Reno-Sparks Market Report August 14, 2022

August 2022 Market Report

** Data in this the August Market Report reflect market activity from JULY 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 dipped for the second consecutive month, down 4.2% from $600,000 to $574,510. However, the MSP is still 9.4% higher than in July 2021.

  • While the Median Sales Price (MSP) in Reno dropped 6.3% month-over-month, the MSP in Sparks inched down 0.5% to $547,480 compared to last month.  The MSI is still 8.2% and 9.5% higher respectively compared to July last year.

  • Closed Sales are down 7.2% compared to June 2022 and down 34% compared to July 2021. 

  • Month-over-month, the Sold Price per Square Foot in July 2022 dropped 2.1% month-over-month and is 11.1% higher than July last year.

  • Not surprisingly, the $1.5M+ priced homes led the pack with a Sold Price per Square Foot of $535, while the Median Price per Square Foot all price-points in July 2022 was $320.

  •  One of the biggest changes Sellers have been facing in today’s shifting market is the “Months Supply of Inventory (MSI).” Over the last few months, MSI shifted from 0.8 MSI to 3.2 MSI.  Month-over-month, the MSI increase by 17.6% and year-over-year it increased 291%.  A true “balanced market” is approximately 5-7 months supply.

  • Properties priced in the $1M to $1.5M range have inched into the balanced market while $200k-$300k and $1.5M+ priced properties were officially in the Buyer’s Market range in July 2022.

  • Naturally, with the rate of sales declining (as seen in the MSI numbers), the median Days to Contract is a contributing factor of that slow-down we are experiencing.  The median number of days to contract for sale has increased from 14 to 25, a 78.6% increase month-over-month, and a 316.7% leap year-over-year. However… take a look over the last several years… the Median Days to Contract is still WELL below the peaks of 2013, 2016, 2018, & 2019.

  • The graph above illustrates the breakdown of median Days to Contract by price range.

  • New Pending Sales increased 11.3% from June to July 2022.  There are 24.4% fewer New Pending Sales compared to last year.

  • We saw 20.7% fewer New Listings month-over-month and 7.9% fewer New Listings compared to last year.

OTHER INTERESTING STATS TO KEEP AN EYE ON:

  • Keeping an eye on the distressed sale market, at this point, we are still NOT seeing that recent market activity is causing more properties to be sold as foreclosures.  Short-sales are few and far between due to the great amount of equity many home owners currently have in their properties.

  • The % of Cash Purchases has declined 7.8% month-over-month for all single family sales in Reno-Sparks and are 11.1% higher than last year. 25.2% of all sales in July 2022 were cash.

  • Expired and Withdrawn Listings are on the rise! We saw a 235% increase in these occurrences compared to last year.

 

SUMMARY:

    • The Median Sales Price (MSP) in July 2022 was $574,510 in Reno-Sparks, NV, a decreased 4.2% month-over-month.  The MSP is 9.4% higher than July last year.  While the Sparks market did not realize a significant drop in its MSP, Reno’s MSP dropped 8.3% month-over-month.
    • And while New Pending Sales increased in July 2022, New Listings declined.
    • Days to Contract continue to rise, and are now 25 Median days from listing to accepted offer.
    • While the market feels significantly slower that it has been over the last couple of years, looking at graphs over past years of sales, it is clear that we are swinging the pendulum back to what is more “normal” activity. The effects that COVID-Times and historically low interest rates had on real estate were most definitely abnormal and could not be sustained. This correction is exactly what the market was bound to do and SHOULD do.
    • News for Sellers!! Though the market is slower, it is not dead. Buyers are out there, you just need to professionally present your well-maintained property, price it well and possibly get a little creative with potential incentives for your Buyer.
    • Good news for Buyers!!  According to Forbes.com, today (Aug 16, 2022), the average rate on a 30-year fixed mortgage is 5.50%, according to Bankrate.com. On a 15-year fixed mortgage, the average rate is 4.94%.  This does not seem out of control.  Multiple offer scenarios, though not completely eliminated for extremely desirable and well-priced homes, are not as common as they have been during our recent 2-year boom.

