our forte!  Join the Reno Phil remotely for Pops at Home and support the symphony & Pops on the River virtually. Check out the Pops at Home Party Pack for backyard entertainment opportunities and River-inspired gatherings with friends.  Enter a fun photo contest for a chance to win a VIP table with catered dinner at the 2021 Pops on the River & other prizes.  Learn more at RenoPhil.com.

A.V.A. BALLET THEATRE Presents VORTEX- THE BALLET THAT ROCKS
LIMITED TIME ACCESS
VIMEO VIDEO

Each year, Artown and A.V.A. Ballet Theatre bring Vortex- The Ballet That Rocks to Barley Ranch’s beautiful outdoor Robert Z. Hawkins Amphitheater.  This year, the memorable performances have been cancelled.  However, we do have a rare recorded show filmed last year available for our enjoyment.  Visit Vimeo.com to see the 2019 performance and please consider a donation to support A.V.A. Ballet Theatre by clicking here.

OUTSIDE DRAWING AND PAINTING FRENZY
SATURDAY, JULY 10 (11 am-1 pm)
CRISSIE CAUGHLIN PARK (3415 Idlewild Dr, Reno)

Bring out your inner Ansel Adams at the Outside Drawing and Painting Frenzy happening this Saturday at Crissie Caughlin Park in Reno.  Grab an easel and canvas, or just a sketchbook and pencils, relax into the beautiful surroundings of the park, and create your own masterpiece!  You’ll arrive at Crissie Caughlin park with your own art supplies where you’ll pick a view to draw or paint amongst other socially-distanced artists. Anthropologist and Artist Zoe Bray will be on site to guide you if you need it.  Learn more at Artown.org.

DISCOVER RENO NEIGHBORHOODS
THURS, JULY 9 (6 pm)  SAT, JULY 11 (9 am) & SUN, JULY 12 (2 pm)

ONLINE

Artown 2020 invites you to explore Reno’s history one neighborhood at a time.  Here is the lineup of tours happening virtually this weekend and beyond:Thursday, July 9 (6 pm):  CULTURAL CROSSROADS WEST.  Chinese herbal shops, Judaism’s early days and a rich African-American heritage come alive in this presentation. Includes a visit inside the Lear Theater and the historic Bethel AME Church.Saturday, July 10 (9 am):  BRICKS & STONES.  Get to know the Humboldt and Lander Streets Neighborhood. Discover the architectural treasures of this area… a mix of bungalows, period revivals and cottage styles.Tuesday, July 14 (6 pm):  MANSIONS ON THE BLUFF / COURT STREET.  Learn the story of Reno’s most treasured historic neighborhood. Many of early Reno’s prominent families built generous homes on this once treeless bluff overlooking the Truckee River with panoramic views of Peavine Mountain and the Sierra. Imagine the beauty and charm of this coveted neighborhood, largely developed by U.S. Senator Francis Newlands.

Wednesday, July 15 (6 pm):  LITERARY RENO.  Reno continues to be a mythical magnet for ‘outsider’ writers and characters. The misfits, outcasts and seekers. Let your imagination roam as you travel downtown streets encountered by traditional writers like Will James, Robert Laxalt and Joanne de Longchamps, then learn the haunts of contemporary writers such as Bernie Schopen, Willy Vlautin and Susan Palwick.

HIKE THE TAHOE RIM TRAIL
ANYDAY, ANYTIME
TAHOE RIM TRAIL

The stunning beauty of one of the most glorious treasures on Earth is yours to enjoy, and it’s right in our backyard!  The entire Tahoe Rim Trail (TRT) is 170 miles long and loops completely around the Lake Tahoe Basin. Among several memorable segments, is Tahoe Meadows to Spooner Summit, and is accessible by 4 nearby trailheads. This segment is 24.1 miles in length and offers breathtaking panoramic views of Lake Tahoe and the Tahoe Basin to the west, and Marlette Lakes and Washoe Valley to the east.  Learn more about this amazing adventure and detailed trail segment information for the entire TRT at TahoeRimTrail.org.
SUMMER DINNER CONCERT SERIES
SATURDAY, JULY 11 / SUNDAY, JULY 12 / TUESDAY, JULY 14 (6 pm)
WILD RIVER GRILLE (17 S. Virginia St)

Summer evenings in Northern Nevada are my absolute favorite.  And Wild River Grille, located steps from the Truckee River, is the perfect place to soak up the warm air, enjoy a beautiful dinner and listen to the evening’s local musical performances at the Summer Dinner Concert Series.  Here is the lineup of artists sharing their talents this weekend:Saturday, July 11 (6-9 pm):  Tany Jane.  A local acoustic duo who that nails popular covers and originals.  Visit YouTube.com for a great sample of their vibe (skip to 2:11).Sunday, July 12 (6-9 pm):  Colin Ross.  Talented pianist, guitarist, singer/songwriter brings a soulful, throw-back feeling to his performances.  Visit Facebook.com for one of his quarantine concerts.Tuesday, July 14 (6-9 pm):  Eric Andersen.  “Piano-Rocker” Eric Andersen fills the patio with his “fresh approach to pop music.”  Catch a sample of his music as he performs with The Novelists at YouTube.com.

