Weekly Watch (Week Ending May 16, 2020)

As many Nevada business are beginning to enter Phase 2 of re-opening, we at Intero Real Estate Services are continuing to keep a very close eye on when is happening in the Greater Reno-Sparks real estate market. “The Weekly Watch” provides you with the most current information on a weekly basis to help you make informed decisions regarding your investments.   The graphs below represent activity for single-family residences (excluding condos, townhouses and new construction) from the week ending May 16, 2020 compared to the previous week and year.  The numbers are subject to change slightly, due to late reporting by real estate agents to Northern Nevada Multiple Listing Service.

 

At $389,500, the Median Sales Price the week ending May 16, was slightly lower (-1.6%) than the previous week, and 7.4% higher than the same time last year.  The median sales price has not dropped below the $390,000 threshold since mid February.  Overall, the Median Sales Price in Reno-Sparks has been holding fairly steady through the COVID-19 crisis.

 

The # of Closed Sales rose 22.2% from the week ending May 9 to the week ending May 16.  Sales volume is still about 36% down from the same period in time last year.  This lower sales volume has also been a fairly consistent statistic since early to mid April.

 

While sales volume is down, many Sellers are still receiving a high percentage of their list price.  Sellers received an average of 99.1% of list price the week ending May 16.

During the week ending May 16, single family homes that sold took an average of 32 days to go into contract.  Week-over-week, there was no significant change in the # of Days to Contract and compared to this same week in 2019, the # of Days to Contract has increased 17.7%.  This stat is representative of properties that went into contract about 30 days ago, a customary timeframe for escrow.

 

The # of Active single family homes available for sale dropped slightly (-2.6%) week-over-week.  The Active Inventory mirrors the # of Sold Properties this week compared to last year, in that we have 32.4% fewer active listings available for purchase year-over-year.

 

After a significant spike in the # of Withdrawn, Temporarily Withdrawn, or Expired Listings a few weeks ago,  this pull-back activity has drastically dropped another 71.4% from the week ending May 9.  While only 4 properties were removed from the market this year, 20 single family homes where pulled this same time last year.

 

Once again!!  The brightest news of the market is the 6-week upward trend of the # of New Contracts/Pending Sales.  The week ending May 16 saw a 23.7% leap compared to the week ending May 9, and a slight increase of 1.4% since mid-May 2019.

A more detailed look at the # of New Contracts/Pending Sales in the chart above shows that, the $300k to $800k priced single family homes showed an increase of New Contracts week-over-week.  And 4 of those 5 price ranges revealed an increase in New Contracts from this same week last year.  VERY encouraging news!

 

The # of New Listings is still lagging a bit, with 13% fewer homes being listed the week ending May 16 compared to the week ending May 9.  Consistent with the # of Sold Units this week AND the # of Active Listings, the New Listing count is down about 34% compared to this same week last year.

Summing It Up…

  • With the re-opening of businesses across the states, and increased activity of potential buyers over state borders, the real estate market in Northern Nevada continues to forge ahead through the current global health crisis.
  • While Sales Volume, Inventory and the # of New Listings are all down about 36%, 32% and 34% respectively compared last year, the market is concurrently experiencing a upward trend in new contracts that should result in an increase in sales volume in the coming months.
  • Buyer demand continues to keep pace with the rate of sale in the low inventory climate, and Sellers are receiving an average of 99.1% of their list price. Therefore, the Median Sales Price has been bopping above and below the $400k mark for several weeks.  The rate of market appreciation appears to be on idle through this strange COVID-19 time.
  • According to Bankrate.com, the average benchmark mortgage interest rate today (May 21, 2020) is still low… At 3.54% the average rate is down 2 basis points over the last 7 days.  Naturally, rates can fluctuate from day to day, and are reflective of the borrowers strength of employment history, credit score and debit-to-income ratio.  If you are looking to purchase now and need to connect with a great lender to find your best mortgage rate, contact me.  I’ll point you in the right direction!
  • 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.

