Reno Home Blog

Reno Real Estate: Demand (Updated)

"Green before bloom" Amazing photo by: Daifuku Sensei

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"Buyers seem to be more confident of our real estate market"

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About: If the inventory of homes (posted last week) show us the supply, in this post we will be looking at the demand side in the Reno real estate market.

WIIFM (what's in it for me?): By comparing the inventory of homes for sale VS the number of homes SOLD we will better understand what is really happening in the Reno real estate market.

Highlights:

(June 2009) Demand up since January 2009!

(May 2009) Demand as expected, has been off the chart (highest in two years)!

(Apr 2009) Current demand is second to the highest in the last two years!

(Mar 2009) Demand is much higher compared to the same months last year (see: Jan, Feb and Mar).

(Feb 2009) After last months dive,homes sold goes up by a whopping 38 homes.

(Jan 2009) Ouch. A forty-eight home decrease in sales (from 182 to 134).

(Dec 2008) November and December sales are lower than what I expected. Buyers' confidence seem to be going South, not a surprise, considering the widespread news of financial turmoil.

(Oct 2008) Demand is in an uptrend. More and more people can now afford to buy homes in Reno. Though median price is still struggling.

(Sep 2008) A twenty-eight home increase for this month! But median price continue to go down. It's worth mentioning that MSI (months supply of inventory) is down to 9 months!--a good sign.

(Aug 2008) Demand continues to go up (started January of this year). Sellers are still a little gun shy while median price continue to struggle. It is important to know that not all price ranges in Reno are struggling, take for example: $150-200K.

Read past comments

Graph(s):

Click image for full view

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"I will be more than happy to give you market advice about a specific neighborhood in the Reno or Sparks real estate market. Don't hesitate to call Joe (775-338-7653) for a no hassle-no pressure phone meeting."

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Number of homes SOLD in Reno:

Jun '09: 326

May '09: 282

Apr '09: 273

Mar '09: 240

Feb '09: 178

Jan '09: 135

Dec '08: 183

Nov '08: 177

Oct '08: 223

Sep '08: 245

Aug '08: 209

Jul '08: 277

Jun '08: 256

May '08: 211

Apr '08: 202

Mar '08: 164

Feb '08: 137
Jan '08: 107

Dec '07: 165

Nov '07: 138

Oct '07: 164

Sep '07: 147

Aug '07: 211

Jul '07: 197

Jun '07: 240

May '07: 260

Apr '07: 222

Mar '07: 232

Feb '07: 203

Jan '07: 182

Dec '06: 202

Nov '06: 196

Oct '06: 247

Sep '06: 216

Aug '06: 219

Jul '06: 258

Jun '06: 296

May '06: 264

Apr '06: 246

Mar '06: 258

Feb '06: 178

Jan '06: 187
Dec '05: 223

Nov '05: 263

P.S- If you have something to add about what's happening in your neighborhood or you disagree with me on something or just want to rant about the market, you're most welcome to add to the conversation by leaving a comment.

* Reno Residential homes site/stick built

Updated: July 9, 2009 (17'th)
Source: Multiple listing Service via Broker Metrics
Next Release Time: Aug 10, 2008 (Every 10'th of the month)

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Arrow Creek Homes Report: UnAdulterated Report (updated)

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"This report is for the inquisitive buyer in the Arrow Creek area..."
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About:

This report is for the inquisitive buyer in the Arrow Creek area who is discontent with the general statement, "It's a great/bad time to buy in Arrow Creek!" I think the market can best answer that. And that's what I want to show to you here.

This report is also for the seller who wants to better understand the current state of their neighborhood in order to make a better selling decision. (MLS area 165)

Hope it helps.

In this report you will learn:

Median price of homes sold in Arrow Creek in the last two years.

Number of homes for sale in the last two years.

Number of homes SOLD in the last two years.

Observations:

(June 2009) Inventory (MSI) is at 4.9 months (2- year low)--a good sign.

(May 2009) Average price of homes sold in Arrow Creek is around $500,000.

(Apr 2009) Demand is up from December 2008. Supply is down significantly. Median price is seems to be settling down since February of last year.

(Mar 2009) From September 2007 to our current month (March 2009) prices seem to have reached a bottom (see: third graph). If indeed true, this is great!

(February 2009) Median price sold jumps to over one million. But we can't get carried away by this. The past two years still give us a "moving sideways" graph.

