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May 2016

Found 12 blog entries for May 2016.

At the end of April, 2016, the median home price for the Reno-Sparks region climbed to $294,500. Although this was slightly less than March’s $295,000 median, it represented a healthy 8.3% increase from April of last year. We expect the median to continue to climb as the demand in most price ranges, fueled by continued job creation and low mortgage rates, out paces the supply of affordable homes.

The Average Days on Market for April remained even with March’s 92 days, which is a 19% decrease from February. The average Days on Market usually trends downward this time of year, and through summer, after peaking in the winter months.

Reno Sparks Days on Market

Why should this information matter to you? For sellers who have equity as a result of the increase in property

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Despite considerable amounts of moisture this winter, as of May 3, 2016, Reno-Sparks is still in an extreme drought. Though we do not currently have any additional water restrictions, we should always be actively conserving water. If you are planning to sell your home, drought conditions don't mean you have to sacrifice the beauty of your yard. Just follow these tips to ensure your curb appeal stands out to prospective home buyers. 

1. Know Your Growing Zone. The Reno-Sparks area is in growing zone 7a. When shopping at a local garden center, check the tags on plants to make sure they will grow in our area so you don't end up with plants that can't make it through our dry, warm summers. Also check the "hardy-to" temperatures on the plant tags. If you

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There have been murmurings that Reno-Sparks is in a housing bubble. Take a look at the graph below. Reno-Sparks home values peaked in the 4th quarter of 2005 with a median home price of $350,000. If we look at the average appreciation rate of 1% per quarter, the median home value during Q4 2005 should have been just under $200,000. 

Now let's look at the current home value. According to the 1% per quarter appreciation rate, we should be $289,930. The current median home value is is $290,000 so we are almost exactly where we should be. 

If you have any concerns or questions about the Reno-Sparks real estate market, please call us at 775-453-4568. We would love to be of assistance. 

 

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Nancy Fennell comes from a long line of strong southern women, and it has shown in her leadership of her company, locally based Dickson Realty.

The Nevada Women’s Fund has chosen Fennell, 63, as their 2016 Hall of Fame inductee. Fennell, originally from North Carolina, co-owns the business with several partners, including husband Harvey Fennell and son Tom Fennell.

Fennell, who bought part of Dickson Realty with her husband in the late 1980s and bought the majority of it in the 1990s, will receive the honor at the fund’s 25th Annual Salute to Women of Achievement luncheon from 11:30 a.m. to 1:30 p.m. Thursday, May 26 in the Grand Ballroom of the Grand Sierra Resort.

“A member of the event committee for our very first event, Nancy has dedicated

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Reno-Sparks Jumps 93 spots to rank 4th in the nation for mid-size economic hot spots; according to RCLCO, a national real estate consulting firm that tracks estate trends and issues Click here for article
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Old SW Reno BackyardIf you're planning to sell our home, or if you just want to get the most of your outdoor space, it may be time to invest in a few landscape renovation projects. According to Improvenet, the average homeowner spends just under $3,000 on landscape projects. Here are some landscape renovations that have the best return on investment. 

-Clean Up. If your yard took a beating this winter from storms or neglect, cleaning up what you already have can freshen up your space. Pull weeds, blow or rake the piles of last years' leaves, rake mulch and trim unruly shrubs. Even if you don't have regular lawn service, many lawn service companies will do a one time clean up if you're unable or would rather not do it yourself. 

-Plan Your Flowers. Many homeowners make

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Let's review the Reno Sparks housing market activity, comparing month over month as well as year over year activity through April 30, 2016. 

Please contact us if you have any questions or would like to discuss what is happening in our local real estate market.

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Let’s take an in depth look at the Reno-Sparks housing market activity, comparing April to March 2016 activity, and also to activity from April 2015.

According to the Reno Sparks Association of Realtors, the median Sold Price for single family homes in the Reno/Sparks area decreased by a modest 0.2% to $294,500 in April, 2016. When we compare April 2016 to April 2015, there was a healthy 8.3% increase, validating a strong market locally.

The number of homes sold, or Units Sold, declined from 577 in March to 547 in April. There was also a decrease in units sold of 3.5% when comparing year over year data.

There were 835 new listings recorded for April, which is just 68 more new listings than in March. Over a quarter of the new listings for April

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There were 1,750 available listings at the end of April 2016. Although we have had a steady increase in the number of available listings since December of last year, the available listings are down 14% from March of 2014.

The 6-month trend of sold properties has been like a roller coaster, with 527 homes sold in April, a high of 577 sold in March and a low of 368 in February. This trend follows the trend of New Listings. In the months where more homes are listed, we see a similar uptick in homes sold. More evidence that demand is very strong, especially in price ranges below $600,000.  As buyers continue to outpace sellers, the need for new construction is increasingly necessary.

Although the median sales price dropped by $1,000 from March, to

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A recent article by the Reno Gazette Journal expands on what we already know; the Reno housing market is hot. Increased housing demand and a limited supply of homes for sale make the existing and new home market stronger than we've seen in years. We're still not at the level we saw in 2005, but home builders have gained confidence and with more companies moving to the region, the demand is expected to continue. 

New home construction increased by 26% from January to March of this year. According to the RGJ article, the average new home price is $405,000, an increase of 7% since last year. Another factor is lot inventory. 

"Lot inventory in the Reno metro continues to shrink as absorption outpaces new lot deliveries. Given the pace of new housing

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