Posted on May 21, 2020 at 12:33 pm
Denise Hallerbach | Posted in Reno-Sparks Market Report | Tagged , ,

May 2020 Market Report

** Data in this report reflect market activity from April 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 is the breakdown for a couple of interesting statistics from April 2020:

  • At $416,500, the April 2020 Median Sales Price for single-family re-sale properties in Reno-Sparks combined for the month was $416,500, a slight 0.4% increase from March 2020, and up 10.5% April last year.

  • As seen in the chart above, the # of Closed Sales at dropped from 507 in March 2020 to 374 in April.  This marks a 26% decline in closed sales month-over-month, and nearly 30% fewer closed sales compared to last year.

Months Supply of Inventory (MSI) in April 2020 jumped back up 31% compared to March, recording 2.2 months supply.  This measure of inventory is also about 6% higher than in April 2019. MSI accounts for the time it would take to “sell out” of the Reno-Sparks inventory at the current rate of sale.  A balanced market is around 5-6 months of supply.  Therefore, this the low 2.2 months supply, we are still very much considered to be in a Seller’s Market.

The average # of Days from Listing to Contract in April 2020 was 39 days.  This is still quite a short period of time when looking back over the last few years.  The # of Days to Contract is about 7% lower than April 2019.  These averages account for all price ranges.

With Seller’s receiving an average of 98.9% of asking in April 2020, we have continued to see no significant change for this statistic overall.

One may wonder if coronavirus is having an effect on the percentage of distressed sales in Reno-Sparks.  At this time, the answer appears to be “no.”  In April 2020, Distressed Sales (short-sales and foreclosures) are nearly 50% lower than the same time last year.

Here is what is happening now… The Week Ending May 9, 2020:

After 4 straight weeks of an increase in New Contracts, the week ending May 9 saw a relative leveling out of New Contracts, with just a slight 2.2% decrease from the previous week.  Overall, the number of new Contracts for this week last year is down about 10%.

# of New Listings to hit the market the week ending May 9 increased 25% compared to the previous week.  The Reno-Sparks real estate market saw nearly 42% fewer new listings than the week ending May 11, 2019.

SUMMARY:

  • Real Estate in Nevada continues to be an “essential service.”  Governor Sisolak’s mandate to eliminate in-person open houses for all properties, and in-person showings of tenant/renter-occupied properties has been extended to May 30, 2020.   All owner-occupied and vacant properties may still be shown to prospective buyers with practice of social distancing, use of personal protective equipment and frequent 20-second hand-washing &/or hand-sanitizing.
  • Starting May 4, California Bay Area agents were allowed to show occupied properties and to stage vacant properties once again. The allowance for such activities could potentially mean an increase of activity in Nevada, a place where many Californias are expected to call their “new home.”
  • Lending qualification parameters have tightened, but the Mortgage Interest Rates are staying low!  For a super reputable, local lender recommendation, contact me.  I will be happy to connect you with the best!
  • Looking more closely at the last full week of activity (ending May 9) the # of New Contracts has leveled week-over-week, and the # of New Listings rose slightly.
  • While the sales volume took a hit in April, the Median Sales Price has held steady, largely due to buyer-demand keeping pace fairly stable rate of sale and continued low inventory.
  • Nationally acclaimed economist and author of the Blog “ECON 70” Elliot Eisenberg, PhD checked in again with the Reno-Sparks Association of Realtors.  This month, Elliot stands by last month’s assertion that the current recession is very different from previous recessions, and that it will be deep but relatively short.  Click HERE to watch the April 2020 “Monthly Economic Minute.”

Posted on May 14, 2020 at 6:06 am
Denise Hallerbach | Posted in Reno-Sparks Market Report | Tagged , , , , ,

Weekly Watch (Week Ending May 2, 2020)

While COVID-19 continues to run its course, and businesses begin to safely re-open, many are left to wonder, “What is happening with the real estate market?”  “The Weekly Watch,” keeps a close eye on what is happening with sales and values in the Greater Reno-Sparks Region on a weekly basis.  We are here to provide you with the most up-to-date information to help you make informed decisions regarding your investments.   The graphs below represent activity for single-family residences (excluding condos, townhouses and new construction) from the week ending May 2, 2020 compared to the previous week and year.  The numbers are subject to change slightly, due to late reporting by real estate agents to Northern Nevada Multiple Listing Service.