6TH ANNUAL LAVENDER DAY
SATURDAY, JULY 11 (9 am-1 pm)
WILBUR D. MAY ARBORETUM at RANCHO SAN RAFAEL PARK

Celebrate everything lavender in the Rancho San Rafael’s Labyrinth Garden this Saturday at Lavender Day.  The 6th annual event features demonstrations for harvesting, infusing, and cooking with lavender, and offers mini-presentations under the “Red Tent.”  Choose from nine varieties of lavender plants for sale, and consult with Master Gardeners on-site providing tips for growing this fragrant flower in Northern Nevada. Wreaths, wands, essential oils, and other products made or infused with lavender will be available for purchase.  Naturally, COVID-19 guidelines apply. For more information, visit MayArboretumSociety.org.

FEED THE CAMEL: WEEKLY FOOD TRUCK EVENT
EVERY WEDNESDAY (Begins at 5 pm)
McKINLEY PARK (925 Riverside Dr, Reno)

At Feed the Camel, you and your loved ones are invited to “come hungry with your face covered.”  The only trick is how to get the food through the mask… Joke.  The beloved weekly food truck event brings in some of the best restaurants on wheels under the Keystone bridge and just across the street from the Truckee River.  McKinley Park is your place to establish your own eating space on a blanket or beach chairs, and savor the delicious cuisine our local food trucks have to offer.  Learn more at the Feed the Camel Facebook Page.

Summer is rolling right along, and with all that is going on in the world right now, you may be wondering what is happening with the real estate market in Northern Nevada.  Our market has faired remarkably well through the pandemic.  For more details about volume, median sales price, inventory, number of new contracts in Reno-Sparks, Nevada and more, check out the July 2020 Market Report (looking at the numbers from June 2020).

LATEST UNEMPLOYMENT REPORT:  GREAT NEWS… FOR THE MOST PART
The Bureau of Labor Statistics (BLS) released their latest Employment Situation Summary last Thursday, and it again beat analysts’ expectations in a big way.  Learn in my “In-The-Know Blog” at DeniseHallerbach.com.

IS THE HEALTH CRISIS DRIVING BUYERS OUT OF URBAN AREAS?
The pandemic has caused consumers to re-examine the components that make up the “perfect home.”  And recently, News.com released a report that revealed how buyers’ views of listings are leaning heavily to more suburban and rural properties.  Learn more about this recent trend in my “In-The-Know Blog” at DeniseHallerbach.com.


Posted on July 9, 2020 at 2:03 pm
Denise Hallerbach | Posted in Weekend Warrior | Tagged , ,

Latest Unemployment Report: Great News…for the Most Part

The Bureau of Labor Statistics (BLS) released their latest Employment Situation Summary last Thursday, and it again beat analysts’ expectations in a big way.  The consensus was for 3,074,000 jobs to be added in June. The report revealed that 4,800,000 jobs were added. The unemployment rate fell to 11.1% from 13.3% last month. Again, excellent news as the unemployment rate fell for the second consecutive month. However, there’s still a long way to go before the economy fully recovers as 17.8 million Americans remain unemployed.

Here are two interesting insights on the report:

What about a supposed misclassification?

The BLS addressed this at length in a blog post last week, and concluded by saying:

“Regardless of the assumptions we might make about misclassification, the trend in the unemployment rate over the period in question is the same; the rate increased in March & April and eased in May.”

They specifically noted the issue in the latest report by explaining that if they adjusted the rate for the potential miscalculation, it would increase from 11.1% to 12.1% (which is lower than the adjusted rate of 16.4% last month). They went on to say:

“However, this represents the upper bound of our estimate of misclassification and probably overstates the size of the misclassification error.”

Does the shutdown of parts of the economy skew the unemployment numbers?

Because the uniqueness of 2020 impacts the employment situation in so many ways, each jobs report is now examined with a microscope to make sure the headlines generated by the report accurately convey what’s happening in the job market.

One such analysis is done by Jed Kolko, Chief Economist at Indeed. He believes the extraordinary number of people in the “temporary” unemployed category confuses the broader issue of how many people have permanently lost their job. He adjusts for this when calculating his “core unemployment rate” (which subtracts temporary layoffs and adds unemployed who didn’t search for a job recently).

