reno: 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 … (0 comments)
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reno: 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 … (0 comments)
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reno: 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 … (1 comments)
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reno: 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 … (0 comments)
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reno: 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 … (0 comments)
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reno: 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 … (0 comments)
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reno: 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 … (2 comments)
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reno: 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 … (0 comments)
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reno: 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 … (0 comments)
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reno: 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. … (1 comments)
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reno: Only 36% Of Our Pending Short Sales Have Closed -- Even After Three Months - 07/27/08 02:17 AM
Ninety days have passed since I took a snapshot of the Pendings on our MLS. Readers may recall I followed up with a check of the status of these "pendings" at 30 days and again at 60 days.
So how have the pendings fared after ninety days? As has been the … (0 comments)
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reno: 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. … (1 comments)
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reno: 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 … (0 comments)
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reno: Price per Square Foot - The New Metric? - 05/15/08 04:41 PM
Many recent comments on my local Reno Realty blog have been made regarding how the reported median home prices don't tell the whole story when it comes to home values in Reno. For this reason many of our readers have expressed a desire to see $/sq.ft. sold price data - the … (0 comments)
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reno: 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 … (1 comments)
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reno: Do Special Conditions of Sale Affect Salabilty? - 04/28/08 08:15 PM
While writing my last post it occurred to me that also tracking closings per type of “special condition of sale” would be an interesting exercise.
As of today our MLS is showing 4,305 listings [Reno-Sparks residential]. Breaking out these by the new “Special Condition of Sale” field yields:
Just as I … (4 comments)
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reno: Pendings Schmendings - 04/25/08 01:45 AM
Having just experienced yet another “pending” short sale fall out of escrow, I am wondering if these “transactions in limbo” can really be considered as Pending. With no meaningful time lines given by the lenders who are supposed either approve or not approve a pending offer on a "short sale"; days, … (5 comments)
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reno: 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 … (0 comments)
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reno: Reno's Average Commute Time: 15 Minutes 36 Seconds - 04/16/08 01:46 PM
Today is National Start! Walking Day…at least according to the American Heart Association. I saw the article in this morning’s RGJ Neighborhood & Voices section. While I believe in the benefits of walking (or most exercise, for that matter), what I found most interesting were the stats quoted for Reno’s commute … (0 comments)
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reno: Reno-Sparks Median "For Sale" and "Sold" Prices - February 2008 - 03/04/08 05:59 PM
The number of houses for sale in February dropped 3.5% from January's numbers - continuing a downward trend that began last fall (September 2007). Similarly the median asking price continues to decline (1.5% from last month) as well.
Unfortunately the number of houses sold last month are also way down. With only … (0 comments)
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reno: 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 … (0 comments)
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reno: January's Median Home Prices - Reno, NV - 02/06/08 10:51 PM
Good News: The number of houses for sale continues to decline. Down 1.3% from last month. Also, the median For Sale price continues to decline Down 0.57% from last month. While the median Sold price increased almost 4% over last month.
Bad News: Only 171 houses were sold during the month of … (2 comments)
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reno: 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 … (3 comments)
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reno: Swelling Ranks? - 12/19/07 11:02 AM
Lately I've observed a lot of shuffling of personnel in the real estate industry and its related fields (lenders, mortgage brokers, title and escrow officers, new homes sales reps, etc.) Many offices are downsizing and cutting staff, while others are shutting their doors completely. Where do these out-of-work agents, mortgage brokers, … (2 comments)
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reno: November Median Home Prices for Reno - Sparks - 12/14/07 01:40 PM
The number of homes listed for sale fell in November. A 7.6% decrease from the preceding month. And though the decrease can be attributed to seasonality factors (i.e. many home Sellers take their properties off the market during the holidays), year-over-year, the number of homes listed on the MLS in November … (0 comments)
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reno: October Median Home Prices for Reno - Sparks - 11/09/07 01:01 PM
October numbers are in. We saw an unexpected bump up in the median sold price for October over September; $289K over $285K, respectively. Is this it? Have we finally hit the bottom of the housing market? No, I believe it's a blip that will disappear, probably by the time I post … (0 comments)
