sparks: NODs and Re-Fi's in Washoe County, Nevada - January 2009 - 02/12/09 11:10 AM
Notices of Default spiked big for January.  675 filed NODs in January represents a 17% increase over December’s number of NODs, and is more than double the number of NODs filed for the same period last year.  Will it ever stop?New home sales in January dropped 48% from December’s 83 new home sales.  January’s paltry 46 new home sales represents only a third of the number sold last year in January.Resales also declined a whopping 24% from December’s resales.  However the unit number of resales for January 2009 still remains higher than January 2008.  January represents the fifth consecutive month of … (1 comments)

sparks: January Medians and Units Sold - Reno and Sparks, Nevada - 02/06/09 05:30 PM
Well, it has finally happened.  The median sold price for Reno and Sparks, Nevada has now fallen below $200,000.  And in a BIG way!  January’s median sold price of $194,450 represents a HUGE drop from the previous month’s $209,900 – a whopping 7.4% decrease.  And I thought December’s 4% drop from November’s was big; but now the decline seems to be accelerating.  When will it stop?  See all the numbers here.
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sparks: December Medians and Units Sold - Reno and Sparks, Nevada - 01/29/09 09:25 PM
Reno’s median sold price took another big hit in December dropping 4.3% from November’s number. December’s median sold price now sits at $208,000 and is extremely close to falling below the $200,000 level. [In fact, if we see another 4.3% price decline this month, the new median will be $199,056.]
See all the numbers here.
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sparks: Reno Sparks Median "For Sale" and "Sold" Prices - November 2008 - 12/09/08 06:43 PM
At $218,350, Reno-Spark's median sold price has now settled solidly below $220,000.  Units sold however continue to remain higher than last year's numbers.  For example, November's 274 sales represents an 18.6% increase over November 2007 sales.  Higher year-over-year sales is a trend that we have observed since June of this year. Of course, as has been pointed out numerous times, the bulk of the sales activity is occurring at the lower price points.
For example, 46% of November's residential sales sold for less than $200,000; 65% sold for less than $250,000; and 78% sold for less than $300,000.
See all the … (0 comments)

sparks: Reno, Nevada Home Price Per Square Foot Drops to $127/sq.ft. - 11/19/08 03:59 PM
The median sold price per square foot for a home in Reno - Sparks, Nevada is now about $127/sq.ft. [after peaking at $214/sq.ft. in 2005]. The current $/sq.ft. number has brought us to pre-2004 levels.  A buyer can now roll back the clock five years when purchasing a home today.  Check out all the numbers here.
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sparks: Reno NODs Up 38% from Last Month - 11/17/08 07:15 PM
After rocketing skyward for a couple years Notices of Default in Washoe County finally peaked in April of this year at 457 NODs.  In the five months following April's peak, NODs began trending downward slightly.  For example, September's 422 NODs represented an 8% decline from April's peak. 
Well, I suppose good things can't last forever.  Washoe County Notices of Defaults took a HUGE jump in October.  The 582 NOD's filed in October represented a month-over-month increase of 38%! 
See all the numbers here.
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sparks: Median Sold Price Drops 7% in One Month - 11/06/08 09:02 AM
The drop in October's median sales price is truly startling (see table below). I believe October's is the largest one-month decline in sales prices we've seen since I began tracking these numbers. The median sold price for Reno and Sparks homes has now fallen below $220,000. However, the really shocking number is that this drop represents a seven percent decrease from September's median of $236,500. Yes, that's 7% in one month!  See all the numbers here.
(1 comments)

sparks: September Stats from Ticor Title for Washoe County, Nevada - 10/10/08 12:39 PM
Washoe County Notices of Default remained relatively flat for September.  Very high still (422 for the month); but stable nonetheless. A ceiling of 400 - 450 per month seems to have been set (as observed for the last eight months).
For the second consecutive month the number of re-fis is less than the number of resales; a phenomenon never before observed in Reno's housing market history until last month.  Resales declined slightly (20 less sales) for September as compared to August.  The downward trend in unit sales should continue as we enter the slower house buying season.
See all the numbers … (0 comments)

sparks: September Median Home Prices for Reno-Sparks, Nevada - 10/07/08 05:42 PM
Median sold price and units sold for September remained relatively stable compared to August's numbers.  The median sold price continues to fall, but not as dramatically as we saw last month.
The number of homes listed for sale in September fell 7% compared to August's listings.  This is a typical seasonal trend observed as sellers take their homes off the market for the holidays and slower home buying season. 
See all the numbers here.
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sparks: Reno MLS Areas by Percent Decline in Median Home Price - 10/02/08 03:21 PM
From my monthly median sold price table we know that Reno-Sparks home prices are now more then 30% off their peak reached in July 2005.  But this number is for all Reno and Sparks.  What are the declines by MLS area?  And did every area peak at the same time?  These are questions I was curious about, so I pulled the data and found the following results (click here).
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sparks: Distressed Properties by MLS Area - Reno and Sparks, Nevada - 09/10/08 02:15 PM
There's been much discussion on the blog recently about distressed properties (bank owned, short sales, court sales, etc).   Currently, these types of listings account for over 40% of the properties listed on our MLS and 50% of the sales in the last thirty days.
I recently overheard a couple agents commenting about the high number of short sales in Sparks.  Curious, I decided to query the MLS and break out distressed properties by MLS area to determine if a large variability between MLS areas exists, and if so, by how much.
See the breakout here.
 
