Reno-Tahoe Mid Year 2015 Housing Update
Welcome to the Mid Year Housing Market Review. Each month, we update The Greater Reno-Tahoe Real Estate Report. If you are interested in seeing the charts and tables behind this summary, you can view the market report (PDF) here. Want to get an email update each month with a market snapshot and other related news? Click Here to subscribe to the report or share with a friend!
Let's start off with a few areas of key observations.
With the rise in prices, there are fewer distressed properties (short sale and foreclosure/bank-owned listings) sold each month. For June of 2015, all local markets had less than 10% of total sales that were distressed properties. This percentage has been reduced by one half to one fifth, depending on the local market, since June of 2014. Expect this trend to continue to the point that this, once dominant market segment, becomes immaterial to the overall health of our local real estate markets.
New High Median Prices
Most local markets saw new median price highs (for this market period) as summarized below:
|City/Area||High Median Price||Month Achieved||% Increase from "Trough" (1H2012)|
|Carson Valley||$ 330,000||Jun-2015||102%|
Tight Inventory Levels
The insufficient number of homes available for sale continues to put upward pressure on prices and create a challenging environment for home buyers, especially at the lower price ranges where buyers continue to compete often. The table below is summarized from The Greater Reno-Tahoe Real Estate Report and gives a snapshot of the current inventory levels (July, 2015) compared to July 2014. The inventory numbers are for single family "stick built" homes listed for sale in Active AND Pending (in escrow).
|City/Area||July, 2014||July, 2015||% Change|
Compounding this is the forecast for job growth, which translates to housing needs. A recent article published in the Reno Gazette Journal (RGJ) discussed the region's job growth forecast and the new housing forecast. Even with more conservative discounts applied, the number of new homes needed in the area is quite staggering. Click here to review the Northern Nevada Jobs/Housing Forecast article.
Below is a brief summary of local markets with year over year details:
- Reno - During June, 2015, home sales were up14% over June, 2014 to 444 homes. June, 2015 median sold home price came in at $298,000 - 16% above June, 2015 and a new recent high along the path of increasing price. Reno Months of Inventory for July, 2015 is at 4.4 months - 14% lower than July, 2014 On the distressed property front for June, 2015, Reno had 20 short sales (5% of the total) and 11 REO sales (2% of the total); as discussed earlier in this report, a substantial year over year decrease. Click here to quickly review Reno summary charts and tables (PDF file).
- Sparks - Sparks homes sold in June, 2015 totaled 191(up 14% from one year ago June sales); median home price was $257,000 - up 9% from Spark's median home price of one year ago. Months of Inventory for Sparks is down to 3.5 months, 18% lower than July, 2014. Again, distressed sales in Sparks totaled 9% of the total market with 6% as short sales (11 homes) and 3% as foreclosure sales (5 homes). Click here to quickly review Sparks summary charts and tables (PDF file).
- Carson City - There were 64 homes sold during June, 2015 which represents a 23% increase from June, 2014. Carson City's median home price was $230,00 in June - 18% higher than the median price a year ago. Carson City Months of Inventory is at 4.6 months showing a decline of 26% from one year ago. 8% of Carson City sales in June, 2015 were distressed - 4 short sales (6%) and 1 foreclosure sales (2%). Click here to quickly review Carson City summary charts and tables (PDF file).
- Carson Valley - Homes sold in June, 2015 totaled 93 - a 31% increase over June, 2014. The Carson Valley median home price at $330,000 is 12% higher than the June, 2014 median price. Months of Inventory is at 6.2 months and down 15% from the same time one year ago. The Carson Valley has fewer distressed sales than other areas (except Tahoe); total distressed sales for June, 2015 were 4% of the total: 1 short sales (1%) and 3 REOs (3%). Click here to quickly review Carson Valley summary charts and tables (PDF file).
Below are a few "quick links" to help you get directly to other key areas on The Greater Reno-Tahoe Real Estate Report based on your area of interest:
- Regional Summary - annual comparison across all local markets
- Regional Summary - monthly comparison across all local markets
- Fernley Market Summary
- Dayton Market Summary
- Lake Tahoe Market Summary
- Distressed Property Summary (all regions)
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Broker - CalNeva Realty