Contact Us

  • Joe Salcedo: 775-338-7653
  • Ian Mariano: 775-338-7649
  • Chase: 1877-922-5900

  • Joe Salcedo

JSG At Work(pics)

  • Girls in the office
    Joe & Ian up close and personal

  • Ian Mariano

  • Add to Technorati Favorites

« June 2007 | Main | August 2007 »

July 2007

July 29, 2007

Glad To Have you...

Hello there!

      Thank you for paying a visit to our blog.

The primary purpose of this blog is to help you better

understand the Reno-Sparks real estate market through the use of

relevant facts and figures. We encourage you

to leave suggestions, questions and comments.

This is very important to us because it helps us understand

the market in a deeper way. It will also tell us if something

is indeed helping you or something needs to be improved.

Don't hesitate to contact us (email and/or phone)

if you have a more detailed question about

the  Reno-Sparks Real Estate Market 


      It is the author's hope that this blog will truly give you lasting value.

                                                     Happy  Browsing!
                                                     Joe & Ian

      
                                                                                                                               
    

July 28, 2007

Housing Sales: May 2006 vs May 2007

Housing_salesmay_2007
   

Highlights:  Both Sparks and Reno are hurting based on the decreasing number of housing sales(2006 vs 2007) but Sparks is doing much better compared to Reno in number of sales of single family homes & condos.

Single family home sales (2006 vs 2007)                 Number of sales of Condos (2006 vs 2007)

Reno : -27.6%                                                                 Reno:  -47.6%

Sparks:  -10.2%                                                               Sparks: -13.3 %
 

Observations:

  • Reno's number of sales of single family homes down by -44.8%  (2006 vs. 2007)
  • Reno's Median sales price of single family residence is doing better compared to Sparks (Reno: -14.1% vs Sparks: -15.8%
  • Sparks has a lower number of sales of single family homes & condos compared to Reno.
  • Median price per Sq.ft of single family homes in Sparks is lower than reno.


Source: Washoe County Assessor 

Supply & Demand: June 2005- June 2007

Basic_supply_demand_upto_june_30_07


Highlights:  As the Inventory of homes in the Reno-Sparks area dropped so did the under contract and sold homes. Based on this data we have less supply and demand. It seems that buyers are in the sidelines observing what the Reno-Sparks market  will be doing. A sign of a healthy fear of the market. I think that is good for especially those who are not  sure of  living in their homes for at least 10 years.

Observations:

  • We have less inventory of homes(for sale) in the market compared to 2006.
  • Comparing June 05 and June 07, the market  had an increase of 45.74% in homes for sale in the Reno-Sparks area.

Source: Broker Metrix/Multiple Listing Service


Supply & Demand # units (sold): June 2005-June 2007

Basic_supply_demand_upto_june_30__2

Highlights:  This  data supports the  research of my friend Dan Wyatt  who said  in early 2006 that the real estate market topped  in June/July of 2005. Apparently,  the Reno-Sparks market  topped at the same time if you were to base it on the number of homes sold.

Observations:

  • There are 229 less homes sold in June 07' compared to June 05'(-44.21%)
  • The difference between (in number of homes sold) June 06' VS June 07' is significantly lower than June 05' VS June 07' ( -44.21% VS -27.25%) which means that the market's speed in going down is slowing. The market is still on a downward trend but based on this data the worst might be over. Time will only tell. Continue to observe what the market will do. Don't be overly optimistic but don't live in a position of fear either. Do what the market tells you to do(not your relative's or neighbor's opinion).


Source: Broker Metrix/ Multiple Listing Service

Months Supply of Inventory: June 2005-June 2007

Msi_renosparks_2


Highlights: 18.5 Months Supply of Inventory in June 07 ! Whew. What does that suppose to mean? Honestly, I have no clue why we have that number in June. But  what you will notice  is that the MSI was slowly going down if not for the humongous  18.5 months of June 07'. We'll have to wait and see what happens next.

Quick advice on those of you who want to sell your home or those who are currently in the market. Price your home in the top 3 in  your area. Also, be and stay in the top 3 of the best condition category. You will surely attract more attention and possibly a much faster sale.

* this advice was given to me by Joanne Correira

Observations:

  • Based on this data the MSI for the warmer months(June,July,August) of 2005 & 2006 are lower than the colder months of the same years.
  • The data tells us that it is still a strong buyer's market.