Do you need expert guidance for your next real estate purchase or sale?  As a Buyer, you have more negotiating power than you have in many years, so this may be the time to leverage your next purchase.  Sellers… Let’s meet to strategize about how to price your property strategically in our marketplace and present it professionally.  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!

~Denise Hallerbach, Broker-Owner, INTERO RENO.

Reno-Sparks Market Report April 21, 2022

April 2022 Market Report

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

  • Month-Over-Month, the Median Sales Price in Reno-Sparks bumped up 3% from $560,000 to $575,000. This also represents a 20% increase since March last year.

  • As typically experienced at the beginning of the Spring selling season, the # of Sold Units has jump 30% month-over-month, from 376 units to 488 units sold.  The # of Units Sold is 2.7% higher this year compared to March 2021.

  • Only 27 homes priced under $400,000 sold during March 2022.  54% of our inventory in March 2022 sold in the range of $400,000 to $750,000.

  • We are continuing to see an increase in the Sold Price per Square Foot, a 4.7% increase from February to March 2022, and a 22% increase compared to March 2021.

  • Months Supply of Inventory (MSI), a calculation of the rate of sales,  dropped slightly from 0.8 to 0.7 MSI (a slightly faster pace).  The MSI, at .07 is ever-so-slightly slower than March last year.  The current MSI indicates that if sales continue at the same pace they kept during March of 2022, and no new listing are added to the market, 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 Months Supply of Inventory is a good indicator for monitoring market shifts in the real estate market.  Until we start seeing this statistics increase to more of a balanced market, we will likely continue to see an increase in sales prices.

  • Single Family Residences in Reno-Sparks continued to move from Listing to contract status extremely quickly during March 2022.  Median Days from Listing to Accepted offer was only 5 days, considering all price points.

  • The graph above shows the Median # of Days to Contract by Price.  In March, 2022, homes in the $200k to $300k price range took a median 25 days to get into contract.  As seen in the graph above, the rest of the entire market is moving extremely quickly.

  • As seen in the few preceding months, each turn of the New Year begins another cycle of increased activity leading to Spring/Summer, historically the most active real estate selling season. The # of New Pending Sales in March 2022 (homes with accepted offers) increased again 9.5% month-over-month but decreased 19% compared to March 2021.

  • As seen in previous months, the bulk of New Contracts in the Reno-Sparks market continues to lie in the $400,000 to $750,000 price ranges.

  • The # of New Listings is also trending upward, with 593 single family homes that came to market in March 2022.  March 2022’s # of New Listings increased 25% compared to February 2022, but is 6.3% lower than March 2021.  As seen in the circled portions of the chart above, this year’s activity mirrors the activity that took place last year.

SUMMARY:

    • At $575,000, The Median Sales Price in Reno-Sparks, NV, increased 3% month-over-month and jumped 20% year-over-year. 
    • New Pending Sales and New Listings continue to trend upward.  This is a common event that usually happens in the Spring months.  However, these numbers are both lower this year compared to the same time period last year.
    • The real estate market in Reno-Sparks continues to move at a fast pace, with an average of only 5 Days to Contract over all price points combined. But the biggest recent question we are hearing a lot is, “Who and/or what is in control of real estate market?” Possible answer… “The Federal Reserve.”
    • “Taking some air out of the crazed market… is precisely what the Federal Reserve wanted to do when it raised its key interest rate in March and signaled more increases to come. Mortgage rates have surged in response, jumping to 5 percent from slightly more than 3 percent since the start of the year.” (NYTimes.com). Rates are currently over 5% and expected to continue to rise.  Will higher mortgage rates  cause Buyers to retreat from the market?  Or will will be threat of further rises keep Buyers scrambling to get into contract and lock their rates before they go any higher?  Only time will tell.
    • What we do know, is that inventory is still extremely low and we still have many Buyers still fleeing other states and moving to Nevada. Though I don’t have a crystal ball, I believe we will still see prices rising in Northern Nevada, just not as sharply as we have in recent years.

Do you need expert 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 1, 2021

September 2021 Market Report

** Data in this report reflect market activity from AUGUST 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 in Reno-Sparks ticked up just 1% from July to August 2021.  The Median Sales Price, at $530,000, is 20% higher than the same time last year and 46% higher than the beginning of 2019.  The Median Sales Price 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!

