Weekend Warrior April 10, 2022

Weekend Warrior: Apr 2022

Welcome to
THE WEEKEND WARRIOR
Here is your official guide to some of the best events happening in and around the Reno/Sparks/Lake Tahoe region.  The “WW” is published each month for my family, friends and real estate clients. My apologies for the delay in publishing this until the 2nd weekend of April, but as the old saying goes, “Better Late Than Never.”
~~ Denise Hallerbach, Broker/Owner Intero Real Estate Reno

A ‘BRUNCH” DAY OUT TOUR W/ PINEAPPLE PEDICABS
APRIL 2, 3, 9*, 10, 16, 23*, 24, AND 30
3 STOPS and a TOUR – DOWNTOWN, MIDTOWN, TRUCKEE RIVERWLAK, WINGFIELD PARK
If taking a joyful cruise in a pedicab to enjoy splendid food and cocktails and to marvel at the amazing variety of art around Reno appeals to you, then now is the time to book your ride!  Running Saturdays and Sundays during April, Pineapple Pedicabs offers A ‘Brunch’ Day Out, a private, all-inclusive day exploring Downtown Reno. Here’s what the tour entails:Café WhitneySplit brunch entree and a specialty cocktail
7 Troughs: Split brunch entree and house Bloody Mary or Mimosa
Pineapple Pedicabs: Mural-enriched, historical pedicab tour through Downtown Reno, under both Reno Arches, The Truckee Riverwalk & Wingfield Park
Rolled Mountain Creamery:  Hand rolled-ice cream

Learn more about A ‘Brunch’ Day Out Tour and other fantastic tours offered by Pineapple Pedicabs at PineapplePedicabs.com.

#I MOM SO HARD
FRIDAY, MARCH 8, 2022 (8 pm)

SILVER LEGACY RESORT CASINO- GRANDE EXPOSITION HALLI LAUGH so hard, when I listen to these two characters bantering back and forth.  Their playful interaction is genuine, real and absolutely hilarious… a breath of fresh air from real people sharing the anecdotal stories of life, unedited.  Kristin Hensley and Jen Smedley make up the side-splitting duo of # I Mom So Hard and have built their popularity on social media/podcasts and take their funny relationship and stories to the stage on tour. Click here to watch their zany video called, “I Spanx So Hard” and visit imomsohard.com to get to know Kristin and Jen and buy tickets to their show.

CHRIS ROCK: EGO DEATH WORLD TOUR 2022
SATURDAY, APRIL 9, 2022 (7 & 10 pm)
SILVER LEGACY RESORT CASINO – GRANDE EXPOSITION HALL
One of America’s funniest actors and comedians graces the stage of the Grand Exposition Hall in April 2022!  Chris Rock‘s career began in stand-up and supporting roles in the film industry, but took off when he became a cast member on Saturday Night Live in the early 90″s.  Over the years, he has continued to gain popularity, both on the silver screen and on-stage doing stand-up.  Click here for a glimpse of Chris in his element… but be prepared for “mature content.” Get tickets in advance for his Reno show at ChrisRock.com.

RENO ACES BASEBALL 
VS. SACRAMENTO RIVER CATS (TUESDAY, APRIL 12 – SUNDAY, APRIL 17)
vs. SALT LAKE BEES (
TUESDAY, APRIL 19 – SUNDAY, APRIL 24)
GREATER NEVADA FIELD – 250 Evans Ave, Downtown Reno
“Take Me Out to the Ballgame,” where I can enjoy America’s favorite pastime at Greater Nevada Field.  The smell of the food, the crack of the bat hitting the ball, the national anthem, the 7th-inning stretch, and our local Reno Aces battling the competition of the Triple-A West Division.  The fun doesn’t stop there…  Promotions throughout the season offer food and beverage specials, fun swag giveaways, discounts for military and seniors, doggy days and more.  For a full schedule of the promotions for Aces’ home games visit milb.com/reno/tickets/promotions.  Don’t miss the action when the Sacramento River Cats and the Salt Lake Bees make their way to town in April. Purchase tickets and check out the entire schedule at MILB.Com

ALICE COOPER
FRIDAY, APRIL 22, 2022 (7:30 pm)
GRAND SIERRA RESORT – GRAND THEATRE
The Grand Sierra Resort is about to be rocked to the core as Alice Cooper takes the stage April 22, 2022.  This living rock legend who is considered by entertainment industry journalists to be the “Godfather of Shock-Rock,” has entertained fans for 53 years with outrageous props, stage illusions, dazzling pyrotechnics and hard-hitting music and vocals. He brings his notorious show to Reno with fan favorites like, “Poison,” “School’s Out” and “Feed My Frankenstein.” Learn more about this amazing Rock ‘N Roll Hall of Fame inductee and get tickets to the concert at GrandSierraResort.com.

