As promised… Here are the homes sold this month so far in Northern Nevada by Harcourts NV1 Realty.
This market is on fire right now. If you are looking to sell drop me a line. Interest rates are the lowest they have been since 2013 and there is not much out there to buy. As you all know I work with both Sellers and Buyers. In this market working with both keeps me knowing what the other side of the fence is going through.
Look forward to hearing from you.
Homeowners you could be sitting on a nice payday.
So people around town have been asking me how is business, are you keeping busy, what is the market like? Well I have heard you loud and clear.
Every Week from here on out I will post and update of the homes the Harcourts Team has sold in the last week with the price and address. We are in a very exciting time right now with all of the positive things that are happening in our AMAZING community.
So today is the first of many that will give a recap of what we at Harcourts Realty are doing in our community.
Have an awesome day and remember to have FUN!!!
Currently there are 981 sales pending in the market overall, leaving 1324 listings still for sale. The resulting pending ratio is 42.6% (981 divided by 2,305).
So you might be asking yourself, that’s great… but what exactly does it mean? I’m glad you asked!
The pending ratio indicates the supply & demand of the market. Specifically, a high ratio means that listings are in
demand and quickly going to contract. Alternatively, a low ratio means there are not enough qualified buyers for the
Taking a closer look, we notice that the $200K – $300K price range has a relatively large number of contracts pending sale.
We also notice that the $200K – $300K price range has a relatively large inventory of properties for sale at 363 listings.
The average list price (or asking price) for all properties in this market is $586,079.
A total of 3252 contracts have closed in the last 6 months with an average
sold price of $290,184. Breaking it down, we notice that the $200K –
$300K price range contains the highest number of sold listings.
Alternatively, a total of 689 listings have failed to sell in that same period
of time. Listings may fail to sell for many reasons such as being priced
too high, having been inadequately marketed, the property was in poor
condition, or perhaps the owner had second thoughts about selling at this
particular time. The $200K – $300K price range has the highest number of
off-market listings at 215 properties.
Reno_and_Sparks Market Report
According to Realtor.com’s latest Monthly Housing Summary the list prices for homes across the country increased 7.57 percent year-over-year in October. Of the 146 markets tracked by Realtor.com 85 percent reported year-over-year increases — with many showing gains of 20 percent or more; and even a few with increases of 30 to 40+ percent.
Reno, Nevada ranked 4th nationwide amongst housing markets with the largest increase in list price. Reno’s median list price increased 29.29 percent year-over-year.
The Realtor.com report also showed Reno’s median list price for October was $258,577. To compare these numbers to actual sold homes in October, Reno’s median sales price was $215,000, for a year-over-year increase of 19.4 percent.
What other markets showed the largest gains in list prices? Here are the top-ten…
||Area / Region
||Median List Prices
||Median Age of Inventory
||Santa Barbara-Santa Maria-Lompoc, CA
||Melbourne-Titusville-Palm Bay, FL
||Las Vegas, NV-AZ(NV)
||San Diego, CA
Are you worried that the recent increases in interest rates will stall the housing recovery? Relax. According to Freddie Mac’s latest U.S. Economic and Housing Market Outlook interest rates have a long way to climb before we’d see a substantial reduction in demand for home purchases.
From the report…
To be sure, low mortgage rates have helped fuel the recent good news in housing, where house prices have been increasing across most of the country. While it’s true that rising mortgage rates and increasing house prices work together to drive up the cost of buying a home, mortgage rates remain near their 60-year historical lows helping to keep homebuyer affordability strong. At today’s house prices and income levels, mortgage rates would have to be nearly 7 percent before the U.S. median priced home would be unaffordable to a family making the median income in most parts of the country. So while rising interest rates will reduce housing demand, rates would have to increase considerably more before the reduction in demand for home purchases would be substantial across the country.