Reno Home Blog

Caughlin Ranch Real Estate: An insiders look

Photo By: Caughlin Ranch Homeowners Association

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               "My goal is to give you an advantage over your competition by showing you what the market is doing."

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WIIFM (What's in it for me?):

I want to show you what's happening in the Caughlin Ranch Real Estate Market.  If you're a buyer or seller in this area my goal is to give you an advantage over your competition by showing you what the market is doing. 

This data comprises the areas of Reno-Old Southwest (MLS area: 160)  Reno-West-Southwest (MLS area:161)

Time period: December 2005-September 2008

Highlights:

• (Sept 2008) Supply is taking on a shape of a "W".  Going up in the summertime and down when winter comes. I'm waiting to see if this will continue this coming winter.  Median price is still on a downward trend.  Demand has been significantly going up since September 2007.

• (Aug 2008) Demand for Caughlin Ranch homes has been steadily going up while sellers are fewer than what it was two years ago.  Prices of homes are still struggling esp. for high end listings.

• (May 2008) Supply is still in a downward trend but ever since February of this year sellers have been going out in droves.( see: 1st graph)

• (May 2008) Demand,similar to supply is still in a downward trend.  Buyers seems to be waiting for the prices to stabilize before they get in the market.(see: 2nd graph)

• (May 2008) Median prices of homes are still down.  March 2008 could be the market bottom for median home prices for Caughlin Ranch. Prices have been steadily going up since start of this year's summer (see: 3rd graph).

Graphs:

Supply

 Click image to enlarge

Demand
 Click image to enlarge

Median Price
  Click image to enlarge

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             Call Joe (775-338-7653) to see the best homes at the best price in Caughlin Ranch today!

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Community Links:

• Caughlin Ranch Homeowners Association

• The Best Sweets In Reno (5 mins. away)
  

Number of updates: 8'th
Updated: Oct 20,2008
Source:Multiple Listing Service via Broker Metrics
Next Release Time: Nov 16,2008

+15.1% increase in Reno homes under contract from 2006-2008

(click image to enlarge)

Reno home prices (median price) is still going down but homes that are under contract (awaiting to be closed) is up.  What could this mean?

The market is gaining some steam by selling more homes while supply is going down.  Friends, always remember that demand (buyers) lead the market.  If demand goes up long enough, sellers' confidence follows.  "A healthy real estate market is a healthy supply and demand."

Don't wait for mainstream media to announce the market bottom.  Based from experience and history, news media are notoriously tardy. 

While the Reno real estate market is still going South, there is evidence (see 2nd graph) suggesting that the bottom may not be as far as we think.

And don't forget guys, even now there are price points in the Reno real estate market that are ripe for picking.

Reno real estate: median price
  (click image to enlarge)

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      "Call Joe today (775-338-7653)! For a no-hassle-no-pressure 30 minute phone meeting about what's happening in your market"
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Reno real estate: homes under contract
(click image to enlarge)

                  

Reno Real Estate: Demand (Updated Oct 10, 2008 )

"Green before bloom" Amazing photo by: Daifuku Sensei

                                     

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"Buyers seem to be more confident of our real estate market"

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About: If the inventory of homes (posted last week) show us the supply, in this post we will be looking at the demand side in the Reno real estate market.

WIIFM (what's in it for me?): By comparing the inventory of homes for sale VS the number of homes SOLD we will better understand what is really happening in the Reno real estate market. 

Highlights:

• (Sep 2008) A twenty-eight home increase for this month! But median price continue to go down.  It's worth mentioning that MSI (months supply of inventory) is down to 9 months!--a good sign.

• (Aug 2008) Demand continues to go up (started January of this year).  Sellers are still a little gun shy while median price continue to struggle.  It is important to know that not all price ranges in Reno are struggling, take for example: $150-200K.

• (Jul 2008) Demand continues to go up by another thirteen homes.  Buyers seem to be more confident of our real estate market.  I hope the trend continues even after summer ends.  Median price continues to struggle but higher demand is always good news.

Read past comments

Graph(s):

 

  Click image for full view                                       

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"I will be more than happy to give you market advice about a specific neighborhood in the Reno or Sparks real estate market. Don't hesitate to call Joe (775-338-7653) for a no hassle-no pressure phone meeting."

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Number of homes SOLD in Reno:

• Sep '08:  235

• Aug '08:  207

• Jul '08:  276
  

• Jun  '08:  253

• May '08:  210

• Apr '08:   202

• Mar '08:  163

• Feb '08: 137

• Jan '08:  107

• Dec '07:  165

• Nov '07:  138

• Oct '07:   163

• Sep '07:  146

• Aug '07:  211

• Jul '07:    197

• Jun '07:   240

• May '07:   259

• Apr '07:   222

• Mar '07:   232

• Feb '07:  203

• Jan '07:  182

• Dec '06:  202

• Nov '06:  196

• Oct '06:   247

• Sep '06:  216

• Aug '06:  219

• Jul '06:    258

• Jun '06:  296

• May '06:  264

• Apr '06:   246

• Mar '06:  258

• Feb '06:  178

• Jan '06:  187

• Dec '05:  223

• Nov '05:  263

P.S-  If you have something to add about what's happening in your neighborhood or you disagree with me on something or just want to rant about the market, you're most welcome to add to the conversation by leaving a comment. 