PATTI LABELLE
FRIDAY, APRIL 22, 2022 (8 pm)
SILVER LEGACY RESORT CASINO – GRANDE EXPOSITION HALL
A more mellow alternative to the hard-hitting metal of Alice Cooper, the smooth vibe of Patti Labelle may be more of your speed. The intimate setting of the Grande Exposition Hall at the Silver Legacy Resort Casino plays host to R&B diva Patti Labelle, also in Reno on April 22.  Patti brings a playlist that includes popular songs like “On My Own,” “Got to be Real” and “Lady Marmalade.” Learn more about The Godmother of Soul, and get your tickets to see her live in Reno at PattiLabelle.com.

BEAUTY AND THE BEAST
SATURDAY, APRIL 23 (8 pm) & SUNDAY, APRIL 24 (2 pm)
PIONEER CENTER for the PERFORMING ARTS
Resident ballet company for the Pioneer Center for the Performing Arts,  A.V.A. Ballet Theatre, and our beloved Reno Philharmonic, present the classic tale of Beauty and the Beast for one two special performances. Beauty and the Beast is the captivating story of the handsome prince who is cursed by an evil witch and transformed into a hideous Beast. He will remain a Beast until someone falls in love with him. That someone is, of course, Beauty. This timeless story is filled with mesmerizing dance, intrigue, and is fun for the entire family. Outstanding guest principal dancers who have danced with Ballet San Antonio and Ballet Idaho will perform with the large LOCAL cast from A.V.A. Ballet Theatre. For advanced ticket sales, visit PioneerCenter.com.

DWIGHT YOAKAM
FRIDAY, APRIL 29, 2022 (8 pm)
NUGGET CASINO RESORT – GRAND BALLROOM
The living legends of the music industry just can’t seem to stay away from Reno this month!  Award-clad country music singer-songwriter, musician, and actor Dwight Yoakam has served as a role model for today’s country artists and a pioneer of his genre. Fan favorites you just might hear at the Nugget Casino Resort on April 29 include “A Thousand Miles from Nowhere,” “Guitars Cadillacs” and “Fast as You.” Catch Dwight Yoakam live and purchase your tickets online at NuggetCasinoResoirt.com.

VIRGINIA CITY GRAND PRIX
SATURDAY, APRIL 30 – MAY 1, 2022 
HISTORIC VIRGINIA CITY
Virginia City Grand Prix separates the men and women from the girls and boys.  If you’re into extreme off-road enduro riding, in some of the wildest terrain this side of the Mississippi, then this may be the race for you. First run in 1971, the Virginia City Grand Prix has established itself as one of the most unique off-road motorcycle races of its kind.  It combines a challenging race experience with the energy and charm of our authentic “old west” mining town that just happens to be one of our National Historic Landmarks.  Fun for riders and spectators alike, it’s worth the trip up Geiger Grade to Virginia City to be a part of the thrilling action.  Learn more about the event and pre-register at VCGP.com.

THE BACHELOR: LIVE ON STAGE
SATURDAY, APRIL 30, 2022 (8 pm)
GRAND SIERRA RESORT – GRAND THEATRE
If you’re a fan of the long-running reality TV series The Bachelor, you may find that getting tickets to The Bachelor: Live On Stage will be right up your alley!  Featuring the men from recent seasons as your on-stage Bachelor, the audience and on-stage participants will leave the theater feeling like they just spent an evening at the mansion. It’s a thrilling night of laughter, lively games and lighthearted connections with a handful of ladies, hand-picked from the audience to experience first-hand what life at the mansion is really like. From glamorous limo entrances to outrageous group dates and all the memories that come along with it, come dressed to the nines and bring your watch party crew to cheer on those vying for the final rose of the evening.  For more information and ticket sales, visit GrandSierraResort.com.

Spring Skiing is here! It’s time to shed a few layers and get out there to play while some of the white stuff is still hanging around. You’ll get the most up-to-date snow condition and lift reports when you click on your favorite ski/snowboarding resorts below:

    
       

What are your real estate goals?  Whatever they are, be they purchasing an investment property, buying a vacation home, short-term rental or first home OR selling your current property, we have the most up-to-date info in my “In-The-Know” real estate blogs.  Read on at DeniseHallerbach.com, then call me (Denise Hallerbach, Broker 1001182.CORP) at 775-233-0682 or email here so I can be your expert to guide you through your next real estate transaction.