  • 552 Single Family Homes sold in August 2021, a 14% decrease from July 2021 and a 16% decrease year-over-year.

  • The Luxury Market enjoyed the highest Sold Price per Square Foot again in August 2021, with an average of $515/SF in the $1.5M+ price range. The $200k to $299k price range saw the lowest Sold Price per Square Foot at $174.

  • The Average Sold Price per Square Foot over all price ranges increased in August 2021 to $316/SF, a 5% rise month-over-month and a 33% boost year-over-year.

  • The Months Supply of Inventory (MSI) in August 2021 was .90 MSI.  This means that if the rate of sales in August continued at the same pace through that month, the entire inventory of single family homes would be “sold out” in just under one month.  A balanced market is approximately 5-6 months supply.  We are still very much a “Seller’s Market.”

  • All price points continue to sell at a rate well-below the balanced market of 5-6 Months Supply of Inventory.  Again… this is defined as a “Seller’s Market” still.  Typically the luxury market does sell at a slower rate, and so continues to sell at at rate of 2.9 Months Supply of Inventory.

  • It took an average of 16 days from publicly Listing to Acceptance of Offers over all price points.  Home are going under contract to sell 50% faster than the during the same time last year, and 78% faster than January of 2019.  It’s amazing to see how the market has changed over the last few years!

  • The graph above shows the change from July to August in the Average Days to Contract for each price point.

  • Compared to January 2019, the # of New Contracts (homes with accepted offers) was 55% higher in August 2021.  Number of New Contracts was also 12.5% higher compared to July 2021.

  • In August 2021 4.4% more single family homes came to market than the same time last year. and 2.3% fewer New Listings compared to July 2021.

SUMMARY:

  • What is the market looking like now as we are headed into fall and winter?
    • The Median Sales Price is holding steady at $530,000 in Reno and Sparks combined.
    • Number of units sold has dropped, but this a typical market observance as we move toward the winter months.
    • The rate of accepted offers and sales continues to favor most Sellers.
    • Typically at end of summer, heading in winter, of listing of homes begin to decline. Though we did see a 2.3% drop in New Listings in August, the count is still up compared to last year and compared to Jan 2019.
  • Where is this market headed?
    • Inventory and Buyer demand drive every real estate market.
    • While Buyers from CA and other states look to move out of those states and into NV, and while inventory is still low, the Reno-Sparks market appears to be stable at this time.
    • As long as we continue to see new Nevadas moving into Nevada, and we don’t see a flood of inventory, we may realize continued appreciation.  Obviously, there are no concrete guarantees, so we will need to keep a watchful eye on supply and demand in the coming months heading into 2022.
  • What are YOUR real estate needs? If you need to buy and/or sell, I’m here to guide you through every step of the way. Sell your current home while purchasing your next home?  My clients have experienced great success at doing  just this with the plans we have implemented!!  Email direct dhallerbach@intero.com or reach me 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 August 11, 2021

August 2021 Market Report

** Data in this report reflect market activity from JULY 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 in Reno-Sparks held steady at $530,000 in July 2021, a 23% increase from this same time last year. The Median Sales Price sits at the very middle of a data set, with exactly half of the houses priced for less and half priced for more.  Is this the beginning of a leveling-off?  We shall see over the next few months.

  • Check out the appreciation of single family homes over time above… The Reno Median Sales Price in July 2021 was $554,000, while Sparks rose to the occasion by breaking the $1/2 Million mark for the first time!!

  • 627 single family homes sold in July 2021, a 2.2 % decrease from June 2021 and a 16.5% decrease year-over-year.

  • Observe the breakdown of single family homes sold in Reno-Sparks by price range.  Relatively fewer and fewer homes are sold now under $400,000.

  • For the first time in over a year, the average sold price for square foot dropped slightly (down 1.2%) compared to June 2021, and is 27% higher than July 2021.

  • The Months Supply of Inventory (MSI) in July 2021 was .70 MSI.  This means that if the rate of sales in July continued at the same pace, the entire inventory of single family homes would be “sold out” in only 3 WEEKS.  A balanced market is approximately 5-6 months supply.

