Market Trends
Washoe County Recordings for April
Washoe County re-sales increased for the third consecutive month (up 20% over March); however April new homes sales decreased in April over March (down 11%). Summing re-sales and new home sales results in a nearly 9% increase in Washoe County recorded home sale recordings for April over March. 605 recordings vs. 556 recordings.
Unfortunately this sales […]
Reno Sparks Residential Market Update
Sales in April 2008 were off 24% from the year prior, but activity in the low end continues to improve. The under $300K range decreased to 12 months of inventory with another big jump in pendings from 370 to 490. The $300K-500K range came down to just over 12 months of inventory showing improved activity […]
April Median Prices and Units Sold
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 […]
Preliminary April Numbers
Just a little taste of what happened last month… 336 homes sold at an average $310,925 after 151 days on the market. 4,269 still for sale. The median price was at $263,169. Remember, I include manufactured home classifed as real property. The detailed report should be done soon.
REO Sales - Waggin’ the Dog
The March sales numbers from the Center for Regional Studies finally got released today, and some very interesting (and disturbing, if you are a seller) trends are emerging. 55% of all resale SFR’s and condos recorded by the Assessor’s office were REO’s county wide. In both January and February, 35% of recorded sales were REO’s.
Using […]
Do Special Conditions of Sale Affect Salabilty?
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:
"Special Conditions of Sale"
Reno-Sparks Residential Listings
[…]
Pendings Schmendings
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, weeks and even months […]
Ripples in Our Local Market
Is it just me, or does the 5:30 commute on 395 from South Reno to I-80 seem lighter to you these days? Yesterday I had lunch with some colleagues at a an upscale restaurant in South Reno. I arrived at noon and ended up waiting a half hour as the rest of my party was […]
Tahoe Home Prices Return to 2004 Levels
From the local rental market we go to the other end of the housing spectrum. The lead story in today’s RGJ’s Business section concerned the Tahoe housing market: Average Tahoe home price drops below $1 million
This story contains commentary and stats by our very own broker and vice President of Chase International, Sue Lowe. Be […]
Reno’s Rental Market Stable
Frequently readers write in and ask about the rental market here in Reno. Unfortunately we don’t track the rental market as closely as we do the residential sales market, so we seldom can offer specific data. [Note: to our commenters who provide answers to these queries, thank you very much.] Anyway this morning’ RGJ contained […]
March Recordings from Ticor Title
Both the number of new homes sales and the number of re-sales in Washoe County increased for the month of March according the most recent data distributed by our friends at Ticor Title. March re-sales were up 15% over February’s units sold. And new home sales were up a whopping 48% over February’s new home […]
Reno Market Condition Report from First Centennial Title
Click on the picture below to see the latest Reno Area Market Condition Report with commentary from First Centennial Title. (3 pages)
Some excerpts:
"Generally, even though the market may have bottomed in terms of demand, prices will continue to display weakness. This result (market bottom) is in line with other areas surveyed. Sale pendings are rising, but […]
Time to Lower the Price
Thanks to Smarten for pointing this out over on Chase Nation, but here is probably a better place to share this link. I had another column appear in the paper over the weekend, this time about an experience I had with buyers who made a low offer on an overpriced house. Random lowball offers rarely […]
Friday Update 11 April 2008
A few items from our wacky world of real estate, and some speculation for your consideration:
The Summit at Grand Sierra Resort now has 2 units in foreclosure. The original room count was 825 - DataGuy, any update on how many have sold?
R & K Homes is in default on their Grand Vistas project in Hidden […]
A Comment Call to Action
Our corporate broker just published her very first blog post over at Chase Nation. She covered the quarterly stats from around Lake Tahoe and Reno, and let’s just say there were some downward happenings in several major categories. Tragically, there isn’t a single comment so far. Come on, you guys, you know you can’t resist. […]