Are you planning a Mexican fiesta for next month’s Cinco de Mayo celebration?  Attending a Mexican themed party perhaps?  This fun and easy recipe will wow your guests and party-mates when you serve it as a fun starter. The stuffing mixture that includes 3 unexpected types of cheese makes this zesty appetizer a “keeper.”  Learn how to make Jalapeño Poppers in the oven or the air fryer in my Favorite Recipe Blog at DeniseHallerbach.com.

COMING SOON…
THE “APRIL 2022 RENO-SPARKS MARKET REPORT”
Check back mid-April for the latest real estate market report and learn about what happened during March 2022!  You’ll get the most up-to-date stats available at DeniseHallerbach.com.


DENISE HALLERBACH
Broker/Owner – Intero Real Estate Services – Reno
NV Lic # B.1001182.CORP

dhallerbach@intero.com
www.denisehallerbach.com
THE WEEKEND WARRIOR is one of the many ways we provide
information and resources to our clients and friends.
A referral is the greatest compliment we can receive
Thank you!

**If you are currently working with a real estate professional, this is not intended as a solicitation.

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Reno-Sparks Market Report February 17, 2022

February 2022 Market Report

** Data in this report reflect market activity from JANUARY 2022 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.

  • The Median Sales Price (MSP) in Reno-Sparks bumped up from $545,000 to $580,000, a 6.5% increase month-over-month and a 29% increase year-over-year.  Inventory remains extremely low in Northern Nevada and across the U.S.  Despite mortgage rates rising to over 4% in recent weeks, Buyers are still in the market and finding themselves in multiple offer situations, vying to win the contract to purchase.

  • The graph above shows the rapid appreciation experienced in Reno, without Sparks in the mix.  For the first time in history, the median sales price has breached the $500,000’s mark and has reached $600,000!

  • Though Sparks, Nevada also shows evidence of a rapidly appreciating market, Sparks lags behind Reno, with a Median Sales Price of $520,000 in January 2022.

  • As mentioned previously, mortgage rates have surpassed 4% in recent weeks and is at about 4.2% currently.  Cnet.com points to increasing inflation and a strong economy as reasons for the uptick in the rates. Is this stopping Buyers from purchasing homes now?  At the moment, rate increased do NOT seem to be decreasing impacting Buyer activity.  In fact, the rate increase, and threats of more increases through 2022 may be adding fuel to the fire and causing Buyers to scramble to lock their rates before they move any higher.  All that being said, according to the chart above, rates are still historically low.

  • January 2022 saw a major drop in the number of Units Sold.  Roughly 39% fewer single family homes sold in Reno-Sparks in January 2022 compared to December 2021.  16% fewer homes sold in January 2022 compared to the same time the previous year.

  • Only 32 homes in Reno-Sparks sold for under $400,ooo in January 2022. This observation could be one reason why we saw such a significant jump in the Median Sales Price.

  • The Average Sold Price per Square Foot dipped only 1.6% month-over month.  Are we starting to see a trend with Average Sold Price per Square Foot hovering around $300/SF over the last several months?  Let’s see what happens with this statistic as more homes are expected to be listed and sold in the coming spring/summer seasons.

  • Homes that sell for $1.5M+ make up the luxury market in Reno-Sparks.  Homes in the luxury market are selling at a Price per Square Foot that is 78% higher than the average Sold Price per Square Foot that spans the entire market.  The average Sold Price per Square Foot in January 2022 was $300.

  • in January 2022, the Months Supply of Inventory (MSI), a calculation of the rate of sales,  was unchanged compared to December 2021.  At 0.6 MSI, the rate of sales was 14% faster than last year.  The current MSI indicates that if sales continue at the same pace they kept during January 2022, and no new listing are added to the market, the entire inventory of single family homes would be “sold out” in approximately 2.5 weeks. A balanced market is approximately 5-6 MONTHS supply.

  • The Median Days to Contract over ALL price points during January 2022 was 7 days, a 53% drop compared to December 2021. 

  • The graph above shows the Average # of Days to Contract by Price.  The ONE property listed under $199,000 took 78 days to go under contract.

  • Contract execution typically begins picking up after the holidays.  And this year was no exception.  The # of New Contracts in January 2022 (homes with accepted offers) increased 22% month-over-month and also increased 10% compared to January 2021.

  • As usual, the bulk of New Contracts in the Reno-Sparks market continue to be in the $400,000 to $750,000 price ranges.