  • All price points are still well below the balanced market of 5-6 months supply of inventory.  But the luxury market’s months supply of inventory spiked to 2.9 MSI, indication a significantly slower rate of sale compared to the rest of the market.

  • The Average % of List Price Received over all price points of Single-Family home dipped from 103.7% to 102.9%.  Buyers are still making aggressive offers, but we are seeing fewer showings and less competition when Buyers are making those offer.

  • After experiencing a spike in the average days from Listing to Contract, this period of time dropped back down to 15 days average. The fastest moving market was in the $400k to $500k price range.  Check out the graph below for the breakdown of all price-points.

 

  • The Number of New Contracts has remained fairly constant over the last 5 months with 587 single family homes going into contract.  14% fewer homes went into contract in July 2021 compared to July 2020.

  • In July 2021 10% more single family homes came to market than the the previous month. and 4.7% more New Listings compared to July 2020.

SUMMARY:

  • What did the last full month of summer before school is back in session bring to Reno-Sparks real estate market:
    • Fewer buyers/showings on listings
    • Fewer purchase offers
    • Competitive offers from those who did make offers
    • Median sales price holding steady
    • Leveling of new contracts
    • Slight increase in new listings
  • Do what do we attribute the above slightly cooler activity?
    • Last summer traveling
    • Preparation for kids returning to school
    • Buyer’s fatigue
    • Buyers getting priced out of what they want
  • What are YOUR real estate needs? If you need to buy and/or sell, I’m here to guide you through every step of the way. Sell your current home while purchasing your next home?  My clients have experienced great success at doing  just this with the plans we have implemented!!  Email direct dhallerbach@intero.com or reach me 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 July 14, 2021

July 2021 Market Report

** Data in this report reflect market activity from JUNE 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 in Reno-Sparks surpassed the $1/2 Million mark in May and was pushed to $530,000 in June 2021, a 5.7 % increase month-over-month and a 30% increase year-over-year. The Median Sales Price sits at the very middle of a data set, with exactly half of the houses priced for less and half priced for more.

  • Taking a step back, we see the eye-popping appreciating over time with the Median Sales Price soaring well over $500k now in Reno-Sparks combined.

  • 633 single family homes sold in June 2021,  a 17 % increase from May 2021 and a 12% increase from June 2020.

  • During June 2021, more homes sold in the $400k to $500k price range than in any other price range by a significant amount, attributing to 29% of the market share, a trend we have been seeing over the last several months.

  • The steady rise in the Average Sold Price per Square Foot continues and now sits at $306/square foot across all price ranges.

  • The Months Supply of Inventory (MSI) in June 2021 is 1/2 MSI.  This means that what little active inventory we have would “sell out” in only 2 weeks if sales continue at the current rate.  June 2021’s MSI is a 66% lower than the same time last year.  A balanced market is approximately 5-6 months supply.

  • All price points are still well below the balanced market of 5-6 months supply of inventory.

  • Low inventory and high demand continued to keep Buyers in a competitive environment during the month of June 2021.  Over all price-points, the average Percentage of List Price Received in June 2021 was 103.7%!!

  • June 2021 saw a set of properties, likely overpriced, that spent a longer period of time on market before receiving an acceptable offer. We also noticed a few price ranges with longer days on market than the rest of the inventory. These properties pushed the average Number of Days from Listing to Contract, from 13 in May to to 28 in June.  That is a massive jump!  Check out the graph below for the breakdown at each price-point.

  • Here is the breakdown by price-range for the Average Number of Days from Listing to Contract.

  • The Number of New Contracts held fairly steady in June 2021 with 607 single family homes going into contract.  16.4% fewer homes went into contract than this same time last year.

  • June 2021 saw 5.3% more single family homes come to market than the the previous month, and 7.2% fewer New Listings compared to June 2020.