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reno: Vacant Listings Continue to Increase - 11/03/07 05:01 PM
I've been showing houses to a number of buyers lately and a frequent comment I hear is surprise at the number of vacant homes we encounter during our viewings. I've discussed this subject on the blog in the past so I thought an update to my "vacancy" table was in order. … (1 comments)
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reno: Do Higher Commissions Result in Quicker Sales? - 11/03/07 04:55 PM
Lately I've been bombarded with emails and flyers from developers and other agents touting the higher commissions they are now offering to buyer's agents. Bring them a buyer, and I'll receive a 4%...5%...6%, or higher commission. I've even encountered a Seller offering 10% to the Buyer's broker. I suppose the thought … (3 comments)
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reno: Third Quarter Reno Housing Stats - 10/12/07 02:44 PM
Each quarter our broker distributes housing metrics and charts for us agents to use as we see fit (pricing presentations, buyer consultations, etc.). Third quarter numbers presented no real surprises. Residential sales are down year-over-year in terms of units sold (16% decrease), $ volume (19% decrease), median price (7% decrease) and average price (4% … (0 comments)
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reno: September Median Home Prices for Reno-Sparks, NV - 10/11/07 06:18 PM
September's numbers show some dramatic changes. The first is the relatively few number of Solds for the month. 258 Solds represents a 25% decrease from last month; a 33% decrease from September of last year; and a 57% decrease from September of 2005. To look at the impact of this number … (0 comments)
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reno: Reno-Sparks Housing Market to Hit Bottom in... - 09/29/07 11:25 AM
I am constantly asked by clients when I feel the Reno housing market will hit bottom. This is not an easy question to answer with any degree of certainty. Thankfully CNNMoney.com has made things much easier for me. According to CNNMoney.com the Reno-Sparks market is forecasted to hit bottom in the … (1 comments)
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reno: Reno-Sparks Median "For Sale" and "Sold" Prices - August 2007 - 09/06/07 09:22 PM
The good news is that my dire prediction last month of only 150 Solds for August was way off. In actuality, August Solds came in at 318. The median "for sale" price continues to hold steady at $349,900; this same price goes all the way back to last October with nary … (0 comments)
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reno: Nevada Leads the Nation in Foreclosures; However Reno Is Not the Big Player - 09/05/07 08:41 PM
We see the headlines everywhere...
Mortgage defaults high in Nevada
"Nevada leads nation in delinquent homeowners."
"In June, Nevada had one foreclosure filing for every 175 households to lead the nation for the sixth-consecutive month, according to RealtyTrac..."
and on and on...
Being that I am a Reno resident, I wondered to … (0 comments)
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reno: Reno-Sparks Home Sales by Zip Code - 08/20/07 08:15 PM
When I post median sales data, be it Asking price, Pending price or Sold price, I usually break out the data by MLS area. Lately, I've received emails asking about breaking out the numbers by zip code. Below are the median sold prices and units sold for the month of July … (0 comments)
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reno: Reno-Sparks MLS Area Map - 08/19/07 11:56 PM
I frequently receive questions from prospective Buyers (and Sellers, for the matter) wanting to know what are the specific boundaries of the MLS areas that comprise the Reno Sparks marketplace. I usually describe the boundaries of the area(s) in which they're interested, and then follow-up with a copy of our MLS … (0 comments)
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reno: Northern Nevada Regional MLS Policy Change - 08/16/07 01:50 AM
Last week I mentioned the addition of the CDOM (cumulative days on market) field coming soon (September 2007) to listings in our MLS. Keeping the improvements coming, this week the powers that be announced that effective September 1, 2007 "A listing that has been in any off-market status (expired, withdrawn or … (0 comments)
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reno: Reno-Sparks Median Home Prices - 08/13/07 11:51 PM
Looks like the Reno-Sparks market experienced a 0.5% dip in the median sold price for July vs. June. Has the upward trend we've observed since January stopped? Perhaps. Inventory continues to rise; as does the median "For Sale" price. July's number of units sold is the same as that for June. But this will … (0 comments)
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reno: How Much Does It Cost to Overprice Your Home? - 08/08/07 11:35 PM
I recently analyzed the Reno/Sparks real estate market to determine the correlation between Days on Market (DOM) and the Sold/List price ratio. I looked at Solds during the first half of 2007. 2,273 homes (excluding manufactured) sold in the Reno-Sparks market area during that time. The results were striking (read more). … (5 comments)
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reno: Reno-Sparks Vacant Listings by MLS Area - 07/24/07 08:18 PM
In early May I posted (on my other blog: renorealtyblog.com) a table showing the proportion of vacant listings by MLS area in Reno-Sparks. Today I recompiled the numbers and updated the table.
Overall the proportion of vacant listings in Reno-Sparks has remained unchanged at 34%. However, on an individual area … (3 comments)
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reno: Navigating My First Short Sale - 07/08/07 08:15 PM
I had a listing close escrow on Thursday. The home was one of Monterey Development Group's courtyard homes located in the Village at Somersett Town Center. I took the listing in February of this year. The Sellers had previously listed it with another agent for $475,000. After receiving no interest in … (5 comments)
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