The bad news is that his analysis reveals that the number of permanently unemployed is still rising (from 4.6% in April to 5.9% last month). The good news, however, is when you use his methodology to look back at the Great Recession, today’s “core unemployment rate” is significantly lower (5.9% versus 10.5% in April 2010).

Bottom Line

Last week’s jobs report was much better than most expected. However, we should remain cautious in our optimism. As the Wall Street Journal explained in their analysis of the jobs report:

“U.S. job growth surged last month, underscoring the economy’s capacity for a quick rebound if businesses continue to reopen and consumers regain confidence. A recent coronavirus spike, however, could undermine trends captured in the latest jobs report.”


Posted on July 8, 2020 at 11:39 pm
Denise Hallerbach | Posted in In-The-Know Real Estate Blog | Tagged , ,

July 2020 Market Report

** Data in this report reflect market activity from JUNE 2020 compared to the previous month and year.  Information is gathered from the Reno-Sparks Association of Realtors® (RSAR) for the Greater Reno-Sparks region via Northern Nevada Regional Multiple Listing Service (www.nnrmls.com).  Data accounts for single-family resale residences only, and excludes townhouses/condos, manufactured/modular and new construction.

Here is the market overview:

And here are a more detailed look at the stats for June 2020 compared to the previous month and year:

  • In May 2020, the Median Sales Price for single-family re-sale properties in Reno-Sparks combined was $407,000, a 1.8% increase from both May 2020 and June 2019.  The median sales price over the last year has hovered around the $400k mark and appears to remain steady at this time largely due to high buyer demand and low inventory.

  • # of Units Sold leaped 32%, month-over-month from 396 to 537.  The sales volume in the month of June, was down just 6% compared to June 2019.  This statistic represents properties that most likely went into contract in May this year.  As a side-note, 37.6% of the sold inventory closed with a sales price between $300,000 and $399,000.  Only 1 single family residence sold under $199,999.

Months Supply of Inventory (MSI) is down 41% from May 2020 and plummeted 48% from the same time last year.  MSI absorption rate accounts for the time it would take to “sell out” of the Reno-Sparks inventory at the current rate of sale if no new listings were to come to market.  A balanced market is around 5-6 months of supply.  The 1.3 months supply, is very much in a “Seller’s Market” as it is well below the balanced level.

As observed in the graph above, the Months Supply of Inventory is extremely low for properties selling under $750,000.  The inventory supply increases to a more balanced level for properties selling over $750,000 with a slight edge for the buyer in this price range.

The Average # of Days from Listing to Contract in June 2020 inched up a couple of days to 40 days.  Single family residences are taking about 7% longer to sell this year than in June 2019, and 5.5% longer than May 2020.  These averages account for all price ranges.

Above is the breakdown of the Average Days to Contract by Price Range in June 2020.  Note that only 1 single family residence sold under $200k in June 2020 and it took 2 days to obtain an acceptable offer.

Sellers continue to receive an average of 98.9% of asking in June 2020.  This statistic has held fairly consistently over the last few years.  Please note that price reductions may have occurred prior the acceptance of an offer.

What is a distressed sale?  It is a sale caused by economic hardship.  A short sale occurs when a homeowner defaults on his/her mortgage payment and is unable bring payments to the lender current, and is therefore forced to sell the property for less than the balanced owed.  A Foreclosure occurs when a lender repossesses real property after the borrower defaults on the loan and does not successfully sell it prior to this event.  The percentage of distressed sales on the market declined 7.3% month over month, and is 27.5% lower than in June 2019.  Only 1.4% of homes sold in June 2020 were considered “distressed.”

Since the April 2020, the # of New Contracts has doubled (during May and June 2020).  June 2020 saw 27.5% more New Contracts (779) than the same month last year.

# of New Listings to hit the market in June 2020 increased by 8% month-over-month.  Our # of New Listings in June 2020 are down 17% from the same period of time last year.

SUMMARY:

  • The absorption rate at 1.3 Months Supply of Inventory is the lowest it has been since April 2018.  On average, at the current rate of sale, the active inventory would be completely absorbed in 1.3 if no new properties were brought to market.  Inventory, in general, is extremely low and moving very quickly (particularly homes priced under $750k).
  • The Median Sales Price at $407,000 is slightly higher month-over-month and year-over-year (+1.8%), continuing to hold steady through the economic recession due to COVID-19.
  • Distressed sales still comprise a very small percentage of the active inventory… only 1.4% of all single family residence sales in June 2020.
  • The # of New Listings for June 2020 inched closer to more typical levels for this time of year.
  • The continued increase in the # of New Contracts for June at 779 indicates an increasing level of purchasing activity in our area.
  • If this the right time for you to make YOUR move?  Whether you are buying, selling or doing both, I would be happy to assist you in coordinating your efforts for smooth transactions and transitions.  Email me at dhallerbach@intero.com or reach me directly at 775-233-0682.