SUMMARY:

  • Though inventory is still extremely low in Reno-Sparks, we have started to feel a bit of a slowing in market over the last few weeks.  Seeing that the average Days on Market from listing to contract has stretched from 13 days in May to 28  days in June 2021, there may be a few contributing factors at play.
    • Many Buyers report that they have retreated from the market due to prices increasing beyond their affordability.
    • Buyers are vacationing after 1 1/2 years of pent up travel demand due to the pandemic.  Purchasing a home does not appear to be a top priority at this time for many.
    • Some overzealous Sellers appear to be pricing their homes higher than market value… a turn-off for many Buyers. Overpriced homes tend to spend more days on market and ultimately often sell after a price adjustment is made.
  • Median Sales Price and Sold Price per Square Foot have both increased again, to $530,000 and $306/sqft respectively.
  • With continued threats of mortgage interest rates rising later this year, rates for qualified borrowers has remained low (under 3%) for 6 of the last 7 weeks.
  • What are YOUR real estate needs? If you need to buy and/or sell, I’m here to guide you through every step of the way. Sell your current home while purchasing your next home?  My clients have experienced great success at doing  just this with the plans we have implemented!!  Email direct dhallerbach@intero.com or reach me 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 May 14, 2021

May 2021 Market Report

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

  • April 2021’s Median Sales Price in Reno-Sparks inched closer again to $1/2M, and is $495,000.  This represents a 2% increase month-over-month, and a 19% increase year-over year. The median sales price sits at the very middle of a data set, with exactly half of the houses priced for less and half priced for more.

  • For the 4th straight month, the Reno-Sparks market has seen an increase in sales of single family homes.  570 units sold in April 2021, a 21.5% increase month-over-month and a 45% increase compared to April 2020.

  • Refer to the chart above for the distribution of single family homes sold in April 2021.  The bulk of properties sold fell in the $400k-$500k price range.  Historically, the majority of single family homes have settled in the $300k-$400k range.  However April 2021 was the 3rd straight month that the $400k-$500k range outpaced the $300k to $400k range.  In other words, about a year ago, the same house that would have sold in the lower price range has appreciated into the next higher price range.

  • Every month since April 2020, the Average Sold Price per Square Foot has steadily increased and is now an average of $290/Sqft.  This running average represents properties sold over ALL price ranges.

  • Please refer to the chart above for a breakdown of the Average Sold Price per Square Foot by Price Range in April 2021.  Note that of the 23 homes over $1.5M, the Average Sold Price per Square Foot was $482.  April’s average is 13% higher that the year’s average so far.

  • Yet again, the Months Supply of Inventory (MSI) in April 2021 sits at 0.5 MSI.  April 2021’s MSI is a staggering 80% lower than in April 2020. This means that what little active inventory we have would “sell out” in only 2 weeks if sales continue at the current rate.  A balanced market is more like 5-6 months supply.

  • Observe the chart above, the Months Supply of Inventory (MSI) stayed the same or decreased in nearly all price ranges.  The luxury market had a slight increase in the MSI, but is still WELL BELOW the balanced market inventory of 5-6 months.  It’s a Sellers Market across the board.

  • The average Number of Days, Listing to Contract, over all price points in April 2021 was 18!  Check out the graph below for the breakdown at each price-point.

  • Check out the breakdown by price-point over the last few months for the Average Number of Days from Listing to Contract.  Single family homes priced under $600k have been moving into contract wicked fast consistently in February, March and April.

  • The number of New Contracts to hit the market in April 2021 was 576.  This represents just a 3.7% decrease compared to March 2021 and a 50% increase compared to April last year.

  • Spring activity is in full swing!  The New Listing count ticked up for the 4th straight month with 636 single family homes brought to market.  A steady increase in new listings is very typical for this time of year.

SUMMARY:

  • We continue to watch homes in Reno-Sparks hit the market and fly into contract at a rapid pace!  With an average of 18 days on from listing to contract over all price points and 2 weeks supply of inventory, many buyers are feeling the pressure of the market these days.
  • Both the The Median Sales Price and the Average Sold Price per Square Foot continue to climb… $495,000 and $290/sqft.
  • Mortgage interest rates are still relatively low, at least for now.  Freddie Mac Chief Economist Sam Khater acknowledged while low mortgage rates have been “a boon to the housing market,” they may not last much longer, as “consumer inflation has accelerated at its fastest pace in more than 12 years and may lead to higher mortgage rates in the summer.”  If this happens, what will the impact be on the market climate locally and nationally?  Only time will tell.
  • What is YOUR real estate need? If you need to buy or sell, I’m here to guide you through every step of the way. Sell your current home while purchasing your next home?  My clients have experienced great success at doing just this with the plans we have implemented!!  Email direct dhallerbach@intero.com or reach me by cell at 775-233-0682 so we can discuss the best plan for YOU!  Thank you, ~Denise Hallerbach, Broker-Owner, INTERO RENO.