(January 2009) This market is still experiencing tough times. I could sense the uneasiness in the buyers through the graphs.

(December 2008) Homes sold dips from nine homes in November to four in December. Median prices are still on a downward trend.

(November 2008) Median price is showing some stability at around $600,000 since November of last year. Back in November of 2006 median price was $760,000. Demand continued to dip after strong summer months.

(September 2008) After a good early summer demand, homes sold is back on a downward trend. Median price is struggling as well.

(August 2008) Demand,basing it from the number of homes SOLD, seems to have reached a bottom (see: second graph).

Even though the demand has caught up median home prices are still in a downward trend. This is not new. Historically,demand will always be first to go up before prices. It is just matter of time until the home prices in Arrow Creek finds a bottom if the demand continues to go up. (This is really fascinating for me, I did not expect this to happen this early)

Inventory of homes is in a downward trend. But I expect it to go up this coming summer months (it's already up in April).

Graph(s):

Number of Homes For Sale

Click image for full page view

Number of homes SOLD
Click image for full page view

Median Price (SOLD)
Click image for full page view

Note: Basing it on on past reader's experience, you may have additional questions and concerns or would want to clarify something about the Arrow Creek real estate market.

If you have any other questions, shoot me an email: jsalcedo@chaseinternational.com

Call Joe: 775-338-7653

Community Links:

Arrow Creek Country Club

Arrow Creek Homeowners Association

* Residential homes site/stick built

Updated: July 8, 2009
Source: Multiple listing Service
Next Release Time: Every 8'th of the month
Number of updates: 11'th

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Reno Real Estate: Supply (Updated)

" Reno River Walk" Superb photo by: Reno fog

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"A healthy real estate market is healthy supply and demand"
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About: We will be looking at the number of homes for sale in Reno,NV starting from November 2005 - June 2009.

WIIFM(what's in it for me?): By following the number of homes for sale in the Reno Real Estate market we will understand the overall supply in the Reno market. Here you will be able to compare exactly how the inventory of homes have been going up or down (broken down per month for the past forty-two months).

Highlights:

(June 2009) Supply is picking up. Demand up by 44 homes.

(May 2009) Supply is even lower this month (Why?!).

(April 2009) Supply is lowest in two years.

(Mar 2009) Months supply of inventory is down to 4.3 months! (A great sign of increased demand).

(Feb 2009) Down by 100 from last month. Sellers confidence still low compared to the past three years (see graph).

(Jan 2009) Inventory continue to go down, from 2,611 to 2,556.

(Dec 2008) Five straight months of decreasing inventory. Demand is more stable.

(Oct 2008) Median price still going South. But I notice a trend, similar to what's happening to the different areas in Reno; though the median price is going down, demand is up and supply is lukewarm.

(Sept 2008) After five straight months (Feb-July) of increased inventory, September's supply of homes in Reno goes down a notch.

(Aug 2008) After a ninety-one homes increase last month, August's supply of homes dips to 2906 homes. Overall supply is still going up since January of this year. A good sign especially if it continues to go up all the way through winter.

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"If you have a more specific question about the Reno or Sparks real estate market, call Joe (775-338-7653) for a no hassle-no pressure phone meeting."

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Observation/comments:

(June 2009) Some people are predicting a flood of sellers (bank owned, mostly) maybe it's already starting to happen.

(May 2009) I'm not sure why there aren't more sellers out there when demand is surging.

(April 2009) If you're thinking of selling your house, in my opinion, this is a good time if not the BEST time, before the summer rush is about to come.

(Mar 2009) Supply is continue to slow down, but I expect this to go up come summertime.

(Feb 2009) Supply continue to pale. Summer aims to change this.

(Jan 2009) Sellers, with valid reasons, continue to stay by the sidelines. But sellers should be aggressive (making homes beautiful and priced right) as early as now in preparation for the spring and summer demand.

(Dec 2008) I think that more sellers should be out there. If you study the demand, you will see that demand is slowly moving sideways.

(Oct 2008) In a healthy market, supply is as strong as the demand. This, I think, will be one of the major factors in determining a Reno market bottom.

(Sept 2008) Numbers tell a story. By looking at the supply of homes, you will have an idea about the consumer's confidence toward the market.