Posted on July 8, 2020 at 4:39 pm
Denise Hallerbach | Posted in Reno-Sparks Market Report | Tagged , ,

Is the Health Crisis Driving Buyers Out of Urban Areas?

The pandemic has caused consumers to re-examine the components that make up the “perfect home.” Many families are no longer comfortable with the locations and layouts of their existing homes. The allure of city life (more congested) seems to be giving way to either suburban or rural life (less congested). The fascination with an open floor plan seems to be fading as people are finding a need for more privacy while working from home.

Recently, news.com released a report that revealed how buyers’ views of listings are leaning heavily to more suburban and rural properties. Here are the year-over-year percentage increases in views per property type:

  • Urban – 7%
  • Suburban – 13%
  • Rural – 16%

In the report, Javier Vivas, Director of Economic Research for realtor.com, gives these numbers some context:

“This migration to the suburbs is not a new trend, but it has become more pronounced. After several months of shelter-in-place orders, the desire to have more space and the potential for more people to work remotely are likely two of the factors contributing to the popularity of the burbs.”

Realtor Magazine also just reported that the desire to move is strongest in our city markets:

“Nearly 30% of respondents living in a high-density urban area say that the pandemic is prompting them to want to move by the end of the year…This is more than double the rate of those living in rural parts of the country, where residents are much more likely to stay put rather than to relocate.”

New Construction Also Seeing a Surge in Views

Since the pandemic has altered how consumers think about floor plans, builders are anticipating how future homes will change. In a recent press release by Zillow, it was explained that:

  • Builders believe as people spend more time at home during the pandemic, buyers are realizing which features of their homes are working and not working.
  • Homebuilders predict open-concept floor plans will be a thing of the past, as people now value more walls, doors, and overall privacy.
  • New construction, which offers the chance to personalize home features, saw its listing page views grow by 73% over last May.

The Virus is Even Impacting the Luxury Second-Home Market

It appears that COVID-19 is impacting the luxury market too. In an article released last week titled, Luxury Buyers Return to Market in Force, Danielle Hale, Chief Economist for realtor.com reported:

“Stay at home orders and social distancing have put a new value on the extra space. We’re seeing this in the luxury market as well, which could mean there is renewed interest from high-end buyers to find a second-home that is within driving distance from their primary residence.

Much like the suburbs are gaining favor with home shoppers, second home markets are seeing increased interest from luxury buyers…Views of luxury properties accelerated 56% in The Hamptons, 28% in Palm Springs and 24% in Greenwich compared to January trends.”

Bottom Line

It appears that a percentage of people are preparing to leave many American cities. Some of these moves will be permanent, while others will be temporary (such as a getaway to a second home). In either case, many consumers are on the move. Real estate professionals are ready and willing to help in any way they can.


Posted on July 8, 2020 at 6:28 am
Denise Hallerbach | Posted in In-The-Know Real Estate Blog | Tagged , ,

The Weekend Warrior (July 2-5)

Welcome to
THE WEEKEND WARRIOR

The Weekend Warrior is your guide for the best events happening around the Reno/Sparks/Lake Tahoe region brought to you by Intero Real Estate Services Reno! The action around Northern Nevada is picking up, both virtually and in-person. Check out the happenings this weekend!

 

We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable rights, that among these are life, liberty, and the pursuit of Happiness.  Wishing you all of these this 4th of July Weekend!  Have fun and stay safe!
ARTOWN
JULY 1-31
ONLINE AND VARIOUS LOCATIONS AROUND NORTHERN NEVADA
Artown… The entire month of July is historically THE MONTH when Reno’s art and culture scene explodes. Daily during non-pandemic times, the parks, plaza, galleries and theaters overflow with locals and visitors here to embrace the beauty and intrigue of creativity in every form. This year, Artown performers take most of their performances to the virtual world where we can login and enjoy their works.  For those who need to get out of the house, masks and social distancing practices will be exercised at events that are taking place live.  Discover all events and classes offered at Artown.org.

THE CURTAIN CALLS IMPROV/SKETCH COMEDY GAMESHOW
JULY 2 (7-9 pm)
POTENTIALIST WORKSHOP (836 E. Second St., Reno)
Are you a blossoming comedian?  A funny-man or woman in the making?  Test your skills for live entertainment at The Curtain Calls Improv/Sketch Comedy Game Show Thursday night, July 2.  Should you have the itch to take part, you’re invited to emerge from the audience to indulge in a creative & imaginative fantasy on-stage.  This is a donation based admission, and food/beverages are served.  For more info about the event and COVID-19 guidelines, visit Artown.org.