 

In-The-Know Real Estate Blog March 15, 2021

How Upset Should You Be about 3% Mortgage Rates?

In early March, Freddie Mac announced that their 30-year fixed mortgage rate was over 3% (3.02%) for the first time since last July. That news dominated real estate headlines that day and the next. Articles talked about the “negative impact” it may have on the housing market. However, we should realize two things:

  1. The bump-up in rate should not have surprised anyone. Many had already projected that rates would rise slightly as we proceeded through the year.
  2. Freddie Mac’s comments about the rate increase were not alarming:

“The rise in mortgage rates over the next couple of months is likely to be more muted in comparison to the last few weeks, and we expect a strong spring sales season.”

A “muted” rise in rates will not sink the real estate market, and most experts agree that it will be a strong spring sales season.”

What does this mean for you?

Obviously, any buyer would rather mortgage rates not rise at all, as any upward movement increases their monthly mortgage payment. However, let’s put a 3.02% rate into perspective. Here are the Freddie Mac annual mortgage rates for the last five years:

  • 2016: 3.65%
  • 2017: 3.99%
  • 2018: 4.54%
  • 2019: 3.94%
  • 2020: 3.11%

Though 3.02% is not as great as the sub-3% rates we saw over the previous seven weeks, it’s still very close to the all-time low (2.66% in December 2020).

And, if we expand our look at mortgage rates to consider the last 50 years, we can see that today’s rate is truly outstanding. Here are the rates over the last five decades:

  • 1970s: 8.86%
  • 1980s: 12.7%
  • 1990s: 8.12%
  • 2000s: 6.29%
  • 2010s: 4.09%

Being upset that you missed the “best mortgage rate ever” is understandable. However, don’t throw the baby out with the bathwater. Buying now still makes more sense than waiting, especially if rates continue to bump up this year.

Bottom Line

It’s true that you may not get the same rate you would have in a couple of months ago. However, you will get a better rate than what was possible at almost any other point in history. Let’s connect today so you can lock in a great rate while they stay this low.

In-The-Know Real Estate Blog March 15, 2021

Will the Housing Market Bloom This Spring?

Spring is almost here, and many are wondering what it will bring for the housing market. Even though the pandemic continues on, it’s certain to be very different from the spring we experienced at this time last year. Here’s what a few industry experts have to say about the housing market and how it will bloom this season.

Danielle Hale, Chief Economist, Realtor.com:

“Despite early weakness, we expect to see new listings grow in March and April as they traditionally do heading into spring, and last year’s extraordinarily low new listings comparison point will mean year over year gains. One other potential bright spot for would-be homebuyers, new construction, which has risen at a year over year pace of 20% or more for the last few months, will provide additional for-sale inventory relief.”

Ali Wolf, Chief Economist, Zonda:

“Some people will feel comfortable listing their home during the first half of 2021. Others will want to wait until the vaccines are widely distributed. This suggests more inventory will be for sale in late 2021 and into the spring selling season in 2022.”

Freddie Mac:

“Since reaching a low point in January, mortgage rates have risen by more than 30 basis points… However, the rise in mortgage rates over the next couple of months is likely to be more muted in comparison to the last few weeks, and we expect a strong spring sales season.”

Mark Fleming, Chief Economist, First American:

“As the housing market heads into the spring home buying season, the ongoing supply and demand imbalance all but assures more house price growth…Many find it hard to believe, but housing is actually undervalued in most markets and the gap between house-buying power and sale prices indicates there’s room for further house price growth in the months to come.”

Bottom Line

The experts are very optimistic about the housing market right now. If you pressed pause on your real estate plans over the winter, let’s chat to determine how you can re-engage in the home-buying process this spring.