(August 2008) A healthy real estate market is healthy supply and demand. Both have shown signs of consistent strength this year. I hope it continues.

Graph:

Click image for full-page view

Reno number of homes for sale:

June '09: 2,523

May '09: 2,454

Apr '09: 2,540

Mar '09: 2,596

Feb '09: 2,577

Jan '09: 2,616

Dec '08: 2,638

Nov '08: 2,779

Oct '08: 2,888

Sep '08: 2,943

Aug '08: 2,949

Jul '08: 2,996

Jun '08: 2,919

May '08: 2,867

Apr '08: 2,803

Mar '08: 2,688
Feb '08: 2,587
Jan '08: 2,624

Dec '07: 2,644

Nov '07: 2,839

Oct '07: 3,067

Sep '07: 3,094

Aug '07: 3,319

Jul '07: 3,257

Jun '07: 3,207

May '07: 3,056

Apr '07: 2,905

Mar '07: 2,675

Feb '07: 2,515

Jan '07: 2,696

Dec '06: 2,649

Nov '06: 3,042

Oct '06: 3,345

Sep '06: 3,520

Aug '06: 3,684

Jul '06: 3,548

Jun '06: 3,415

May '06: 3,121

Apr '06: 2,658

Mar '06: 2,533

Feb '06: 2,259

Jan '06: 2,480
Dec '05: 2,444

Nov '05: 2,700

P.S- If you have something to add about what's happening in your neighborhood or you disagree with me on something or just want to rant about the market; You're most welcome to add to the conversation by leaving a comment . Thanks!

* Reno Residential homes site/stick built

Number of updates: 17'th
Updated: July 6,2008
Source: Multiple listing Service
Next Release Time: August 7,2008 (Every 7'th of the month)

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Reno Somerset-Northwest Real Estate Market Report: (updated)

Somerset.com "The clubhouse pool at Somerset"

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"Buyers can get a bird's-eye view on the overall Supply & Demand for the Reno Somerset-Northwest areas"

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About: An in-depth look at the Reno-Northwest (MLS area: 120), Reno Northwest Suburban (MLS area: 121) & Reno-Somerset (MLS area: 122) real estate market areas.

I used to follow the 'Days on the market' statistic to keep up with the trend in these areas but Craig King, our chief operation officer, advised me to use MSI instead. He is right. MSI has turned out to be more dependable. Thanks Craig.

You can come up with the Months Supply of Inventory by dividing the number of listings by the number of sales.

Hope it helps.

Time period of December 2005 - Jun 2009.

WIIFM (what's in it for me?): This is crucial information for home buyers and home sellers in the Northwest Reno area.

Sellers can get a realistic estimate on how long it would take for their homes to sell.

Buyers can get a bird's-eye view on the overall Supply & Demand for the Reno-Northwest areas- comparing the ratio of homes for sale,new homes on the market and homes sold.

Highlight(s):

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"Median price continue to go South. But demand is still going up since January of this year."

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(June 2009) Supply is still on a nose dive. Demand is up the roofs. Inventory (inevitably) is way down (a good sign).

(May 2009) Inventory is at 2.5 months--a two-year low (positive sign)!

(Apr 2009) Homes sold and homes in contract are going up since January 2009. MSI (inventory is down to 2.1 months! a good sign). If you are thinking of selling your home, pay attention to this data--sell while supply is low! Median price is still going down--but I wonder for how long?

(Mar 2009) Demand (higher) and MSI (lower) continue to perform well. A very good sign.

(Feb 2009) 3.6 months supply of inventory is even better than last month's low number (lower is better). Sellers are still wary of the market, but expect this to go up come spring and summer. Sellers, now is the time to prepare for the summer buyer rush.

(Dec 2008) Inventory is down. Demand is even. Months supply of inventory is at 6.4 mos (from 11.3 months!). This is good numbers!

(Oct 2008) Median price continue to go South. But demand is still going up since January of this year. Supply is lukewarm.

(Sept 2008) Demand continue to go up. Supply is still relatively low if you compare it from the previous three to five years. Median price continue to struggle but MSI (months supply of inventory) is low (a good sign).

(Aug 2008) I haven't seen supply and demand this good in years! Reno-Northwest and Somersett area seems to be heading for a market bottom in terms of demand. Hope the price reaches a bottom as well. We'll wait and see.