“MOVIES IN THE PARK”
FRIDAY, JULY 3 (9-11 pm)
WEST WIND EL RANCHO DRIVE-IN, SPARKS, NV
Artown and Cordillera International Film Festival‘s “Movies in the Park” has changed residency this year in an effort to keep event-goers safe.  Rather than kicking it on a blanket or beach chair at Wingfield Park, you can snuggle with your loved ones in the comfort of your car at the West Wind El Rancho Drive-In and enjoy the 1997 movie Con AirCon Air is an action-packed film about a newly paroled ex-con and former U.S. Ranger, Cameron Poe (Nicolas Cage) who finds himself trapped in a prisoner transport plane when the passengers seize control. As an added bonus the showing of the movie is followed by a Q&A session with the film’s Director, Simon West.  Free popcorn will be served!  Entry is limited, so visit ciffNV.org.

DOWNTOWN RENO MURAL TOUR
SATURDAY, JULY 4 (10 am-12 pm)
DOWNTOWN RENO, NEVADA
Take a docent-led tour and learn about the more than 40 murals painted by local, national and internationally-recognized artists. This two-hour walk around downtown Reno gives insights into the area and our eclectic public art. You’ll see a wide range of styles — from graffiti lettering, illustration, landscape and realism portraits.  Meet up with the mask-donned, socially-distanced group at the BELIEVE statue in City Plaza (10 N. Virginia St., Reno).  A donation of $10 is greatly appreciated.  For more information about the mural tour and other public art tours around Downtown and Midtown Reno, visit ArtspotReno.org.  Note that the photo above was taken in Midtown and that is my daughter whispering sweet nothings into the ear of the subject.

GO TUBING OR RAFTING DOWN THE TRUCKEE RIVER
ANYDAY, ANYTIME

ANYWHERE ON THE TRUCKEE RIVER YOU WANT TO GET IN & OUTOMG… For those of you looking for a little adventure, you can rent or buy a raft or rafting tube, and make your way down the Truckee River.  I just did this last weekend, and it was a blast!  Yes, there are some mini rapids depending on where you begin and end your float, so if you are at all uncomfortable with water, don’t do it. Our mini voyage started at Tom Cooke Trail and finished at Doroskar Park. It was only about a 1 mile ride, so a good warmup to test my comfort level for our next longer expedition. Go with a friend and self-guide, or take a tour with a WildSierra.com.  Enjoy!

HIKE MT. ROSE
ANYDAY, ANYTIME
MT. ROSE SUMMIT TRAIL, RENO, NV 
Are you in need of some post-quarantine exercise?  Get your blood pumping and taking in the beauty of the Sierras on a hike of Mt. Rose.  Enjoy a 7 mile loop or forge ahead to the summit, 10 miles total.  Along the way, you’ll enjoy the serenity of wilderness amidst flowers and grasses, Galena creek, waterfalls, the forest, an ultimately the splendor of Lake Tahoe and the views of the entire Tahoe Basin at the summit.  For more detailed information about this gorgeous outing, visit HikingProject.com.

RED, WHITE & BOWL
SATURDAY, JULY 4 (12 pm-5 pm)
NATIONAL BOWLING STADIUM
Rarely is the public invited to make use of the lanes at Reno’s National Bowling Stadium. This 4th of July, the doors are open to all bowing fans, young and old!  Space is limited due to COVID-19 restrictions, so pre-registration is paramount.  Groups of 2 to 5 who are within the same household may sign up in advance for the family-fun Red, White and Bowl event.  Model your masks and your American flag colored outfits and enjoy a bowling session in what National Bowling Stadium that is also known as the “Taj Mahal of Tenpins.”  For more information and to register now, visit RenoEvents.com.

4th of JULY CRUISE
SATURDAY, JULY 4 (12-1 pm)
HISTORIC DOWNTOWN VIRGINIA CITY, NV
In place of the traditional Virginia City Independence Day parade that decorates C Street, the historic Northern Nevada mining town hosts a spectacular 4th of July Cruise this year! No registration is necessary to participate. Just start lining up your cruiser at 11 am at Fourth Ward School, located at the junction of State Route 342 and 341 at C Street, at 11 a.m. and creatively adorn your vehicle with your best patriotic-spirited decorations.  Business are open at reduced capacity with use of protective measures.  Click here to check out an entertaining video of what the annual parade looks like on a normal year.  And go to VisitVirginiaCityNV.com for more about the cruise.  Please note that the fireworks spectacular has been cancelled.