  • The activity trends for New Listings tends to follow the numbers for New Contracts when the holidays subside.  As seen in the graph above, there were 33.3% more New Listings in January 2022 compared to December 2021.  The # of New Listings were about the same as January last year.

  • January marks the month that New Listings are typically on the rise after the hustle and bustle of the holidays.  The graph above shows just this.

SUMMARY:

    • The Median Sales Price is holding steady appears to be on the rise again in Reno-Sparks, now at jumping from $545,000 to $580,000 month-over-month.
    • However, do notice that only 320 single # of Units Sold, so the Median Sales Price may be a bit skewed due to more homes in the upper price ranges selling during January 2022.
    • The real estate market in Reno-Sparks continues to move at a fast pace, with an average of only 7 Days to Contract and 2.5 Weeks Supply of Inventory.  Buyers should continue to see a competitive, multiple-offer market for the foreseeable future.
    • As predicted in last month’s market report, the # of New Listings and Contracts is on the rise now that the holidays are behind us!!  This should help a little for some frustrated Buyers out there.
    • Trying to decide to purchase a home now?  Many experts suggest that if you can afford the monthly payment on the house that you want to buy, there is no need to wait, especially since prices appear to continue to rise for the foreseeable future.
    • Interest Rates are on the rise, and many Buyers are still working to get a piece of the market before they go any higher.  This being said, the current rates (about 4.2% currently) are still historically low.

Answers to last month’s questions:

1) How will the surge in Omicron COVID-19 cases affect the real estate market?  Omicron COVID-19 does not appear to be impacting the market compared to the previous COVID-19 variants.

2) Will rising mortgage rates impact Buyer affordability as we progress through 2022?  We will have to see what the future holds, but in January 2022, the threat of higher rates may actually be pushing Buyers to lock their rates before they climb any higher.

3) If Buyers retreat from the market due to higher mortgage rates, will this result in a flattening of the market? I believe it could result in perhaps a slowing of appreciation, but not a decline, especially if our economic climate remains the same.

4) Let’s see what happens over the coming months and year!!  Indeed!

Looking for guidance for your next real estate purchase or sale?  I have had great success with helping my Buyers navigate this crazy market and get them into contract AND helping my Sellers get top-dollar on their sales!!  I am here for you, whatever your real estate needs are.  Email me at dhallerbach@intero.com or reach by cell at 775-233-0682 so we can discuss the best plan for YOU!  Thank you.

~Denise Hallerbach, Broker-Owner, INTERO RENO.

Reno-Sparks Market Report December 16, 2021

December 2021 Market Report

** Data in this report reflect market activity from NOVEMBER 2021 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.

  • The Median Sales Price (MSP) has remained steady in November and was $535,000 in Reno-Sparks. The MSP is 18.2%% higher than November 2020, and 33% higher than November 2019.  The steady increase in prices has been fueled by a low-inventory market and high buyer demand. The MSP sits at the very middle of a data set, with exactly half of the houses priced for less and half priced for more.

  • 6.5% fewer single family homes sold in Reno-Sparks in November 2021 compared to the previous month.  And 12.2% fewer homes sold in November 2021 compared the same month last year.  Roughly 17% more single family homes sold compared to two years ago.

  • The Average Sold Price per Square Foot is also holding fairly steady in November 2021, at $306/SF compared to $308/SF month-over-month. The Average Sold Price per Square Foot is 26.4% higher than November last year and 41% higher than two years ago.  This statistic represents the average over ALL price points.  See chart below for the breakdown of  The Average Sold Price per Square Foot by price range:

  • Months Supply of Inventory (MSI), a calculation of the rate of sales, in November 2021 was 0.8 MSI.  compared to 1.0 MSI the previous month. This means that if the rate of sales in November continues at the same pace, the entire inventory of single family homes would be “sold out” in approximately 3 weeks. A balanced market is approximately 5-6 months supply.

  • The graph to the right shows the changes of MSI by Price month-over-month.

 

 

 

 

  • The Median Days to Contract over ALL price points during November 2021 was 17 days compared to 9 days in October, showing an 89% increase month-over-month.

 

  • The graph to the right shows the Median Days from Listing to Contract over time.  Though we have seen the fast-paced market in past years (usually during the spring months), the most consistent period of rapid movement has happened since the beginning of the COVID-19 pandemic.

 

  • The graph to the right shows Days to Contract by Price Range. During November 2021, Days to Contract increased or remained constant at nearly every price point.  This is a typical observance during winter months.

 

  • The # of New Contracts (homes with accepted offers) decreased 17% month-over-month and increased 11% compared to last year.

