February 2018 Market Report from Reno Sparks Association of Realtors

More demand pressure and interest rate increases on the horizon.

Median home price in Reno, Nevada is now $360,000.  Not too far off from the historical high in 2005.

Advertisements

Adverse Possession in Reno, Nevada

This story ran in the local Reno paper on 2/1/2018 about a couple that meticulously planned an adverse possession of a property in a high-end neighborhood in Reno:

Couple uses little-known law to take possession of abandoned Old Southwest Reno house

It’s a good story and well written – it even includes a plot twist.  Instead of purchasing the property at the tax lien auction to get a free and clear title at maybe an 80% discount off market value, they decided to just pay the $6,500 tax bill and take control of the property, hoping to take adverse possession of the title in 5 years.  Maybe, their gamble will pay off soon.  Maybe, if the property was just sold at auction, it would be completely rehabbed by now, instead of over this drawn out adverse possession period.  There’s a lot of maybe’s and probably-shouldn’t-haves in this story.  I’m really interested in seeing the end result.  The adverse possession law has good intent behind it, and hopefully it doesn’t start being abused in Nevada.

Anyway, if you own property out there in Nevada that you are sitting on for whatever reason, you might want to make sure your property tax bill is paid and you probably should go check it out in person at lease every year, or so.

October 2017 “To the Point” – Reno Market Report

“Although September sales were down, year-to-date sales are at near record numbers – up 4 percent or 220 sales from the same period in 2016,” said John Graham, 2017 RSAR president.

• The September median price at $335,000 is down 4% from August and up 8% from a
year ago.
• September unit sales at 587 are down 18% from August and down 7% compared to
September 2016.
• September new listings are down 25% at 550 compared to August and down 23% from
one year ago.
• The Reno market is a seller’s market, at 1.7 months supply of inventory. Months supply
of inventory is the time it would take to exhaust the active inventory at the current rate of sales. The Reno/Sparks Association of REALTORS calculates the months supply of
inventory by dividing active inventory by unit sales. Pending sales are excluded from the
calculation.

Conclusions

• The September median sales for the Reno/Sparks area at $335,000 is up 8% from a year
ago. Median price has declined for the past two consecutive months, an indicator of
seasonal cooling.
• In September there were a reported 61 price reductions and 3 price increases.
• New pending sales have declined over the past three months, but year-to-date are up
6.5% from the same period in 2016.
• The average days to contract are 47 in September up 4% compared to September 2016.
• Properties are remaining on the market an average of 82 days down 9% from
September 2016.
• Sellers are receiving an average of 99% of list price level with September 2016.

“Reprinted with permission by the Reno/Sparks Association of REALTORS®.”

renofernleyseptember2017

Even though the market is in a seasonal lull, Daniel Ellsworth, Realtor, is prepared to aid the meeting of the minds between buyers and sellers in Reno, Nevada’s home market.

Buyers, before we can start looking for your home, ensure that you are preapproved for a mortgage (if you don’t have other financing arranged). This will be critical, since sellers will not look at your offer on their home if you are not preapproved. A major concern is typically the lack of enough cash reserves to provide a down payment – this doesn’t always have to be a concern. There are scores of down payment assistance programs available, ask your lender for options. Nevada’s Home is Possible program is a great option for down payment assistance. Also, the Financial Guidance Center is a great resource for getting your credit score back on track to qualify for a loan.

If you, or someone you care about, can benefit from my services, contact me today.

 

September 2017 “To the Point” – Reno Market Report

“Unit sales in August reached a record high for the month of August at 678,” said John Graham, 2017 RSAR President. “The average days to contract are 38 in August down 19 percent compared to August 2016.”
• The August median price at $349,500 is down 2% from July and up 13% from a year
ago.
• August unit sales at 678 are up 6% from July and up 14% compared to August 2016.
• August new listings are up 10% at 717 compared to July and down 12% from one year
ago.
• The Reno market is a seller’s market, at 1.5 months supply of inventory. Months supply
of inventory is the time it would take to exhaust the active inventory at the current rate of sales. The Reno/Sparks Association of REALTORS calculates the Months Supply of
Inventory by dividing active inventory by unit sales. Pending sales are excluded from the
calculation.
Conclusions
• Unit sales in August reached a record high for the month of August at 678.
• The August median sales for the Reno/Sparks and surrounding Washoe County areas
excluding Incline Village at $349,500 is up 13% from a year ago.
• Last month the RGJ accurately reported that the July median for the “Reno only” area
was at $385,000. Its highest level since the boom. In August, the median price for Reno
was down 7% to $358,900. The August median price in Sparks at $330,000 is up 4%
from the prior month.
• The average days to contract are 38 in August down 19% compared to August 2016.
• Properties are remaining on the market an average of 86 days down 2% from
August 2016.
• Sellers are receiving an average of 99% of list price up less than 1% from August 2016.

“Reprinted with permission by the Reno/Sparks Association of REALTORS®.”

august 2017 reno report

Buyers, before we can start looking for your home, ensure that you are preapproved for a mortgage (if you don’t have other financing arranged). This will be critical, since sellers will not look at your offer on their home if you are not preapproved. A major concern is typically the lack of enough cash reserves to provide a down payment – this doesn’t always have to be a concern. There are scores of down payment assistance programs available, ask your lender for options. Nevada’s Home is Possible program is a great option for down payment assistance. Also, the Financial Guidance Center is a great resource for getting your credit score back on track to qualify for a loan.

If you, or someone you care about, can benefit from my services, contact me today.

 

 

August 2017 “To the Point” – Reno Market Report

The Reno area median price, a shade under $360,000, is only 2% off the market peak of January 2006. There is about 1.6 months of inventory in the Reno area. And if you are a home seller, then the calculated odds of selling is about 61%.

august market

Buyers, before we can start looking for your home, ensure that you are preapproved for a mortgage (if you don’t have other financing arranged). This will be critical, since sellers will not look at your offer on their home if you are not preapproved. A major concern is typically the lack of enough cash reserves to provide a down payment – this doesn’t always have to be a concern. There are scores of down payment assistance programs available, ask your lender for options. Nevada’s Home is Possible program is a great option for down payment assistance. Also, the Financial Guidance Center is a great resource for getting your credit score back on track to qualify for a loan.

If you, or someone you care about, can benefit from my services, contact me today.