FEED THE CAMEL: WEEKLY FOOD TRUCK EVENT
EVERY WEDNESDAY (Begins at 5 pm)
McKINLEY PARK (925 Riverside Dr, Reno)
At Feed the Camel, you and your loved ones are invited to “come hungry with your face covered.”  The only trick is how to get the food through the mask… Joke.  The beloved weekly food truck event brings in some of the best restaurants on wheels under the Keystone bridge and just across the street from the Truckee River.  McKinley Park is your place to establish your own eating space on a blanket or beach chairs, and savor the delicious cuisine our local food trucks have to offer.  Learn more at the Feed the Camel Facebook Page.

4th OF JULY INSPIRED DESSERT RECIPES
Want to pull out all the stops for your 4th of July dessert this year?  Your family will be so impressed when you bust out cool star-spangled cupcakes, trifles, mixed berry shortcake, cream puff cake, or blueberry cream cake.  I stumbled upon all these fabulous patriotic sweets and more at InspiredByCharm.com. Check them all out!
A HISTORIC REBOUND FOR THE U.S. HOUSING MARKET
Pending Home Sales increased by 44.3% in May, registering the highest month-over-month gain in the index since the National Association of Realtors (NAR) started tracking this metric in January 2001. So, what exactly are pending home sales, and why is this rebound so important?  Learn more at my In-The-Know Real Estate Blog at DeniseHallerbach.com.
This darling little Donner Springs (Reno) charmer offered for $335k spent one day on the market and received 3 solid offers as it flew into contract.  Is it possible that you’re a buyer in this market and interested in being in an official backup position for this quaint 1,233 sqft, 3 bed/2 bath/2 garage home at 4025 Rio Poco Road?  Learn more and view more photos at DeniseHallerbach.RealScout.com.  Or perhaps you would like me to help you prepare YOUR home for sale!  In either case, email me now or call 775-233-0682 and we’ll set an appointment.

Posted on July 2, 2020 at 6:37 am
Denise Hallerbach | Posted in Weekend Warrior | Tagged , , ,

A Historic Rebound for the U.S. Housing Market

Pending Home Sales increased by 44.3% in May, registering the highest month-over-month gain in the index since the National Association of Realtors (NAR) started tracking this metric in January 2001. So, what exactly are pending home sales, and why is this rebound so important?

According to NAR, the Pending Home Sales Index (PHS) is:

“A leading indicator of housing activity, measures housing contract activity, and is based on signed real estate contracts for existing single-family homes, condos, and co-ops. Because a home goes under contract a month or two before it is sold, the Pending Home Sales Index generally leads Existing-Home Sales by a month or two.”

In real estate, pending home sales is a key indicator in determining the strength of the housing market. As mentioned before, it measures how many existing homes went into contract in a specific month. When a buyer goes through the steps to purchase a home, the final one is the closing. On average, that happens about two months after the contract is signed, depending on how fast or slow the process takes in each state.

Why is this rebound important?

With the COVID-19 pandemic and a shutdown of the economy, we saw a steep two-month decline in the number of houses that went into contract. In May, however, that number increased dramatically (See graph here):

 

This jump means buyers are back in the market and purchasing homes right now. Lawrence Yun, Chief Economist at NAR mentioned:

“This has been a spectacular recovery for contract signings and goes to show the resiliency of American consumers and their evergreen desire for homeownership…This bounce back also speaks to how the housing sector could lead the way for a broader economic recovery.”

But in order to continue with this trend, we need more houses for sale on the market. Yun continues to say:

“More listings are continuously appearing as the economy reopens, helping with inventory choices…Still, more home construction is needed to counter the persistent underproduction of homes over the past decade.”

As we move through the year, we’ll see an increase in the number of houses being built. This will help combat a small portion of the inventory deficit. The lack of overall inventory, however, is still a challenge, and it is creating an opportunity for homeowners who are ready to sell. As the graph below shows, during the last 12 months, the supply of homes for sale has been decreasing year-over-year and is not keeping up with the demand from homebuyers.

Bottom Line

If you decided not to sell this spring due to the health crisis, maybe it’s time to jump back into the market while buyers are actively looking for homes. Let’s connect today to determine your best move forward.

 


Posted on July 2, 2020 at 2:24 am
Denise Hallerbach | Posted in In-The-Know Real Estate Blog | Tagged , ,

The Weekend Warrior (June 18-21)

WELCOME TO

THE WEEKEND WARRIOR

Great news!  With the re-opening of businesses and some “altered” events in Reno-Sparks, I am pleased to bring back THE WEEKEND WARRIOR.  While it was interesting to look at real estate market statistics and news over the last few months in THE WEEKLY WATCH, I will now provide the market update once per month. And naturally, as events and activities pick up in Northern Nevada, my content will grow over the coming months.  Stay positive, stay healthy, and enjoy life everyone!

