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I wanted to first thank you for coming to my site, taking the time and gaining the knowledge about this amazing area of Reno, Sparks and Lake Tahoe. On my site you'll be able to search for areas you want to live in, find community information, school information, local businesses and so much more.
Sign up to become a Market Insider where you'll be able to search homes in the zip code you want, save the searches and even compare zip codes to each other. If you're thinking of selling your current property in 89519 and buying in a different area like 89511, you'll be able to get all the above information as well as compare the two zip codes to see what the price trends are. It's a great tool.
If you're thinking of selling and want to know what your home is worth and don't trust the "zestimate" (rightfully so), I will provide you with the most up to date and accurate comparisons to price your home correctly for an end result that you desire.
Whether your buying or selling, I will help guide you and answer any questions you may have and I look forward to working with you.
I'm a huge advocate for promoting local businesses. So, you'll see a variety of links to local businesses ranging from restaurants, workout facilities, floral shops, kids recreation etc. at the top of the page called Local Business. If you have a local business you'd like me to promote on my page, please let me know and I'd love to work together and create a win win.
The Reno market remains in a seller's market with 3.4 month's supply of inventory. Months supply of inventory is the time it would take to exhaust the active and pending in inventory at the current rate of sales.
The total number of new listings reported during the peak listing season, April – August, were up 6% compared to the same five month period in 2014. August median price remained level with July at $290,000. This continues the trend of a flattening in the the median price, which we see as stabilizing of the market.
Hope everyone is enjoying this hot summer. Home prices are rising and inventory is low. Check out the market report with median homes price up another 4.7% this month. July was another record month! It is still a Sellers market with the sold to list price ratio at 98% or better.
June 2015 unit sales was another record up by 8.4%! Also average days on the Market was down by 9%. If you are thinking of selling now is the time, with median prices on homes at $285,000 and inventory extremely low.
In May, there were 27 homes which sold over the $750,000 price point compared to 12 homes that sold at that price point in April. This is a 125% increase in sales in this price point compared to April.
"While things are looking up after a few tough years for the housing market, one issue that has surfaced is that of inventory, specifically shadow inventory," said Dave Hansen, 2015 president RSAR. "Shadow inventory, or properties in foreclosure or in serious delinquency status, has been steadily declining. In the Reno/Sparks market, distressed sales made up 11 percent of exciting-homes sales this past April, compared to 21 percent in April 2014. While it's obviously a great thing to see fewer distressed homes, it does mean an even tougher inventory situation for prospective homeowners. Paired with rising home values, lower shadow inventory means it could take longer to find the right home at the right price."
"Mortgage rates are still sitting near historical lows, with 30-year fixed-rate mortgage hovering under 4 percent" said Dave Hansen, 2015 president RSAR. " The low rates have helped push more buyers into the marketplace. However, rates may not remain this low for too much longer, which may prompt an increase of home sales this spring. Rising rental costs are also moving more potential home buyers off the sidelines and into purchases."
Wow, is this housing market exploding right now! If you are trying to purchase a home that is in the mid $300,000 and below, you have experienced the competition first hand. Probably with as many as 6 other offers on the table. Spring is still a month away but apparently not for our home sales.
We saw a drop in median home price sales from December to January from about $262,000 to $252,000. And we still have a low months supply of inventory at only 3.8. This continues to reinforce a sellers market. Click on the link below to get the full month report from RSAR.
The month supply of inventory is at a historic low with only 2.7 month supply. What does this mean for buyers and sellers? Well, with the average yearly income for Northern Nevada residents at just about $49,000 and the median sales price at $262,000 we are seeing rental prices increase and average days on market to be about 111. Buyers need to understand that in homes under $300,000 will go quickly so if you like the property you need to write an offer. If they wait, it will be gone the next time they look at it. For sellers, you need to make sure that you price it correctly. Trying to sell high will inevitably cause the property to sit longer on the market and make price reductions in the future.
The days of finding "deals" is pretty close to an end. Regular equity sales compared to REO, short sale and distressed properties owned 84% of the market. Bottom line, if you see something you like grab it now before its gone and price it appropriately.
Watch the video below for more information and if you have any questions of what your home should be priced at please don't hesitate to call.
June 24th, 2014
I hope you're having a great week and that the first day of Summer you enjoyed with loved ones.
Have you checked out some of my listings that are shown at the top right corner of the webpage? These are amazing homes and will sell quickly so I hope you share these with friends, family or co-workers. I love selling homes!!
Here is the latest video Market Report from the Reno Sparks Association of Realtors. The Median home sales price is up 3% from April at $236,500 and up 8.5% from May of 2013.
Even though new listings are up 10% from April, we have only 3.6 months supply. So, if you're thinking of selling, it is a VERY good time to do so....think "Seller's Market". Watch the riveting video below and if you have any questions, please let me know and I'll be happy to answer them.
Don't forget to check out the Local Businesses Tab at the top to see this months selected local businesses! And please like McKenna Berg-Realtor on Facebook where you'll always be up to date on open houses and prize drawings.
July 17th, 2014
The new monthly report is up from RSAR and with the rumors of a certain car company moving their production/distribution center to our area is fantastic! Please watch the video below for more information.
Commentary highlights from June’s report:
- June 2014 sales at 548 are the third highest June in history exceeded only by June 2010 (604) and June 2005 (679). June 2010 was the 1st deadline to take advantage of the First time Homebuyers Tax Credit and June 2005 was performing based on lenient lending practices. It’s a good sign that today’s market is performing well without artificial influences.
- The acceleration in median price has slowed in comparison to the rapid increase that occurred in 2012 and early 2013. Even with the acceleration in price, the market is still 31.5% off the peak from January 2006. The slowing in the acceleration of median price is a positive and more normal trend.
- New listings are down 8% from the prior month and down 6% from June 2013 but are following the typical seasonal trend.
- June pending sales were down 8% with 382 compared to 416 in May 2014. Pendingsare a leading indicator of future closed transactions.
- Buyer demand and low inventory keep the Reno and Fernley areas in a Seller’s market. Reno has 3.7 Month’s Supply of Inventory.
- With the lack of inventory at the entry-level, those sellers with equity and who are willing to price their home competitively this is an excellent time to sell.
- According to a July 6th article in The New York Times “… Reno appears poised to turn the corner, according to economist who study the region. Housing prices are slowly starting to rise. The unemployment rate has declined to 7.1%. New technology companies are arriving, and older ones are expanding, including Zulily, an e-commerce company for women and children’s clothing and home décor, which announced plans in May to double its warehouse and hire 600 people.” As quoted from The Times “There are solid reasons to be optimistic about Reno,” said Greg Bird, an economist at Moody’s Analytics. “We’re starting to really see the data turn for them.”
- “There is a lot of positive things happening and slated to take place in the Truckee Meadows/Fernley area,” commented Reno/Sparks Association President, Mark Ashworth. “We look forward to a continued healthy recovery.”
September 18th, 2014
As we all know, it has finally happened- Tesla announced it will be building the "gigafactory" a $5billion site in Northern Nevada. This is so beneficial for our local economy. The Reno Gazette Journal reports that 6,500 people will be employed there and our school district, which now runs on $4.9 million in local money a year, would begin receiving about $10 million a year from Tesla starting in 2024.
Now, what will this mean for our local housing market?
"The Reno-Sparks area's existing-home market has rebounded from a recession-low median sales price of $135,000 in January 2012 to the $250,000 range in July, according to the Reno/Sparks Association of Realtors.
More recently, rising inventories have helped slow the median price increase, RSAR President Mark Ashworth said, helping temper the market and keep prices affordable for first-time home buyers.
"Before Tesla, we were looking to return to a more historical slowdown," he said. "Now with Tesla, that could change. But it's too soon to make any projections. Long term, we anticipate an increase in prices with demand."
But he added, "From the 30,000-foot level, it's hard to see anything negative with (the gigafactory's impact) except for price rises."- RGJ
Watch the video below for our September Market Report and please let me know if you have any questions.
Please go to the Local Business Tab at the upper right corner to see this months Local Business. If you have or know of a local business that you'd like to be marketed here, please email me and I would love to.