 

 

  • The graph to the left shows the Number of New Contracts over time.  Looking back over past Novembers, we see that the # of New Contracts this year is actually a touch higher that in previous years.

 

 

  • The # of New Listings dropped from 733 in September to 606 in October 2021, a 12.6% decrease. The # of New Listings in October 2021 was nearly identical compared to last year.  Looking back over the last few years, the lowest count of New Listings brought to market is at its low every November and December.  We expect that New Listings will begin to increase again in January or February.

SUMMARY:

    • The Median Sales Price is holding steady at $535,000 for Reno and Sparks combined.
    • # of Units Sold is declining slightly through the winter months, as expected.
    • A balanced market sees 5-6 Months Supply of Inventory (MSI) and the current rate of sales is 3 Weeks Supply of Inventory.  We are still very much in a strong Sellers’ market.
    • # of New Listings is reaching its low point for the year, as seen in the previous graph.  The statistic is following its normal pattern over the years.
    • Serious buyers are plentiful, and the rate of sales at 3 weeks Supply of Inventory indicates that the market is not significantly impacted by the typical “slower” winter selling season.  In a nutshell, buyer demand continues.
  • Predictions for the coming months and year?
    • Obviously we don’t have a crystal ball, and can’t be 100% certain about what will happening in the coming months and year but here is what we are hearing from other experts in the field:
      • 1) Mortgage Interest Rates are expected to climb in 2022.  Will this news get Buyers “off the fence” to purchase now in our already LOW inventory market?
      • 2) If more Buyers get “off the fence” and purchase with very low inventory, we will likely see more multiple offer situations, and possibly purchases at or over asking price (IF the asking price is appropriate).
      • 3) If Mortgage Interest Rates rise too high, some Buyers may retreat, thus potentially causing a flattening of sales and market appreciation.
      • 4) Reno-Sparks is still perceived to be a desirable place to live and work.  Reno was ranked 12 in the U.S. for the “Best Cities for Young Professionals in 2021” as reported at the Economic Development Authority of Western Nevada website: edawn.org.
      • 4) Bottom line: We will just have to wait and see!!
  • Are you in need of guidance for your next real estate purchase or sale?  I am here for you.  Email direct dhallerbach@intero.com or reach by cell at 775-233-0682 so we can discuss the best plan for YOU!  Thank you, ~Denise Hallerbach, Broker-Owner, INTERO RENO.
Reno-Sparks Market Report October 14, 2021

October 2021 Market Report

** Data in this report reflect market activity from SEPTEMBER 2021 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.

  • The Median Sales Price (MSP) in Reno-Sparks held steady from August to September, at roughly $530,000 for roughly the last 4 months.  The MSP is 20.5% higher than September 2020, and 34% higher than September 2019.  The MSP sits at the very middle of a data set, with exactly half of the houses priced for less and half priced for more.  Will we continue to see a leveling off Median Sale Price as we move into winter? Stay tuned!

  • Up only 3.7% from the previous month, 582 Single Family Homes sold in September 2021. 16.7% fewer homes sold in September 2021 compared to September 2020.

  • Above is the breakdown of Single Family Homes sold in Reno and Sparks by price point, with the 1/2 of all the homes selling in the $400k to $599k ranges.

  • The Average Sold Price per Square Foot over all price ranges ticked up slightly from $301/SF to $302/SF month-over-month.  The Average Sold Price per Square Foot is 26% higher than last year and 38.5% higher than two years ago.

  • For the second straight month, the Months Supply of Inventory (MSI) in September 2021 was .90 MSI.  This means that if the rate of sales in September continued at the same pace through that month, the entire inventory of single family homes would be “sold out” in one month.  A balanced market is approximately 5-6 months supply.

  • MSI by price shows the change of the rate of sales most significantly increased in the luxury market from August and July to September 2021.
  • Please note that the Days to Contract reporting has changed this month.  The Reno-Sparks Association of Realtors is now reporting the MEDIAN Days to Contract instead of the AVERAGE Days to Contract.  This reporting reveals a more realistic picture of what Realtors are experiencing on a daily basis.  That being said, the Median Days from Public Listing to Acceptance of Offers was only 8 days in September 2021.

  • The # of New Contracts (homes with accepted offers) dipped only 3% month-over-month and is 10% more than September last year.  The # of New Contracts is up 16% compared to two years ago.

  • The # of New Listings at 687, dipped 6.3% compared to August 2021 and is 7.2% higher than September last year22% more New Listings hit the market in September 2021 compared to two years ago.