 

Week-over-week, we saw a slight dip in the Median Sales Price from $414,000 to $402,500. The Median Sales price has been bouncing around the $400k mark since the much of the economy has been shut down due to COVID-19.  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 popped back up to 96, a 15.7% increase in unit sales volume week-over-week.  Our unit sales volume is about 1/2 of what is was during the same week last year.  Again, this statistic is reflective of properties that went into contract about 30 days ago.

 

The Percentage of List Price that Sellers are receiving has held steady over the last few weeks.  Sellers  received an average of 98.7% of List Price through the week ending May 2.

 

The average # of Days from Listing to Contract dropped again the week ending May 2, a showing of 20% decrease over the last 2 weeks.  Compared to this same week in 2019, the # of Days to Contract has increased 8%.

 

In the week ending May 2, the Active Inventory decreased 7.3% compared to the previous week.  The Active Inventory is about 30% lower than the same week in 2019.  This week’s Active Inventory count may be lower at this time due to an increase of properties going under contract, as seen later in this report.

 

After a significant spike in the # of Withdrawn, Temporarily Withdrawn, or Expired Listings from the previous week,  this pull-back activity has drastically dropped back down, approximately 70%.   This statistic falls in line with the same time period in 2019, when 25 listings were also Withdrawn or Expired.

 

Positive News!  The # of New Contracts/Pending Sales increased again from 121 to 149, a 23% increase week-over-week.  This is the fourth straight week that the market has shown an increase in New Contracts.
Looking more closely at the # of New Contracts/Pending Sales in the chart above, 5 of the 11 price ranges have shown an increase of New Contracts from the week ending April 25 to the week ending May 2.

 

After a doubling of the # of New Listings from the week ending April 18 to the week ending April 25, the # of New Listings dropped by 48% during the week ending May 2.  The # of New Listings compared to the same week in 2019 is down nearly 60%.

Summing It Up…

  • California Real Estate is nearly fully operational!  Property showings in California are now permitted for all properties (vacant AND occupied) and limited to entry by the agent and two buyers.  Property staging in many counties is allowed again.  Traditional open houses are still off-limits.
  • With increased activity in California, we are hopeful for a flow-over of increased new activity in Nevada.
  • Over the last few weeks, many Northern Nevada real estate professions (Realtors®, escrow/title officers and lenders) are reporting a great increase in activity in the last couple of weeks.  Just a few days ago, I learned that one escrow officer opened 8 new escrows in one day.  Excellent!
  • Reno-Sparks is seeing an increase of New Contracts over the last 4 weeks!  Again, we are hopeful this trend will continue in the coming weeks.
  • While unemployment is a major concern for many, we appear to find Buyers who are qualified and taking great advantage of low interest rates at this time.  If you are looking to purchase now and need to connect with a great lender, contact me.  I’ll hook you up!
  • 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.

 


Posted on May 7, 2020 at 4:34 am
Denise Hallerbach | Posted in Reno-Sparks Market Report | Tagged , , ,

Weekly Watch (Week Ending April 25, 2020)

Welcome to “The Weekly Watch,” a closer look at the real estate market in the Greater Reno-Sparks Region.  While we await the reintroduction of business activity in the coming weeks, I am providing the most up-to-date information to help you make informed decisions regarding your investments.   The graphs below represent activity for single-family residences from the week ending April 25, 2020 compared to the previous week and year.  The numbers are subject to change slightly, due to late reporting by real estate agents to Northern Nevada Multiple Listing Service.  The data excludes condos/townhouses and new construction.

 

The Median Sales Price continues to push upward 4.7% from $401,000 to roughly $420k week-over-week. The Median Sales price is also up 20% from this same week last year. 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 dropped again during the week ending April 25, 2020.  20% fewer single family homes sold compared to the previous week ending April 18.  Our unit sales volume is down 45% compared to the same week in 2019.  Again, this statistic is reflective of properties that went into contract about 30 days ago.

 

Sellers are continuing to receive a high percentage of asking, 98.7% during the week ending April 25.  This statistic is fairly consistent when looking back to the previous week and year.