RENO RESTAURANT WEEK

Actually… it’s not just in Reno anymore!  Reno Restaurant Week is a fabulous 10-day (Thru June 24) culinary exploration that will fancy your taste buds from Sparks, to Reno, to Carson City.  69 of Northern Nevada’s finest eating establishments open their doors and welcome you in for a wonderful meal out.  Then for added fun, do the following:

  • Follow @RenoFoodWeek on Instagram
  • Follow the establishment you have chosen to visit on Instagram
  • Take a photo (or photos) of your food/drinks and/or a photo with the owner/chef/server
  • Post photos on Instagram, tag the establishment and @RenoFoodWeek and use the hashtag #RenoFoodWeek in your caption
  • Winners will be notified via Instagram direct message the last week of June, 2020.

For more details including the list of participating restaurants, and to learn about supporting the 2019-2020 Hungry Gives Back Charities, visit HungryInReno.com.

EXPLORE THE TAHOE-PYRAMID TRAIL

The Tahoe-Pyramid Trail is based on a vision for a trail that would follow the entire length of the Truckee River, from its source at forested Lake Tahoe (6225′) to the desert terminus of Pyramid Lake (3796′). The current route can be traveled by foot or by bicycle, and when fully completed, will descend over 2000 feet during the entire course of the 114-mile long trail, using a combination of existing dirt and paved roads, bike paths, historic roads, as well as many new sections of trail and connecting bridges. So much to explore… and most of the trail is open.  Visit TahoePyramidTrail.org for more information and trail maps.

 

START PLANNING FOR ARTOWN!!
For those of you who have lived in Reno, you are aware that in July, Reno is ARTOWN!  It’s right around the corner… The entire month has historically overflowed with concerts, dance performances, plays, artist shows, sculpture displays, fire dancing and more.  This year, for obvious reasons, Artown will look a bit different.  With the majority of events taking place virtually, you have the luxury of planning ahead and enjoying Artown from the comfort of your home.  Check out the calendar of concerts, comedy, galleries, and more at Artown.org.

 

LEARN MAGIC ONLINE
Have you ever wanted to learn the art of magic?  Well maybe now in your free time you can take advantage of the opportunity available at Impossibles University.  Justin Impossible can help you check magic off your bucket list as your newest talent develops!  Receive instructional videos every Monday & Wednesday, two live 30-minute video chats and one weekly live video jam session with all students.  Visit ImpossiblesMagicShop.com for more details!

 

FIND OUT THE VALUE OF YOUR HOUSE
Are you curious about the estimated value of your house, but don’t trust Zillow’s ever swinging Zestimates?  Perhaps you would like to call on a human being to look at the special features of your home that Zillow DOESN’T know about. This is where I come in…  Happy to run a complimentary Comparative Market Analysis on your home to determine the estimated market value for you.  Just contact me today so we can discuss!

 

EXPLORE NORTHERN NEVADA REAL ESTATE
Curious about what real estate is available for sale in Northern Nevada?  Check out the active inventory on one of the best real estate search engine available.  Set yourself up for a quick search.  But if you want to delve a little deeper and more specific (i.e., certain age of construction, single vs. two-story, etc.) then create an account, and I’ll get you headed in the right direction. You’ll actually see what’s active, not pending (unlike a real estate website that begins with the letter “Z.”)  Visit DeniseHallerbach.RealScout.Me to get started!

 

BBQ KOREAN FLANK STEAK

If you crave BBQ that is mouthwateringly delicious, then you MUST try the Korean Flank Steak that I have been making for years!  Fresh ginger and garlic, and that subtle pop from a touch of Sriracha sauce give this recipe a distinct taste you will want to make for years to come too!  I originally found it on Epicurious.com, and it can be found on my website now at DeniseHallerbach.com.  Enjoy!!

 

GET UP TO SPEED WITH THE REAL ESTATE MARKET

How did the Reno-Sparks real estate market fair in the face of COVID-19 in May?  Quite well, I must say, considering…  Visit DeniseHallerbach.com for the June 2020 Market Report for May 2020 figures and stay informed!

 

IN-THE-KNOW REAL ESTATE BLOG
Every year, Gallup conducts a survey of Americans to determine their choice for the best long-term investment. Respondents are asked to select real estate, stocks/mutual funds, gold, savings accounts/CDs, or bonds.  For the seventh year in a row, real estate has come out on top as the best long-term investment.  Read on

 


Posted on June 18, 2020 at 6:28 pm
Denise Hallerbach | Posted in Weekend Warrior | Tagged , ,

Real Estate Tops Best Investment Poll for 7th Year Running

Every year, Gallup conducts a survey of Americans to determine their choice for the best long-term investment. Respondents are asked to select real estate, stocks/mutual funds, gold, savings accounts/CDs, or bonds.