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sparks: August Median Sold Prices - Reno, Nevada - 09/10/08 02:10 PM
Another month, another substantial decrease.  This month both the median sales price AND the number of sales dramatically decreased.  August's median sales price of $240,000 represents a 2.8% decline from July's $247,000.  YoY decrease is 18.6%; Yo2Y decrease is 22.6%; and we are now 30.4% off our peak of $345,000 set in July 2005.  See the complete report here.
 
 
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sparks: July's Median Home Prices - Reno, NV - 08/18/08 12:47 PM
I've compile July's numbers for Reno-Sparks. The first thing that jumps out is that the median sold price dropped substantially from the previous month's low.  At $247,000, not only does July's median sold price represent a 3% ONE MONTH decrease, but also a new low median sales price since I've been tracking these numbers.  We are now 28.4% off of Reno's peak median price of $345,000, set three years ago in July 2005. See all the numbers here.
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sparks: Only Half of Reno Listings Occupied - 08/03/08 01:04 AM
Homes sitting unoccupied nationwide set a new record last quarter - with 18.6 million vacant houses according to the US Census Bureau.
Here in Reno we have our fair share of vacant houses.  A quick look at today's listings show: Of the 4,586 residential listings in Reno-Sparks, only half are owner-occupied.  The rest are either vacant, rented or under construction.
Here is the breakdown:

Data courtesy of the Northern Nevada MLS (NNRMLS) - August 2008.
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sparks: Reno-Sparks Median "For Sale" and "Sold" Prices - June 2008 - 07/15/08 05:23 PM
Well...at least June's median sold price drop was not as dramatic as May's, but we're still looking at a new low... $254,000.  On the plus side, units sold for June was way up.  With 387 residential properties sold in June, that's an increase of nearly 13% over May's number of Solds.  In fact, it's even higher than June 2007's 378 units sold.
See all the numbers here.
(1 comments)

sparks: May Median Sold Prices - Reno, Nevada - 06/05/08 12:48 PM
Wow! The median sold price took a huge drop for the month of May - 5.2% lower than April's median.  Granted, all sales for May might not be entered into the MLS yet, but even so I don't see the median fluctuating that much.  Note also that the median For Sale price has remained unchanged since February of this year, while the Sold median price has dropped more than 6% during the same period.  Inventory also increased to...      see all the data here
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sparks: April Median Sold Prices - Reno, Nevada - 05/05/08 09:57 PM
A 31% increase in the month-over-month number of homes sold in April stands out as the big news this month.  I, as well as many agents in my office, can attest to the increase in client activity lately.  These numbers seem to support our perception.The median sold price also increased for April, with a noteworthy gain 3.5% over March.  This market has not seen a month-over-month increase of that magnitude for quite some time.  See the complete report here. … (1 comments)

sparks: Reno-Sparks Median "For Sale" and "Sold" Prices - March 2008 - 04/16/08 02:23 PM
Units sold are up for the second consecutive month in Reno Sparks; with March sales showing a 8.2% increase over February units sold. 
Unfortunately the number of houses for sale increased 2.8% during the same period.  To put real numbers to the percentages:  March saw an additional 111 homes added to the market with only an additional 18 homes sold.  High inventory remains the core issue in the market.
Median asking price increased while median sold price declined to a new low of $262,000.
See all the data here.
(0 comments)

sparks: Reno Vacancy Rates by MLS Area - 02/08/08 12:05 AM
Just as we saw with last quarter's numbers vacancy rates again increased across the board.  However, a reshuffling of the ranking has occurred.  Somersett has once again regained the top spot as having the highest proportion of vacant listings.  And with 63% vacant and 8% tenant-occupied, only a 29% of Somersett's current listings are owner-occupied.  29% owner-occupied represents the lowest level seen since I began tracking the data. (see all the numbers here)
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sparks: Reno Agents Working Below Poverty Levels - 12/19/07 11:12 AM
The NAR reports that the average REALTOR®'s income amounts to only $23,000 per year.  How do Reno-Sparks REALTORS®' incomes compare?  Let's do the numbers (I'll use October's data because that's the month where I have the most complete data available).
According to recent Washoe County Assessor's data , October's sales consisted of 386 resales county-wide.  That's 772 transaction sides (one Buyer's agent and one Listing agent).  There were also 235 new home sales recorded for the same period. However, we can't assume that all of these new home sales involved an agent.  In fact, I'm guessing one-half would be a generous estimate.  … (3 comments)

 
Guy Johnson, MBA, CRS, Blogger (Keller Williams Group One, Inc.)

Guy Johnson

MBA, CRS, Blogger

Reno, NV

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