 

The average # of Days from Listing to Contract ticked down slightly (-4.1%) from week ending April 18 to April 25.  Days to Contract are 26.7% greater than last year, suggesting it is taking an average of 10 days longer to receive an acceptable offer.

 

In the week ending April 25, the Active Inventory was fairly steady, with only a 1.5% decrease compared to the previous week.  The active inventory is about 25% lower than the same week in 2019. This inventory includes properties of all price ranges.

 

During the week ending April 25, the number of single family residences that were either withdrawn from the market, expired, or were temporarily withdrawn from the market spiked significantly.  We saw 187% increase in the number of properties removed from the market compared to the previous week.  This figure is roughly 230% higher than the same week in 2019.

 

The # of New Contracts/Pending Sales increased again from 112 to 125, an 11.6% increase week-over-week.  In last week’s report, I noted that on April 18, I had 9 properties scheduled to show my buyers, and of those 9, 5 went into contract that day or shortly after. These properties ranged in asking price from $340,000 to $390,000.
This higher level of activity prompted me to look more closely at the # of New Contracts/Pending Sales broken down by price.  Above is a graph illustrating the pending activity level by price range.  Note that the $300k-$400k and $500k-$600k price ranges revealed more new contracts than the previous week and same period in time last year.

 

# of New Listings during the week ending April 25 nearly DOUBLED compared to the previous week.  The New Listing count slightly lower (-3.4% ) compared to the same week last year.  Will buyer demand keep up with a relative influx of homes on the market?  What price ranges are we seeing these new listings?  Check it out…

All price ranges (with the exception of $100k-$200k) saw a significant increase week-0ver-week in the # of New Listings.  Looking at the blue and gray lines, many price ranges also showed an increase year-over-year.

Summing It Up…

  • As we eagerly await Governor Sisolak’s upcoming directives to re-open businesses in Nevada, Owner-occupied homes and vacant properties are permitted to be shown by appointment.  Tenant-occupied properties are prohibited from showings. Traditional open houses are also not permissible.  
  • Social Distancing practices and use of personal protective gear (masks, sterilizing wipes, shoe coverings) are in fully effect.
  • GREAT NEWS!!  California Bay Area Realtors® may now show vacant AND occupied properties.  The Seller must not be present during showings and specific safety guidelines are followed. Commercial activity is also re-opened with the same rules applied.  Logically, if activity and sales increase in California, we should see a following of activity in Nevada, the landing spot for many people relocating from California.
  • Week-over-week, we saw a surge in New Listings across nearly all price points and an 11.6% increase of New Contracts week-over-week.
  • While sales volume has been declining over the last few weeks, we are seeing signs of hope with the increase of New Contracts, New Listings and re-opening of businesses on the horizon.
  • Mortgage Interest Rates are still low.  Contact me for a highly qualified lender recommendation to get pre-approved at your qualifying rate!
  • 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.

 


Posted on April 29, 2020 at 10:09 pm
Denise Hallerbach | Posted in Reno-Sparks Market Report | Tagged ,

Weekly Watch (Week Ending April 18, 2020)

Currently we are living in a world that is ever changing. 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 help guide your decisions during this unprecedented time. The following are highlights from the most recent real estate activity in the Greater Reno-Sparks Region. These graphs represent activity for single-family residences for the week ending April 18, 2020 compared to the previous week, and compared to the week ending April 20, 2019. The data excludes condos/townhouses and new construction.

 

The Median Sales Price jumped back up 4.4%, from $407,000 to $425,000 from the week ending April 11, 2020 to the week ending April 18, 2020. The Median Sales price is also up 10.4% from this same week last year. 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 increased 17.8% between the week ending April 11 and the April 18, 2020. This number is down 22.5% from the same week last year. 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 86 Sellers received 99% of List Price. This is a slight increase of 0.3% from the previous week’s closed sales.

# of Days from Listing to Contract increased 51.8% from the week ending April 11 to April 18. Though this may seem like a radical change week over week, it is only taking 3.3% longer on average to accept an offer for purchase than this same time last year.
In the week ending April 18, the Active Inventory dropped 5.6% compared to the previous week, and is down about 24% from the same week in 2019. This inventory includes properties of all price ranges.