SUMMARY:

    • The Median Sales Price is holding steady at $530,000 in Reno and Sparks combined.
    • The Number of Units Sold increased slightly in September compared to August.
    • The rate of accepted offers and sales continues to favor most Sellers.  While a balanced market sees 5-6 Months Supply (MSI), the MSI over all price points is still 1 month.
    • The appropriate pricing of listings continues to be a critical factor for determining Days to Contract.  Homes priced significantly above market value tend to not receive offers, and therefore sit on the market longer than homes prices competitively.
    • We have seen a slightly higher volume of New Listings now and we did two years ago.  And looking at both the New Contracts and New Listings graphs, the trends over the last couple of years are nearly identical.
    • The biggest shift in inventory movement was observed in the luxury market, now at 4.2 Months Supply of Inventory, as this selection of homes inches closer to a balanced market.
  • Predictions for what is to come?
    • Chief economists in the real estate industry predict that our enjoyment of sub-3% mortgage rates are behind us at the moment,  and that rates will inch closer to approximately 3.5% by the year’s end. The threat of higher rates may put more pressure on Buyers to take action now.
    • Incentive to purchase with rates before they increase, continued low inventory, and steady flow of relocation buyers into Nevada appear to keep the Median Sales Price steady at the moment.
    • As with any market, Supply and Demand will continue to dictate price movement.  As long as inventory is low and demand remains constant, prices will most likely continue to increase… perhaps more after the fall and winter months?
  • Are you in need of guidance for your next real estate purchase or sale?  I am here for you.  Email direct dhallerbach@intero.com or reach by cell at 775-233-0682 so we can discuss the best plan for YOU!  Thank you, ~Denise Hallerbach, Broker-Owner, INTERO RENO.
Weekend Warrior May 14, 2021

Weekend Warrior: Mid-May to Mid-June (2021)


Welcome to
THE WEEKEND WARRIOR
The Weekend Warrior is your guide for the best events happening around the Reno/Sparks/Lake Tahoe region! After last month’s emergence from the social draught caused by the pandemic, we are really starting to get into the swing of things. We’re quite a long way from the thriving events calendar Northern Nevada is used to seeing. But I’ll keep you informed around the middle of each month so you can jump right into the action when you’re ready!

RENO ACE BASEBALL
MAY 13, 16, 18 vs. LAS VEGAS AVIATORS
MAY 27, MAY 30, 31, JUNE 1 vs. TACOMA RAINIERS
JUNE 3, 6, 8 vs. SACRAMENTO RIVERCATS
GREATER NEVADA FIELD

 

Calling all baseball fanatics!  Baseball is back, and our local Reno Aces need your support!  Cheer our team on to a winning season!  The home season has begun with series against Las Vegas, Tacoma and Sacramento over the next month.  Games taking place on Thirsty Thursdays offer $2 Coors Light Drafts and $4 “Aceball Ales” and are presented by Coors Light.  Family Sundays games that begin at 1:05 pm feature $1 hot dogs… nom, nom, nom… Military Monday beckons all Military Members and First Responders to take advantage of BOGO tickets.  And, last but not least, Taco Tuesdays invite us to two street tacos for $6 or two street tacos and a beer for $10, presented by Alice 96.5.  Can’t beat that deal!  For more info about the Reno Aces, the schedule, promotions, COVID guideline and more, please visit MILB.com/Reno.

TAKE A SUPER FUN PEDICAB TOUR WITH PINEAPPLE PEDICABS
DAILY TOURS BY APPOINTMENT
DOWNTOWN & MIDTOWN RENO

 

Ok, guys… This has to be one of the coolest ways to experience the evolving vibe of Downtown and Midtown Reno.  So much has changed out there since before COVID-19 cooped us up, so get out and explore now!!  Pineapple Pedicabs invites you to sit back and enjoy a comfortable ride while you soak up our eclectic art scene, beautiful parks, the rushing Truckee River and even samplings from local craft breweries.  Pineapple Pedicabs offers four different tour options:Biggest Little Downtown Reno Tour: 30-45-minute tour.  Take in the Reno strip murals, Truckee River, Riverwalk, Wingfield Park, and BOTH of the Reno Arches!
Biggest Little Midtown Mural Tour: 45 minute tour.  Tour over 30 murals, and explore the ever-changing Midtown Reno scene like a local.
Burning Man Art & Mural Tour: 1 hour tour.  Pedal through Downtown Reno, Neon Line, Truckee River, Riverwalk and Wingfield Park.
Biggest Little Brewery Tour:  2.5-3 hour.  Bring on the all-inclusive craft brewery tour, go behind the scenes of 3 Reno breweries, taste several beer samples and enjoy a mural enriched ride in-between.For more information and to book your Pineapple Pedicab experience, PineapplePedicabs.com and tell them Denise from INTERO sent you!