For the seventh year in a row, real estate has come out on top as the best long-term investment. Gallup explained:

“Real estate remains the most favored investment to Americans, as has been the case since 2013, when the housing market was on the rebound. More than a third of Americans have named real estate as the top investment since 2016.”

This year’s results indicated 35% of Americans chose real estate, followed by stocks at 21%. The full results covering the last decade are shown in the chart below:

Bottom Line

The belief of the American people in the stability of housing as a long-term investment remains strong, even through the many challenges our economy faces today.

 


Posted on June 18, 2020 at 6:46 am
Denise Hallerbach | Posted in In-The-Know Real Estate Blog | Tagged , , ,

June 2020 Market Report

** Data in this report reflect market activity from MAY 2020 compared to the previous month and year.  Information is gathered from the Reno-Sparks Association of Realtors® (RSAR) for the Greater Reno-Sparks region via Northern Nevada Regional Multiple Listing Service (www.nnrmls.com).  Data accounts for single-family resale residences only, and excludes townhouses/condos, manufactured/modular and new construction.

Here is the market overview:

And here are a more detailed look at the stats for May 2020 compared to the previous month and year:

  • In May 2020, the Median Sales Price for single-family re-sale properties in Reno-Sparks combined was $399,900, a 3.6% decrease from April 2020, and a 2.5% increase from May 2019.  As seen in the graph above, the median sales price has hugged the $400k price point over the last year and appears to be steady at this time.

  • # of Units Sold inched up 387 to 396 from April to May 2020.  The sales volume is down 42% compared to the same month last year.  This volume is representative of properties that likely went under contract for sale in April and were in escrow for about 30 days.

Months Supply of Inventory (MSI) decreased 11.8% month over month from 2.4 to 2.1 months supply.  This measure of inventory is also about 5% higher than last year. MSI accounts for the time it would take to “sell out” of the Reno-Sparks inventory at the current rate of sale if no new listings came to market.  A balanced market is around 5-6 months of supply.  Therefore, with a low 2.1 months supply, we are still very much considered to be in a “Seller’s Market.”

The Average # of Days from Listing to Contract in May 2020 was 39 days.  Single family residences are taking 20% longer to sell this year than in May 2019, and only 1.6% longer than the previous month.  These averages account for all price ranges.

As seen in the graph above, homes that sold in the $200k to $700k range during May 2020 received acceptable offers significantly more quickly than the rest of the market.  The $1M to $1.5M range went into contract fairly quickly (66 days) compared to the $750k to $1M range and the $1.5M+ range (108 days).

With Seller’s receiving an average of 99% of asking in May 2020, we continued to see no significant change for this statistic overall.  Please note that price reductions may have occurred prior to receiving 99% of asking.

Is the economic impact of COVID-19 pandemic causing foreclosures and short sales in Reno-Sparks at this time?  So far, homeowners appear to be hanging in through the highest unemployment rate most of us have ever seen.  The percentage of distressed sales on the market did increase 7% month over month, but is still down 30% from May 2019.  Only 1.7% of homes listed on multiple listing service were considered “distressed,” meaning a bank-owned/foreclosure or short sale.

The last several weeks of real estate activity have brought a significant increase in the # of New Contracts.  Month over month, we saw a 635 New Contracts for sale, a 63.7% leap from April 2020 and a 3.9% increase from last year.

# of New Listings to hit the market the week ending in May 2020 increased slightly by 3.8% compared to April 2020.  Our # of New Listings are still down nearly 40% from the same period of time last year.

SUMMARY:

  • Inventory is still low, but what IS on the market is moving, as indicated by the significant increase in New Contracts, which should lead to an increase in sales volume in the coming months.
  • The Median Sales Price at $399,900 appears to be fairly steady at this time.  Over the last year, the $400k Median has been a benchmark the market has hovered around during the last 13 months.
  • The consensus among many real estate professionals is that “summer is the new spring.”  The typical influx of activity that happens in March, April and May is beginning happening now.  My colleagues and I have been extremely active over the last couple of months.
  • With low inventory, however, we’ll need to see if buyer demand for fewer homes listed will continue, and ultimately put more upward pressure on prices again.  Will the Median Sales Price start moving up again in the near future?  We shall see…
  • Buyer activity in Reno-Sparks comes largely from out-of-state, particularly California.  While many of our relocation clients are looking to escape the crowds, traffic and high taxes of California during COVID-19 uncertainty, they are finding more reasons now than ever to make that move.  We call them “California Refugees,” and we are here to help.  Email me at dhallerbach@intero.com to learn more about the many benefits of moving to Reno-Sparks.

Posted on June 18, 2020 at 3:38 am
Denise Hallerbach | Posted in Reno-Sparks Market Report | Tagged , , , ,