During the week ending April 18, 30 single family residences were either withdrawn from the market, expired, or were temporarily withdrawn from the market. This number sharply increased 30.4 from 23 the previous week, but skyrocketed a whopping 130.8% from the same time last year. We’re going to have to blame this one on COVID-19!

With 110 New Contracts/Pending Sales during the week ending April 18, there are 27.6% fewer new contracts compared to the same time last year. However, the # of New Contracts/Pending Sales did increase 31% compared to the previous week. So this figure is encouraging. I can personally report that on April 18, I had 9 properties scheduled to show my buyers, and of those 9, 5 went into contract that day or shortly after. These properties ranged in asking price from $340,000 to $390,000. We definitely have buyers out there taking advantage of low interest rates and scooping up homes.

# of New Listings during the week ending April 18 declined 19.5% compared to the previous week, and a staggering 54% compared to the same time last year.Will this low inventory keep our prices steady? We shall see…

Summing It Up…

  • With the use of a “Coronavirus Property Entry Advisory & Declaration,” and strict practice of social distancing guidelines, real estate activity in Nevada continues.
  • Properties in Nevada are shown by appointment only. Owner-occupied homes and vacant properties are permitted to be shown, while all tenant-occupied properties are prohibited from showings. Traditional open houses are also not permissible.
  • Though sales volume, new contracts and new listings are significantly down compared to the same time period last year, single-family home prices do not seem to be affected. Median Sales Price, as seen in the above chart, is hovering around $400k and even appears to be edging up since mid February.
  • Mortgage interest rates are still VERY LOW… 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 growing unemployment is still a major concern, we look forward to the return of business activity throughout the US and the continuance of our thriving Nevada economy.
  • While many Californias currently are suffering an economic hit, our suspicion is that those who were already planning a relocation to Nevada will be even more motivated once their feet are back on the ground. We just need to get on the other side of “the curve.”
  • 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.


Posted on April 23, 2020 at 1:16 am
Denise Hallerbach | Posted in Reno-Sparks Market Report | Tagged , ,

April 2020 Market Report

** Data in this report reflect market activity from March 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:

MEDIAN SALES PRICE

  • At $415,000, the March 2020 Median Sales Price for single-family re-sale properties in Reno-Sparks combined is recorded as 12.5% higher than March of last year, and up 6% from February 2020.

# OF UNITS SOLD

  • As seen in the chart above, the # of Closed Sales at 502 increased from February approximately 10% and increased 9.6% from March 2019.

MONTHS SUPPLY OF INVENTORY

Months Supply of Inventory (MSI) in March 2020 was substantially lower than March of 2019, a drop of 31.1%.  MSI accounts for the time it would take to “sell out” of the Reno-Sparks inventory at the current rate of sale.  A balanced market is around 5-6 months of supply.  March 2020 posted MSI of 1.5 months, suggesting we are still in a Seller’s Market.

# OF NEW CONTRACTS

The number of listed homes that have gone int0 contract (accepted offer) has decreased about 7% since February 2020.  This statistic is also down 13% from the same time last year, and is likely due to the shutdown of many of our industries in the US due to COVID-19.  Spring is typically the beginning of the “selling season” with new contracts increasing into June-July each year.

#OF NEW LISTINGS

The biggest surprise…  # of New Listings actually rose 19.4% from February to March 2020.  There was no significant change in the # of New Listings compared to March 2019, indicating that in March, Sellers were still needing to list in order to sell, even during the pandemic.

WHAT’S HAPPENING NOW??

CLOSED SALES THE WEEK ENDING APRIL 11, 2020

Let’s take a closer look at what is happening more recently … As a result of the drop in new contracts about 1 month ago, and some cancelled escrows (likely many due to Coronavirus), the # of Closed Sales the week ending April 11 took a nose-dive 50% since the week ending March 28.  Only 66 single family residences in the Greater Reno-Sparks region closed escrow the week ending April 11.

NEW CONTRACTS THE WEEK ENDING APRIL 11, 2020

Though sales volume overall was down the week ending April 11, 88 single-family homes went into contract, an increase of 6% from the previous week.