HUNGRY IN RENO: A CULINARY CELEBRATION
JUNE 2-JUNE 9
MULTIPLE VENUES

 

No doubt, restaurants and taverns around the world have suffered greatly from the pandemic-related shutdowns.  Hungry in Reno’s Restaurant Week is a community event designed to support our local eateries and drink establishments.  Allow your tastebuds to explore the culinary delights offered, and help support worthy charities at the same time. When you order up any of the select menu items, a portion of the proceeds will be donated to the three 2021 Hungry Gives Back Charities: Reno Rodeo FoundationSTEP2 and The Eddy House.  Visit HungryInReno.com to discover all the great participants in this year’s event and their special menu offerings.

RENO STREET FOOD – AKA FOOD TRUCK FRIDAY
EVERY FRIDAY BEGINNING JUNE 4 – AUGSUT 27 (4-9 pm)
IDLEWILD PARK

 

I am SOOOOOO excited to share the exciting news that Reno Street Food’s “Food Truck Friday” is coming BACK!!  WOOOHOOO!  Yes, I am unabashedly a self-proclaimed “Food Truck Foodie,” so you can see why I’m sitting here salivating as I’m writing this.  The thought of the delectable creations coming out of these gourmet food trucks makes my tummy talk. This hugely popular event usually features live music so you can get your inner groove going out on the grass. Grab your favorite friendly pooch, leash up, and bring him/her along. And don’t forget your best beach chairs and some cozy blankets to make a full night of it!  For more info, visit the Reno Street Food Facebook Page and check out the latest article about the event at Louis-Bubala.Medium.com.

VIVA LE CIRQUE!
THURSDAYS THRU SUNDAYS THRU JUNE 20
GRAND SIERRA RESORT – GRAND THEATRE

 

Prepare to be amazed by the mad talents of cirque artists who will take us through a supernatural voyage into the mind of a lost traveler who crash-lands, of all places, inside the theater at the Grand Sierra Resort Viva Le Cirque! is a large-scale, spectacular show starring amazing gymnasts, aerialists, contortionists, hand balancers, jugglers, and daredevils.  With evening shows happening Thursdays through Sundays, and matinee shows offered Saturdays and Sundays, we have plenty of opportunities to catch the excitement over the next several weeks. For tickets and more information, visit GrandSierraResort.com.

SNOOP DOGG w/ Special Guests BONE THUGS-N-HARMONY, WARREN G AND KURUPT
FRIDAY, JUNE 11 (8 pm)

RENO EVENTS CENTER

 

Are you gonna “Drop It Like It’s Hot” on June 11 when Snoop Dogg comes to town? The legendary rapper brings fan-favorites like “Who Am I (What’s My Name)?” and my personal fav, “Gin and Juice” and is joined by gangsta rappers and hip-hop band Bone Thugs-N-Harmony, Warren G and Kurupt. Snoop is held in high esteem and affection by hip hop fans worldwide and is one of the most recognizable faces nad voices of the genre, even to those who don’t listen to his music. He has the most GRAMMY™ nominations of any music artists, 17-to-date, without having won one. Snoop Dogg shows few signs of retiring, so don’t write him off just yet. Visit SilverLegacyReno.com to learn more and get tickets now!

NEVADA STATE FAIR
JUNE 3-6 (11 am to 10 pm)
MILLS PARK – CARSON CITY

 

The lights, the music, the smell of roasted nuts and caramel corn!  The sites, sounds and smells of the Nevada State Fair draw you in and offer that good old fashioned carnival experience to share with the whole family.  In addition to the traditional, stimulating midway games, rides, food and music, the fair also features the Nevada State Fair Home & Garden Show, your one-stop-shopping and information-gathering source to spruce up your abode this summer.  Learn more, and purchase discounted unlimited ride tickets in advance at NevadaStateFair.org.

While mortgage interest rates are still low at the moment, experts anticipate an increase in the coming months.  How have low rates made an impact on the real estate market to date?  What affect will they have in the coming year? You may just want to keep an eye on my monthly market report to keep a pulse on your current and future investments.  Find out what happened in April 2021 in the May 2021 Reno-Sparks Market Report at DeniseHallerbach.com. 