Source: Broker Metrix/ Multiple Listing Service


Median Price (Sold) Reno-Sparks: June 2005-June 2007

Median_price_sold_up_to_june_302007


Highlights:  As of June 2007, the  median price of sold homes in the Reno-Sparks area is $320,500.

.

Key Factors


  • From June 05' to Oct 06' the market was in a downward movement. But notice from September 06' to June 07'  the market moved sideways breaking the pattern that June 05' to Oct 06' set. Does it mean that the prices of homes sold in the Reno-Sparks area are beginning to stabilize? I think it's too early to tell but definitely worth following.


Source: Broker Metrix /
Multiple Listing Service


We reached the absolute peak in the Reno-Sparks area in September of 05' at $365,000.  We are currently down12.19% from our peak

July 27, 2007

New Home Sales 2005,2006 & 2007

New_home_sales_2_2
                                                                                                                                                                                                                                  

New Home Sales 2005 (United States)

  • Jan- 1,121,000                                       
  • Feb- 1,275,000
  • Mar- 1,313,000
  • Apr- 1,271,000
  • May- 1,321,000
  • Jun- 1,324,000
  • Jul- 1,373,000
  • Aug- 1,197,000
  • Sep- 1,260,000
  • Oct- 1,404,000
  • Nov- 1,233,000
  • Dec- 1,298,000

New Home Sales 2006 (United States)

  • Jan- 1,207,000
  • Feb- 1,066,000
  • Mar- 1,142,000
  • Apr- 1,180,000
  • May- 1,166,000
  • Jun- 1,120,000
  • Jul- 1,009,000
  • Aug- 1,021,000
  • Sep- 1,037,000
  • Oct- 1,013,000
  • Nov- 1,069,000
  • Dec- 1,123,000

New Home Sales 2007 (United States)

  • Jan- 937,000
  • Feb- 848,000
  • Mar- 858,000
  • Apr- 981,000
  • May- 893,000

Highlights:

Observations:

Source:










Housing Starts & Building Permits- 2007

Housing_starts_and_b_permits_2007_3

Housing Starts 2007 (Thousands)

  • Jan-1408K
  • Feb- 1525K
  • Mar- 1518K
  • Apr- 1528K
  • May- 1474K


Building Permits 2007 (Thousands)

  • Jan- 1568K
  • Feb- 1532K
  • Mar- 1544K
  • Apr- 1429K
  • May- 1501K

Highlights:

Observations:

Source:

Housing Starts & Building Permits- 2006

Housing_starts_and_b_permits_2006


Housing Starts 2006 (United States)

  • Jan- 2,303,000
  • Feb- 2,126,000
  • Mar- 1,996,000
  • Apr- 1,863,000
  • May- 1,953,000
  • Jun- 1,841,000
  • Jul- 1,772,000
  • Aug- 1,674,000
  • Sep- 1,740,000
  • Oct- 1,488,000
  • Nov- 1,572,000
  • Dec- 1,643,000

Building Permits 2006 (United States)

  • Jan- 2,216,000
  • Feb- 2,179,000
  • Mar- 2,097,000
  • Apr- 1,973,000
  • May- 1,946,000
  • Jun- 1,862,000
  • Jul- 1,747,000
  • Aug- 1,727,000
  • Sep- 1,638,000
  • Oct- 1,553,000
  • Nov- 1,505,000
  • Dec- 1,613,000

Highlights:

Observations:

Source:

Housing Starts & Building Permits- 2005

Housing_starts_and_b_permits_2005


Housing Starts 2005 (United States)

  • Jan- 2,183,000
  • Feb- 2,229,000
  • Mar- 1,836,000
  • Apr- 2,005,000
  • May- 2,004,000
  • Jun- 2,045,000
  • Jul- 2,035,000
  • Aug- 2,038,000
  • Sep- 2,134,000
  • Oct- 2,017,000
  • Nov- 2,121,000
  • Dec- 1,933,000

Building Permits 2005 (United States)

  • Jan- 2,132,000
  • Feb- 2,107,000
  • Mar- 2,021,000
  • Apr- 2,148,000
  • May- 2,050,000
  • Jun- 2,132,000
  • Jul- 2,171,000
  • Aug- 2,138,000
  • Sep- 2,189,000
  • Oct- 2,103,000
  • Nov- 2,163,000
  • Dec- 2,068,000

Highlights:

Observations:

Source: