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The median price of homes took a big jump last month. Click the video to learn more
(00:00):
Hi, this is Mike Hays with the Hays King Team at Keller Williams. And today, I'm going over the April 2020 market statistics for the Reno, Sparks marketplace. As always, we're comparing April to the previous month of March. So let's get started with the summary of the stats for the overall market in plain English. In this presentation, I'll be going over the median price of homes sold in the Reno, Sparks marketplace, as well as the number of homes sold, the amount or the number of homes that were actually for sale, the active inventory, the number of new homes that are on the market, days to contract, and then finally we'll wrap up with the month's supply or what's called the absorption rate.
Find Out How The Covid-19 Has Affected Your Home Value...CLICK HERE
(00:42):
So let's start off with the median price for April, and that was $416,500. That's both Reno and Sparks the median price sold, that's up almost 10.5% from the previous year. And from March 2020, it's up about 0.4%. Next are the number of homes sold. Last month was 374 units or 374 homes sold. Compared to the previous year, that was down almost 30% at 29.8%. And from March 2020 it's down almost 26.2%. The days to contract was 39 days. That's the time that it takes from the time it hits the market until it actually goes into contract, was 39 days. So for this month, that was actually down. Those numbers were down almost 7% at 6.9, from the previous year that is, and from the previous month that was up 10.1%. So we're seeing a slight bump in the days to contract.
(01:50):
Next are the active inventory or the actual number of homes that are on the market right now, which is 826 homes. From the previous year, April 2019, that's down 25.5%. And from the previous month of March 2020, that's down about 3%. So we're seeing a little bit of a drop in the inventory levels at this point in time, Next is the number of new listings. These are the number of new homes that came on the market last month, which was 561 homes. Compared to April of 2019, that's down 32%. And compared to March 2020, that's down almost 12% present.
(02:32):
The percent of asking to what's actually received last month was 98.9%. So right now, buyers are having to come in a little bit stronger and sellers are getting almost 99% of their asking price. Assuming if their home is listed or price right from the beginning. Now that does not include the number of price drops. So if a seller overprices their home from the beginning, we are starting to see those numbers come down, and at that point it's 99%. So we're not seeing a whole lot of those low-ball type of offers getting accepted at this point. Compared to April 2019, that's up about 2.2%. And compared to March 2020, that's down 0.3%.
(03:20):
Next is the absorption rate. Now, the absorption rate is synonymous with the month's supply of homes for sale on the market. It's the rate at which homes are actually sold. If it's under six months then it's typically a seller's market. If it's over six months, it's typically a buyer's market. So at this point in time, we're still in a pretty strong seller's market. The absorption rate, or the month's supply of homes that sold, is 2.2 months. That's equivalent to the rate of which homes are sold over that time period. So right now 2.2 months, that's still a pretty strong seller's market. We need to hit about six months supply before it turns into a buyer's market. Compared to April 2019, that's up about 6.2%. And compared to March of 2020, that's up about 31%. So we're seeing that number inch up a little bit in this market. And so it's a little bit of an interesting phenomenon going on right now.
(04:18):
With the COVID-19 situation we're still seeing a lot of homes sold. The number of showings has dropped off about 50%. However, we're seeing that the buyers that are out there are pretty strong and they're pretty well qualified. And we're seeing a lot of, I wouldn't say multiple offers, but we're seeing a lot of homes that are priced right. We're seeing those homes getting sold and going to contract pretty quickly. Again, a lot of it is price dependent.
(04:46):
So that's an overall summary of the market for this month. This is Mike Hays. If you have any questions, you can call Shana [Marcel 00:00:04:55] or myself. You can reach us at (775) 453-4625. And there are over 40 different markets within our area. So if you'd like something more specific for your neighborhood, we would be more than happy to reach out talk to you about what are the market stats for your neighborhood in particular. So don't hesitate to give us a text, email, or call us, pretty much. So, again, this is Mike Hays with the Hays King Team at Keller Williams. I hope you're having a fantastic day.
Find Out How The Covid-19 Has Affected Your Home Value...CLICK HERE
Hi, this is Mike Hays with the Hays King team at Keller Williams and I have the end of the year 2019 market stats for you.
In this video, I'm going to show you four stats for the year ending in December 2019 for the Reno-Sparks marketplace.
So let's get started with the big one.
Median Price of Homes $393,000
The median price for the end of the year 2019 in December. The median price for the end of year ended up at 393,000 for the entire Reno-Sparks marketplace. That's a 7.7% increase from December 2018.
Active Inventory 810 Units
Active inventory at the end of December was down 33% at 810 units. The number of sold homes was up 4.4% at 6,255 homes sold. This does not include new construction or private home sales. So what's going on with our market? The first thing to note is all of these stats change from neighborhood to neighborhood, depending on the price and the area. For those details, contact us directly and we'll answer all of your questions.
Sold Homes 6,255
Let's take a look at the median price of homes in the Reno-Sparks marketplace since 2014. Looking at the graph, you can see that the median price of homes from 2014 to 2019 has consistently increased.
Let's take a look at this next graph. As you can see, the 2019 number of sales of homes was up 4.4% at 6,255. Now, it's not as high as what we saw in 2017, but it's certainly on the uptick.
So I'd like to wrap up this video and show you the median and average price of homes since 1963 throughout the U.S. and what has happened historically. I think you'll find this interesting. So in this graph, you'll see the median and average sales price since 1963 has consistently gone up. Now, of course, there was the bubble that we saw from 2007 to 2011 where we saw a significant price drop, but even at the bottom of the market the housing prices or the median price and the average price were still above historical levels.
So the real estate bubble obviously had an impact on people who were looking at buying in the short term. In this 56 year history, home prices have steadily increased and I don't see them going down in my opinion at anytime soon. Now, of course, there may be a correction. We never know about corrections, but historically our median and average price of homes have gone up and up and up.
So that's the 2019 end of year market report. I hope you've enjoyed it. If you have any questions, please don't hesitate to email, text, call, or contact Shane and me for some questions at buyorsellwithus@gmail.com and of course, the links and all those phone numbers are below.
So if I've messed it up totally, then check out the links below, but I'm sure the information is correct.
Talk to you soon. This is Mike Hays with the Hays King team at Keller Williams.
Before you send an offer to a seller which should you have, a Pre Approval or Pre Qualification letter?
Transcript from video:
Mike: Hi, this is Mike Hays with the Hays King team at Keller Williams. I'm going to be talking to Rachelle Shah with One Trust Home Loans today about pre-qualifications and pre-approval letters. So let's go check it out. Rachelle, how are you doing today?
Rachelle: Wonderful. Thank you so much for the introduction.
Mike: So Rachelle, today we're going to answer a lot of questions about pre-qualification and pre-approval letters. Can you tell me what your opinion is regarding pre-approval and pre-qualification?
Rachelle: I can. So I have a strong opinion when it comes to pre-qualification versus pre-approval. I always advise my realtors' clients and my clients to come in and bring me all of their documentation to get pre-approved, not just have a 15 minute or so phone conversation with a lender, which would be the difference between pre-approval and pre-qualification.
Mike: So when you talk about documentation, what type of things should a buyer start to think of what they need?
Rachelle: Pretty simple. To start the process, we just need pertinent documentation such as two years of tax returns and W2s, two pay stubs, two bank statements and any mortgage statements on any other properties owned.
Mike: Are all lenders the same when it comes to doing a pre-qualification or pre-approval?
Rachelle: I would say that there's actually a large difference depending on how thorough the lender is. Many lenders will issue a pre-approval letter where they're really not pre-approved. They haven't gone through and verified documentation. They've just done a pre-qualification and spoken to a client over the phone. So there is a huge difference, and clients have to make sure that a lender goes through and verifies and reviews all of the documentation that they have furnished to them.
Mike: That's great. What do you think as a buyer, what type of questions, if I was a buyer, what type of questions should I be asking you?
Rachelle: I would, first of all, make sure that the lender has gone through and reviewed all that documentation and been thorough with the pre-approval, because you hear all the horror stories of lenders issuing pre-approval letters and then deals falling out because they don't qualify. So that's number one. And then secondly, they should always go through an estimated fee worksheet and review closing costs, the loan program, go through all the details of the program that they're pre-approved for so that there aren't any surprises during the process.
Mike: Perfect. Well, thank you very much for your time today, and if somebody was looking for you or trying to find some information from you, where would they find you?
Rachelle: My direct phone number is 775-762-0826, and I would love to assist any clients in need of pre-approval.
Mike: Fantastic. Well, thanks again. This is Mike Hays with the Hays King team at Keller Williams. Rachelle, I really appreciate your time today. You have a fantastic day.
Rachelle: Thank you. My pleasure.
If you have any questions about real estate or lending here is our contact information:
Hi, this is Mike Hays with the Hays-King Team at Keller Williams.
Welcome to our November 2019 marketing report.
First, let's talk about the median price because that's what everyone's talking about. It's gone up to almost $400,000 it's at $399,995 and that's up 3.9% from the same time last year, which is up 1.3% from September.
Next, the units sold last month was that 546. That's up 16.7% from the same time last year, but it's down -4.7% from September.
The days to contract, this is very interesting, and we'll break this out by price range in a future video, but the days to contract for the Reno-Sparks market is 62 days. And that's up 35.7% from the same time last year, and up 17% from September.
And lastly, the number of homes available called the inventory level, is at 1,129 and that's down 21.3% from the same time last year, and down 19% from September. If you have any questions or want some further information about the market, please don't hesitate to reach out, give us a call, or send us an email.
This is Mike Hays with the Hays-King Team at Keller Williams.
The median home price for the Reno-Sparks area was only up by .1% to $385,000. Inventory continues to be a problem for buyers as the number of new listings dropped by 20% to 825 from May to June. This is normally a time when you would think people are interested in selling. This is causing a decline in sales by 16.3% to 615 total sales for the area.
Every month we pull some interesting facts off the multiple listing service and provide you with the information. This month we looked at South Meadows home sales for the month of June. We compared homes with 2 car garages vs 3 car garages. Which one has more value? Here are the facts.
Criteria:
Date July 4, 2019
FACTS
June Sold Homes - 65
Active homes for sale both 1 and 2 story is 138
2 Story Homes Sales in June (25)
2 Story Homes Sold With 2 Car Garages
2 story homes sold with 2 car garages -12
2 story homes sold with 2 car garages median price - $410,000
2 story homes sold with 2 car garages Days on Market - avg is 80 days
2 story homes sold with 2 car garages median square foot are 1,975 sf
2 Story Homes Sold With 3 Car Garages or More
2 story homes sold with 3 car garages - 13
2 story homes sold with 3 car garages median price -$500,000
2 story homes sold with 3 car garages Days on Market - avg is 120 days
2 story homes sold with 3 car garages median square foot are 2,711 sf
1 Story Homes Sales in June
1 Story Homes Sold With 2 Car Garages
1 story homes sold with 2 car garages -24
1 story homes sold with 2 car garages median price - $414,500
1 story homes sold with 2 car garages Days on Market - avg is 112 days
1 story homes sold with 2 car garages median square foot are 1,681 sf
1 Story Homes Sold With 3 Car Garages or More
1 story homes sold with 3 car garages - 16
1 story homes sold with 3 car garages median price -$515,997
1 story homes sold with 3 car garages Days on Market - avg is 72 days
1 story homes sold with 3 car garages median square foot are 2,415 sf
All Homes Sold in South Meadows (Area 143) This Year between 2500-3000 sf
2 car garages 17 homes sold with a median price of $495,000 (Avg size was $2,724sf)
3 car garages 39 homes sold with a median price of $520,000 (Avg size was $2,711sf)
Summary:
We started noticing that 3 car garage homes were selling at a higher price. To validate our theory, we broke out the houses by one and two stories and then one and two car garages. At first, it seemed apparent that the 3 car garage homes were selling for a lot more money. Something seemed off! The 3 car garages must be larger homes, right? That would account for the higher sold prices. Breaking out the homes by the median square foot, the 2 car garages were usually smaller.
The second part was to narrow the homes to similar square footage, so we looked at homes between 2,000 and 3,000 square foot and our theory was correct. Homes with 3 car garages sell for 5% higher.
The next step is to look at homes sold in other neighborhoods and see if the results are similar.
If you would like some more information on what your home is worth, call Mike or Shaina at 775-453-4625.
Call Mike or Shaina at 775-453-4625, and start packing!
*Michael Hays and Shaina King, and Seller Must agree on price and possession date at the time of listing.
Well maintained executive home in the Vista Ridge neighborhood which is perfect if you are looking for a 5 bedroom, 3 bathroom home with lots of room for entertaining.
Situated on a quiet cul-de-sac, this home delivers a gracious living environment to its welcome inhabitants. This 3,887 sf home is waiting for someone like you who can make it your own. Lots of room for your office, game room or theater.
Completely landscaped already, no need to wait, it’s move in ready.
The Number 1 Reason To Call Our Team To Sell Your Home
We have 2,310 buyers in our database looking for a home in the area. It is likely that the buyer for your home is already in my database – Your home may already be sold!
AWESOME HOME FOR SALE IN RENO, NV 9775 CARDIGAN BAY RENO, NV 89521
***AWESOME HOME FOR SALE IN RENO, NV***
9775 Cardigan Bay
Reno, Nevada 89521
BUY THIS HOME AND I’LL BUY YOURS*
Call Mike or Shaina at 775-453-4625, and start packing!
*Michael Hays and Shaina King, and Seller Must agree on price and possession date at the time of listing.
This is a beautiful ranch style home is located in South Reno in the gated community of Saddle ridge
Masterfully designed by Toll Brothers this Wilshire model includes 4 bedrooms 4 baths an office or bonus room and 3 car garage. This home sits on one of the largest lots at .43 acres and consists of 3,606 SF.
Every detail was carefully selected and quality crafted. Highlights include engineered wood floors, satin nickel door hardware, Western sliding door to the backyard with a custom sliding screen. Upgraded baseboard, interior two-tone paint, a 36" x30" fireplace in the great room and ceiling fans.
Entertain in style in the large living family room combo area. The top-of-the-line chef's kitchen is clad with premium finishes and fixtures including custom white etched cabinets, granite counters, and professional-grade appliances.
The master bedroom is the ultimate retreat complete with a sitting room so you can relax and unwind before bedtime. The master bath has his, and hers sinks areas, and there is a large walk-in closet.
The kids or guest bedrooms are spacious and conveniently located.
The Western sliding glass doors in the great room showcase views while opening up the home to even more light and air. Spill out to the awe-inspiring backyard retreat where you'll find a covered patio, fire pit to cook your marshmallows on those enchanting evenings.
The Number 1 Reason To Call Our Team To Sell Your Home
We have 2,310 buyers in our database looking for a home in the area. It is likely that the buyer for your home is already in my database – Your home may already be sold!
AWESOME HOME FOR SALE IN RENO, NV 14720 CHATEAU CT. RENO, NV 89511
Call Mike or Shaina for updated price and appointments.
***AWESOME HOME FOR SALE IN RENO, NV***
14720 Chateau Ct
Reno, Nevada 89511
BUY THIS HOME AND I’LL BUY YOURS*
Call Mike or Shaina at 775-453-4625, and start packing!
*Michael Hays and Shaina King, and Seller Must agree on price and possession date at the time of listing.
It is rare you find an iconic property with a 10 car garage on a cul-de-sac with easy turn-around and plenty of room to back up your RV and Boat. Both garages have 220-V so you can quickly recharge your Tesla.
This 1.5 acre home features impressive views of Mt. Rose and the city/valley. You have 4,102 sf of living and entertaining space, with 4 large bedrooms, an office and a rock and roll bonus room with sound reducing window and curtains. There is a recently renovated chef’s kitchen that will inspire your inner chef with stainless appliances which include a brand new Monogram cooktop, GE Profile double ovens and a Bosch dishwasher.
There is plenty of room to prepare your food with two stainless sinks, brand new concrete countertops that are durable, scratch, and heat resistant. Enjoy gatherings in the generously-sized living/dining area graced by a fireplace, wood grain floor tile a clean design that is perfect for the modern home.
Don’t forget the views of the city while you are enjoying your company.
The divine master suite presents with his and hers walk-in closets, a sitting area to relax and read a book and access to your private patio. The opulent ensuite bath with a soaking tub and separate shower. Looking for space? Plenty of room with this outdoor oasis built for laid back summers. Choose the front courtyard with spectacular views of Mt. Rose, sounds of trickling water in your water feature while you roast marshmallows in the fire pit. Or relax among the stars and the city lights on the back yard patio.
You never know when there is going to be the next power outage, so for your safety and comfort, this home has a Dynamo DP-7100 Diesel 50-Amp Generator.
Explore the local Summit Mall with its inexhaustible supply of shopping and entertainment just minutes down the road. There are plenty of parks and bike track nearby to explore.
Visit our website to download the Parks and Trails Guide and have fun exploring Davis Creek Regional Park, Lower Thomas Creek Trail, Lower Whites Creek Trail, and of course the spectacular Tahoe Rim Trail. Appealing to buyers who are looking to be in a central position, with absolutely nothing to do but pack their bags and move in, we expect to sell quickly.
Please call now to arrange your private showing.
31 minutes to Incline Village
19 min to Mt. Rose Ski Tahoe
26 min to Reno Tahoe International Airport
38 min to Downtown Reno
The Number 1 Reason To Call Our Team To Sell Your Home
We have 2,310 buyers in our database looking for a home in the area. It is likely that the buyer for your home is already in my database – Your home may already be sold!
