When I tell people I’m in the mortgage industry, I often get questions like, “Is the housing market starting to rebound?” The short answer is yes. It has been rebounding rapidly and consistently for the past couple of years. I recently stumbled across this article that illustrated how Nevada is ranked as the #1 fastest growing state in terms of home prices. It has grown 22.2% in the past 12 months. To gain a better understanding of the market in Reno, I asked for an experienced agent’s opinion: Joe Wieczorek [Why –zor-ek] from Dickson Realty:
Q: What do current inventory levels look like?
A: Inventory is extremely low. There are only 834 available properties, (homes without a pending offer) in all of Reno and Sparks!
Q: Considering the low inventory, how “hot” is the market right now, (how quickly are offers being accepted?)
A: It depends on the area and the pricing. If homes are priced at the comparable averages, they will usually be sold in a day or two. If homes are priced under the market value, multiple offers will come in immediately.
Q: What is generally the nature of most buyers you’re encountering? Investors, cash buyer’s from the Bay Area, first time homebuyers, etc?
A: The market has shifted from being dominantly investors to more owner occupiers. Most of the homes we are selling are to families upgrading or relocating to the area.
Q: What are your predictions regarding where the market is headed?
A: I think single family residence sales will continue to be strong: Buyers that short sold or foreclosed years ago are now being eligible to buy again and homeowners suddenly have more equity. Interest rates are still low, prices are still rebounding and there is still limited inventory which will prevent depreciating home values.
Q: Are there particular areas in Reno where you see equity rising faster?
A: Family friendly areas that were hit the hardest have risen the most!
If you have any further questions about the Real Estate market in Reno or you’re interested in purchasing a home, I would highly recommend speaking to Joe or checking out his website.
Office Phone: 775-850-7000
Mobile Phone: 775-335-5962
For more information about the Real Estate market in Reno in February, I found Guy Johnson’s blog from Keller Williams to contain some very insightful information. Some the facts I found most interesting included: The median sales price is up 23.6% from last February. The Reno-Sparks median home sales price is now $100,000 higher than it was at rock bottom in January of 2012, when median prices were $135,000. Below is a table from Guy’s blog that illustrates the details of February sales In February.
|sales price ($000′s)||units sold||cumulative %|
|0 – 99||12||3.2%|
|100 – 199||137||39.7%|
|200 – 299||115||70.4%|
|300 – 399||61||86.7%|
|400 – 499||19||91.7%|
|500 – 599||6||93.3%|
|600 – 699||9||95.7%|
|700 – 799||4||96.8%|
|800 – 899||3||97.6%|
|900 – 999||3||98.4%|
For more information about the Real Estate market in Reno, you can check out this monthly video from the Reno Sparks Association of Realtors. This video highlights the trends from January. They also touch on some mortgage trends, but you should come talk to me if you have any questions about trends in that arena, as I feel the video makes things seem worse than they really are. If you don’t find the information in this video useful, you will at least appreciate the background music. Do you find any of these stats surprising? Please leave me a comment and let me know what you think.