NEW LISTINGS THE WEEK ENDING APRIL 11, 2020

The # of New Listings has been bouncing around the last several weeks.  From the week ending April 4 to the week ending April 11, volume of New Listings has dropped roughly 21%.

SUMMARY:

  • Real Estate in Nevada is an “essential business.”  Though Governor Sisolak has mandated that open houses and showings of tenant/renter-occupied properties cease, owner-occupied and vacant properties may still be shown to prospective buyers.  Social distancing, along with use of face masks/coverings, hand sanitizing wipes, gloves, 20-second hand-washing and removal of shoes/use of painter booties are being exercised by Realtors and their clients.
  • Santa Clara County, and other Bay Area counties have imposed additional tighter restrictions such as no showings of ANY occupied properties.  This is significantly impacting the real estate market in these areas, resulting in a drop in home sales volume there.  Many prospective CA sellers are Nevada’s buyers.  We look forward to when CA government lightens the restrictions on the real estate industry, allowing more completion of transactions that then flow into Nevada as purchases.
  • Though Mortgage Interest Rates are the lowest they have been in the last year, mortgage lenders have tightened their qualification parameters.  New purchase and refinance conditions have changed through the course of the pandemic due to economic and employment issues, and jumbo loans (those valued above the conforming loan limit of $510,400.) have been pulled back.  Learn more at CNBC.com.
  • A decline in the # of New Contracts in March is an indicator of decrease sales volume in the next couple of months.  As the number of new coronavirus infections decreases, the economy and employment recover, and we return to more “normal” activity, many economists predict that the housing market will make a quick recovery and housing prices may not be affected.
  • CLICK HERE to hear nationally acclaimed economist and author of the Blog “ECON 70” Elliot Eisenberg, PhD.  Elliot shares his thoughts about the current recession, the recovery of the economy and what should happen in real estate.

Posted on April 15, 2020 at 2:51 am
Denise Hallerbach | Posted in Reno-Sparks Market Report | Tagged

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 | Posted in Reno-Sparks Market Report | Tagged , ,

Market Report (Week Ending 3/28/2020)

Due to an increase in questions and concern regarding the economy and real estate market as a result of COVID-19, INTERO RENO will be reporting market statistics on a weekly basis.  We hope this will provide you with the knowledge to make informed decisions during this unprecedented situation.  The following are highlights from 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 held steady at roughly $399,000 from the week ending 03/21/2020 to the week ending 03/28/2020.  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 dipped about 4% between the week ending 03/21/2020 and the week ending 03/28/2020.  Again, this statistic is reflective of properties that went into contract roughly 30 days ago.

Of the properties that went into contract approximately 30 days ago, these 123 Sellers received 99.3% of List Price, 0.3% greater than the prior week’s activity.

# of Days from Listing to Contract dropped from 36 days to 29 days, suggesting that approximately one month ago, demand for properties appeared to be increasing as indicated by more rapidly received and accepted offers.

In the week ending 03/28/2020, the Active Inventory dropped 2.7% from 899 to 875 available properties for sale.  This inventory includes properties of all price ranges.

# of New Contracts/Pending Sales declined about 8% the week ending 03/28/2020 compared to the week ending 03/21/2020.  Is this the beginning of a new trend in the market over the coming weeks?  We’ll keep an eye on it.

# of New Single-Family Listings has dropped 17.8% from the week ending 03/21/2020 to the week ending 03/28/2020.  During this time of year when new listings are typically ramping up, the decline last week could likely be a reflection of COVID-19’s reduction in business activities.  Will we see further drops in new listings in the coming weeks?  Will the median sale price be affected by a further drop in inventory?  Buyer demand will be the key factor.

Summary: 

  • Real Estate in Nevada is still deemed an “essential business.”  Properties are being showed by private appointment only, with strict adherence to the social distancing guidelines set forth by the federal government.
  • We may start seeing an impact on the length of time from “Contract to Closing” as availability of inspectors, appraisers, mobile notaries, insurance brokers, lenders, etc may change as a result of COVID-19.
  • While mortgage interest rates have been fluctuating over the last few weeks, it is important to consult with a reputable loan officer for more information about locking your rate when purchasing.  Contact me for local lender recommendations.
  • Will we continue to see a large movement of residents from other states to Nevada as we progress through the effects of the virus?  We will be keeping a close eye on, and reporting what is happening in our local real estate market weekly for the next several weeks.
  • 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.

