There are currently 273 blog entries published by Mitch Argon / CalNeva Realty.
Tuesday, May 14th, 2013 at 10:35am. 213 Views, 0 Comments.
Northern Nevada Real Estate Update - May, 2013
Since hitting a bottom in early 2012, the local real estate markets have recorded median price appreciation, on average, of 53% - a "hard" bounce off the bottom! Of course, in 2003,2004,2005, we learned that hyper inflated rates of appreciation do not sustain. Our local markets will begin to moderate and we should see sustainable appreciation as a number of factors begin to play out in the local markets. These primary factors are:
- Investor Activity Drop Off - As prices increase, it becomes more challenging for local real estate investors to realize target rates of return on rental properties. It also makes it more difficult to pick up bargains due to the increased activity. The longer…
Monday, April 15th, 2013 at 9:29am. 829 Views, 0 Comments.
Reno-Tahoe Housing Price Rises Continue - April, 2013
Last month, I did some comparisons to the current housing market to the bubble years of 2004-2005. The trend continues as the market is plentiful with buyers and not enough home sellers. A few weeks ago, one of our agents submitted an offer for a home buyer client we are helping and, after bidding $40,000, over the list price, the offer was rejected and we learned that there were over 90 offers on the property. Crazy? Insane? Irrational Exuberance? You could use any one of these descriptors to sum up some of what we are currently experiencing in the market.
I have enhanced a chart in The Greater Reno-Tahoe Real Estate Report ("Recent Peak to Trough Median Price Summary on page 8 of…
Saturday, March 16th, 2013 at 10:30am. 1302 Views, 0 Comments.
Reno-Tahoe Housing Bubble (Round 2) - March, 2013
Housing Bubble? Yes. If you are a fan of the movie "Groundhog Day" (I love it!; if you have not seen it, watch it to fully understand this post.), that is a good backdrop for our current market conditions. [Yes, Groundhog Day was last month... I know.]
Of course, we are not repeating our "real estate market" on a daily basis, but it was not long ago (Summer, 2005) that the most recent Reno-Tahoe housing bubble burst. The rise to the peak of that market cycle began in the very early 2000s - a 5 year run up in prices with a good number of those years recording 20 - 25% annual price appreciation. Read below or review our report to get refreshed on current conditions.
Fast forward to…
Saturday, February 16th, 2013 at 1:04pm. 1200 Views, 0 Comments.
Reno-Tahoe Housing Update - February, 2013
Last month, I posted an annual recap of the market. This month, we'll get back into the specific summaries on a market by market basis. In general, the theme remains the same: lower inventories, continued high buyer demand, and increasing prices. Each of the local markets will have different characteristics but all are generally consistent on the latter traits.
We are seeing an increase in the Notice of Defaults being filed by the banks to start the foreclosure process. I am including a chart from Ticor Title that shows these numbers in the context of the impact from AB-284 (October, 2011) and how this has slowly recovered to about 1/2 of what it was prior to the AB-284 impact. Here is the…
Saturday, January 19th, 2013 at 1:33pm. 855 Views, 0 Comments.
Reno-Tahoe Real Estate 2012 Annual Review
This post will focus primarily on 2012 in the context of years passed. The year was full of substantial changes which I have touched on over the last several months (AB-284 impact, tightening inventory, increasing prices, intense buyer competition at low to medium price ranges, etc). Before getting into the numbers, see below for a few comments:
AB-284 Update: While there will likely be discussion and some possible changes to this law, the real estate community is expecting those changes to be slight. We are seeing a revived increase in the number of Notice of Defaults that are being filed - 237 in December which is about 1/2 of the number being filed pre AB-284. I'll keep you posted on this…
Friday, December 14th, 2012 at 8:14pm. 866 Views, 0 Comments.
Reno-Tahoe Real Estate Update - December, 2012
Below is a summary recap of housing market conditions throughout the Reno-Tahoe region for November/December 2012. I have some details below for each market but the 'bigger picture' trends are continuing on the path we have experienced through all of 2012. The Nevada Legislature will begin their session on February 4, 2013 and AB-284 and how it has impacted the housing market will be carefully watched by all who have an interest in the real estate markets. By this time next month, we will know if we are falling off of the fiscal cliff or not and how the Mortgage Foregiveness Debt Relief Act may have survived or become early road kill as part of the federal government's need to increase tax…
Friday, November 16th, 2012 at 5:46pm. 965 Views, 0 Comments.
Reno-Tahoe Real Estate Update - November, 2012
Below is a summary recap of housing market conditions throughout the Reno-Tahoe region for October/November 2012. We are continuing to see tight inventories and stable to increasing prices over the recent months. The number of foreclosure homes being sold has settled into a range which is about 1/3 of what was selling prior to the market impact of Assembly Bill 284 (AB-284) which went into effect in October, 2011. Here is a link to the Ticor Title charts showing the trends for foreclosure activity in Washoe County.
Another factor that is likely contributing to the decrease in available homes for sale is the expiration of The Mortgage Forgiveness Debt Relief Act scheduled for December 31, 2012.…
Thursday, October 18th, 2012 at 2:59pm. 590 Views, 0 Comments.
Reno-Tahoe Housing Market Spotlight - October, 2012
Below is a summary recap of housing market conditions throughout the Reno-Tahoe region for September/October 2012. We are continuing to see tight inventories and stable to increasing prices over the recent months.
Bank Foreclosure Update - Ticor Title publishes a chart each month that shows trends for Notices of Default, Notices of Sale, and Bank/Foreclosure Inventory. If you are a regular reader of this blog, you know that the Notices of Default dropped significantly in October, 2011 due to the AB-284 law going into effect. For several months, it has been appearing as though this law would have a long term impact resulting in REO inventory levels dropping to about 10% of what they were…
Thursday, October 4th, 2012 at 6:42pm. 267 Views, 0 Comments.
Chichester Real Estate Snapshot - Gardnerville, NV
This market update focuses on Chichester in Gardnerville, NV. Chichester features approximately 800 single family homes. New home construction started in Chichester around 2003. The community offers a great balance of affordability and proximity to schools, shopping, and nearby recreation and parks such as Lampe Park, Heritage Park, and Stodick Park. Chichester features single story and two story homes with most on an average lot size of .15 to .2 acres. Chichester homes do have CCRs and belong to a homeowner association with a very modest fee to cover limited common area maintenance - there are no community amenities.
View Chichester Homes for…
Friday, September 14th, 2012 at 10:19am. 1589 Views, 0 Comments.
Reno-Tahoe Housing Market Spotlight - September, 2012
Below is a summary recap of housing market conditions throughout the Reno-Tahoe region for August/September 2012. We are continuing to see tight inventories (many of the homes that are reported as in inventory for this report are in a "pending" or "in escrow" status which has been the way these charts have been prepared and presented for years), stable to increasing prices over the recent months, and some interesting new trends developing within the area of bank foreclosure activity.
Bank Foreclosure Update - Ticor Title publishes a chart each month that shows trends for Notices of Default, Notices of Sale, and Bank/Foreclosure Inventory. If you are a regular reader of this blog, you…