Click Here To Read History of Comments

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Call Joe at 775-338-7653 for a Free-No Pressure - No Obligation Market Analysis of s specific zip code you are interested in!

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Graph(s):

Supply: Somerset-Northwest Real Estate

Click image for full-page view

Demand: Somersett-Northwest Real Estate
Click image for full-page view

MSI- Months Supply of Inventory
Click image for full-page view

Months supply of inventory

June '09: 1.6 mos.

May '09: 5.3 mos.

April '09: 4.5 mos.

Mar '09: 5.8 mos.

Feb '09: 5.6 mos.

Jan '09: 7.5 mos.

Dec '08: 8.7 mos.

Nov '08: 11.7 mos.

Oct '08: 9.9 mos.

Sept '08: 7.7 mos.

Aug '08: 10.0 mos.

Jul '08: 9.2 mos.

Jun '08: 8.7 mos.

May '08: 8.8 mos.

Apr '08: 7.9 mos.

Mar '08: 8.5 mos.

Feb '08: 10.2 mos.

Jan '08: 13.5 mos.

Dec '07: 25.4 mos.

Nov '07: 14.1 mos.

Oct '07: 14.7 mos.

Sep '07: 16.0 mos.

Aug '07: 12.7 mos.

Jul '07: 8.5 mos.

Jun '07: 8.0 mos.

May '07: 8.1 mos.

Apr '07: 6.5 mos.

Mar '07: 10.6 mos.

Feb '07: 6.6 mos.

Jan '07: 7.4 mos.

Dec '06: 13.1 mos.

Nov '06: 11.1 mos.

Oct '06: 11.9 mos.

Sep '06: 15.2 mos.

Aug '06: 10.3 mos.

Jul '06: 11.7 mos.

Jun '06: 12.0 mos.

May '06: 9.1 mos.

Apr '06: 9.8 mos.

Mar '06: 7.8 mos.

Feb '06: 10.6 mos.

Jan '06: 12.4 mos.

Number Of Homes For Sale:

June '09: 424

May '09: 414

Apr '09: 426

Mar '09: 429

Feb '09: 432

Jan '09: 418

Dec '08: 440

Nov '08: 455

Oct '08: 486

Sep '08: 528

Aug '08: 550

Jul '08: 575

Jun '08: 558

May '08: 540

Apr '08: 531

Mar '08: 530

Feb '08: 505
Jan '08: 489

Dec '07: 477

Nov '07: 470

Oct '07: 545

Sep '07: 512

Aug '07: 566

Jul '07: 578

Jun '07: 602

May '07: 570

Apr '07: 542

Mar '07: 497

Feb '07: 475

Jan '07: 534

Dec '06: 524

Nov '06: 611

Oct '06: 687

Sep '06: 739

Aug '06: 804

Jul '06: 763

Jun '06: 763

May '06: 680

Apr '06: 577

Mar '06: 548

Feb '06: 482

Jan '06: 478
Dec '05: 481

Number of Homes SOLD:

June '09: 65

May '09: 47

Apr '09: 65

Mar '09: 59

Feb '09: 36

Jan '09: 28

Dec '08: 37

Nov '08: 38

Oct '08: 44

Sep '08: 54

Aug '08: 50

Jul '08: 56

Jun '08: 52

May '08: 49

Apr '08: 50

Mar '08: 36

Feb '08: 29
Jan '08: 17

Dec '07: 27

Nov '07: 27

Oct '07: 35

Sep '07: 32

Aug '07: 53

Jul '07: 52

Jun '07: 62

May '07: 52

Apr '07: 51

Mar '07: 47

Feb '07: 51

Jan '07: 33

Dec '06: 40

Nov '06: 42

Oct '06: 42

Sep '06: 49

Aug '06: 55

Jul '06: 52

Jun '06: 58

May '06: 48

Apr '06: 48

Mar '06: 41

Feb '06: 37

Jan '06: 29
Dec '05: 50

Community Links:

P.S- If you have some comments or would like to correct anything in the article,kindly send your thoughts I'd love to hear them! You can also call me on my cellphone for any questions you may have: Joe- 775-338-7653

* Reno Northwest,Reno Northwest Suburban & Reno Somerset

* Residential homes site/stick built

Updated: July 4,2009 (12'th update)

Source: Multiple listing Service

Next Release Time: Aug 4 ,2009 (Every 4'th of the month)

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