Posted on March 31, 2020 at 1:47 am
Denise Hallerbach | Posted in Reno-Sparks Market Report | Tagged ,

March 2020 Market Report

** Data in this report reflect market activity from February 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:

  • February 2020 Median Sales Price for single-family re-sale properties in Reno-Sparks combined dipped from $405k in January to $390k (-3.7%).  The Median Sales Price is up 4.8% from this same time last year. 

  • As seen in the chart above, # of Closed Sales at 443 increased from January by 14.4% and increased nearly 23% from last year.

  • Reno-Sparks Absorption Rate is only 1.3 MSI (Months Supply of Inventory).  What exactly does this mean?  It means that if the rate of sales continued as it did during February 2020, and if no listings were added to the market, the entire Reno-Sparks inventory would be sold out in a matter of 1.3 months.  5-6 MSI is considered a “balanced market.”  We are still very much in a Seller’s market.  See chart above.

  • Likewise, the Active Inventory at 598 is down 19% from January to February 2020 and down 41.2% from this same time last year. See chart above.

  • # New Contracts was on the rise in February 2020 (+12.3% from January 2020, and +31.1% from last year).  Will this result in a spike in March sales?  Will the trend continue with March statistics with the historic low interests rates we just experienced?  We shall see!

  • Also following the seasonal trend, February 2020 brought 11.2% more New Listings than January 2020.  505 homes were brought to the market throughout the month!  The majority of new listings in February were in the $300k-$399k range (163). See chart above.
  • Want to talk more about what’s happening in the Reno-Sparks market?  If you need me, I’m here to assist with your purchasing and selling needs.   Email me (dhallerbach@intero.com) or call me directly at 775-233-0682.

Posted on March 12, 2020 at 7:45 am
Denise Hallerbach | Posted in Reno-Sparks Market Report | Tagged , ,

February 2020 Market Report

** Data in this report reflect market activity from January 2020 compared to December 2019 and January 2020 compared to January 2019.  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.

  • January 2020 Median Sales Price for single-family re-sale properties in Reno-Sparks combined increased from $393,000 in December 2019 to $405,000 (+2.8%).  The Median Sales Price is up 12.2% from this same time last year.
  • Below is the breakdown of stats for both Reno and Sparks separately as well.

 

 

  • “Months Supply of Inventory” (MSI) is defined as the time it would take for the current inventory to be completely sold out if sales remained at their current rate.”  But do remember that this inventory supply does not factor in NEW home construction that is offered throughout the region.  A “balanced inventory market” is about 6 MSI.  The MSI in January 2020 was 2 MSI in Reno and only 1.4 MSI in Sparks, most definitely a Seller’s market.  The MSI for Reno-Sparks combined is nearly 50% lower than this same time last year!
  • 377 Listings of single-family, stick-built homes sold in Reno-Sparks combined during January 2020.  Only 10 of these homes sold over the $1M pricepoint,  As usual, the bulk of properties sold in January were between $300k and $399k.

  • January 2020 brought 67% more New Listings than December 2019.  444 homes were brought to the market!  Don’t get your heart set on a single family home priced under $200k.  Only ONE was listed in January.

SO WHERE IS NORTHERN NEVADA HEADED? 

According to the Economic Development of Western Nevada, the Economic Planning Indicators Committee (EPIC) reports that “The forecast for the next 5 years is for continued job growth of 51,585 with population growth of 54,470 for a five county region.  Housing for all of these new Nevadans will be needed more than ever and our real estate market is showing NO signs of slowing down.  Take a look at the EPIC report by clicking HERE.

  • Want to talk more about what’s happening in the Reno-Sparks market?  If you need me, I’m here to assist with your purchasing and selling needs.   Email me (dhallerbach@intero.com) or call me directly at 775-233-0682.

Posted on February 13, 2020 at 4:24 am
Denise Hallerbach | Posted in Reno-Sparks Market Report | Tagged ,