Want to be “In-the Know” when it comes to what’s happening in the real estate world?  Discover what the experts in the field and economists have to say about the current real estate arena, market forecasts and illustrations of the Seller’s Market we are currently in. Visit “In-The-Know” at DeniseHallerbach.com for the latest!

MEXCAL
516 S. VIRGINIA STREET, RENO
775.433.1080
One of Midtown Reno’s hottest new dining and drinking establishments is the talk of the town! For those of you looking for a refined Taco and Tequila experience, you may want to make it over to MEXCAL for a mouth-watering lunch or dinner.  Delicious and creative taco dorados, tostadas and antojitos (appetizers) come together beautifully with the wide selection of fine tequila at this cool Midtown venue.  Visit MexCalReno.com to peruse the menu. 


DENISE HALLERBACH
Broker/Owner – Intero Real Estate Services
NV Lic # B.1001182.CORP

dhallerbach@intero.com
www.denisehallerbach.com
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Reno-Sparks Market Report November 17, 2020

November 2020 Market Report

** Data in this report reflect market activity from OCTOBER 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.

  • Median Sales Price, at $455,000 for single-family re-sale properties in Reno and Sparks jumped up again 3.4% month-over-month, and is 13.8% higher than October 2019.

  • The Average Sold Price per Square Foot held fairly steady month-over-month at $250/square foot.  This average represents properties sold over ALL price ranges.  For a breakdown of the Average Sold Price per Square Foot, refer to the chart below.  The October 2020 Average Sold Price per Square Foot is 11.7% greater than October 2019.

  • Homes that sold in October 2020 under $600,000 averaged around $235/square foot.  While the upper price ranges pulled in bigger numbers at $312/square foot for the $1M to $1.5 M range, and $414/square foot for homes that sold over $1.5M.

  • The # of Units Sold in September dropped 11.5% month-over-month from 680 to 6169.5% more properties sold in October this year compared to October 2019.  The inventory that sold in October most likely went into contract in September.

  • As seen in the graph above, much like the activity the previous month, the bulk of homes that closed escrow in October 2020 sold between $300k & $500K.  These sales accounted for 55% of the total market share.

  • The Absorption Rate in Reno/Sparks continues to plummet to only 0.6 Months Supply of Inventory. a significant 71% drop year-over-year and a 17% decrease month-over-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 added to the market.  A balanced market is around 5-6 months of supply, therefore, we continue to experience a major “seller’s market.”

  • The Absorption Rate across all all price-points is well-below a balanced market.  Even high-end, luxury  properties priced over $1.5M saw only 2.3 months supply of inventory during October 2020.

  • Properties continue to spend a very short period of time on-market before going under contract.  Over all price-points, the average days from listing to accepted offer in October 2020 was 34 days.  Properties are moving 41% more quickly into contract than October 2019. 

  • In October 2020, the fastest moving properties were those priced between $300k and $500K, spending an average of only 18.5 days on market.

  • The # of New Contracts over the last several months has held fairly steady.  During the month of October 2020 we saw 21% more new contracts compared to October 2019.  No significant change was noted in the # of New Contracts month-over-month.  

  • The # of New Listings to come to market during October 2020 dropped another 8.5% month-over-month, while increasing 11.5% compared to October 2019.

SUMMARY:

  • While the weather in Northern Nevada has cooled, the real estate market has most certainly NOT!  Inventory remains staggeringly low at 0.6 month supply of inventory and indicates continued high buyer-demand and a rapid rate of sale.
  • Low inventory and high buyer demand continue to place heavy upward pressure on prices, as seen in another jump in the Median Sales price.  At $455,000, the Median Sales Price is 3.4% higher month-over-month and 13.5% greater year-over-year.
  • The Average Sold Price per Square Foot is 11.7% higher than October 2019.
  • Average days from List-To-Contract remains low at 34 days.
  • The # of New Contracts in October 2020 held steady month-over-month.  The New Contract count in October was 21% higher than the same time last year.
  • If you are considering selling your home to upsize, downsize or relocate, I am here to assist you with experienced, professional services to make your transition as smooth as possible.  Email direct dhallerbach@intero.com or reach me by cell at 775-233-0682.  I am so happy to help!
  • Buying a home in Northern Nevada?  Whether it’s your first home, second or third, vacation home or investment property, I have the knowledge and highest level of skill to navigate you through the process.  Call me at 775-233-0682.
Reno-Sparks Market Report August 17, 2020

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!
In-The-Know Real Estate Blog June 18, 2020

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.

 

Reno-Sparks Market Report May 14, 2020

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.”
Reno-Sparks Market Report April 23, 2020

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.