*  Reno Residential homes site/stick built

Updated: Oct 10, 2008 (10'th)
Source: Multiple listing Service via Broker Metrics
Next Release Time: Nov 10, 2008  (Every 10'th of the month)

Arrow Creek Real Estate: An Adulterated Report

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"This report is for the inquisitive buyer in the Arrow Creek area..."
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About:

This report is for the inquisitive buyer in the Arrow Creek area who is discontent with the general statement, "It's a great/bad time to buy in Arrow Creek!"  I think the market can best answer that.  And that's what I want to show to you here.

This report is also for the seller who wants to better understand the current state of their neighborhood in order to make a better selling decision. 

Hope it helps.

In this report you will learn:

• Median price of homes sold in Arrow Creek in the last two years.

• Number of homes for sale in the last two years.

• Number of homes SOLD in the last two years.

Observations:

• (September 2008) After a good early summer demand, homes sold is back on a downward trend.  Median price is struggling as well. 

• (August 2008) Demand,basing it from the number of homes SOLD, seems to have reached a bottom (see: second graph).

• Even though the demand has caught up median home prices are still in a downward trend.  This is not new.  Historically,demand will always be first to go up before prices.  It is just matter of time until the home prices in Arrow Creek finds a bottom if the demand continues to go up. (This is really fascinating for me, I did not expect this to happen this early)

• Inventory of homes is in a downward trend.  But  I expect it to go up this coming summer months (it's already up in April).

Graph(s):

Number of Homes For Sale

 
Click image for full page view

Number of homes SOLD
  Click image for full page view

Median Price (SOLD)
   Click image for full page view

Note:  Basing it on on past reader's experience, you may have additional questions and concerns or would want to clarify something about the Arrow Creek real estate market. 

Don't hesitate to call me, this is my full-time job and  I would love to be of service in any way. 

Call Joe: 775-338-7653

Community Links:

• Arrow Creek Country Club

• Arrow Creek Homeowners Association

* Residential homes site/stick built

Updated: Oct 9, 2008
Source: Multiple listing Service
Next Release Time:  TBA
Number of updates: 3rd

Reno Real Estate: Supply (Updated Oct 8, 2008)

" Reno River Walk" Superb photo by: Reno fog

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    "A healthy real estate market is healthy supply and demand"
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About:  We will be looking at the  number of homes for sale in Reno,NV starting from November 2005- September 2008.

WIIFM(what's in it for me?): By following the number of homes for sale in the Reno Real Estate market we will understand the overall supply in the Reno market.  Here you will be able to compare exactly how the inventory of homes have been going up or down (broken down per month for the past thirty-one months).

Highlights: 

• (Sept 2008) After five straight months (Feb-July) of increased inventory, September's  supply of homes in Reno goes down a notch.

• (Aug 2008) After a ninety-one homes increase last month, August's supply of homes dips to 2906 homes.  Overall supply is still going up since January of this year.  A good sign especially if it continues to go up all the way through winter.

• (July 2008) Supply goes up by thirty-eight homes from 2,901 homes in June to 2,939 in July. 

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"If you have a more specific question about the Reno or Sparks real estate market, call Joe (775-338-7653) for a no hassle-no pressure phone meeting."

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Observation/comments:

• (Sept 2008)  Numbers tell a story.  By looking at the supply of homes, you will have an idea about the consumer's confidence toward the market. 

• (August 2008)  A healthy real estate market is healthy supply and demand.  Both have shown signs of consistent strength this year. I hope it continues.

Graph:

Click image for full-page view

Reno number of homes for sale:

• Sep '08:  2,880

• Aug '08:  2937

• Jul '08:  3,012

• Jun '08:  2940
  

• May '08:  2,912

• Apr '08:  2,799

• Mar '08: 2,595

• Feb '08:  2,500

• Jan '08:  2,558

• Dec '07:  2,589

• Nov '07:  2,790

• Oct '07:   3,029

• Sep '07:  3,067

• Aug '07:  3,307

• Jul '07:    3,250

• Jun '07:   3,205

• May '07:  3,061

• Apr '07:   2,908

• Mar '07:  2,686

• Feb '07:  2,525

• Jan '07:  2,704

• Dec '06:  2,657

• Nov '06:  3,049

• Oct '06:   3,343

• Sep '06:  3,520

• Aug '06:  3,684

• Jul '06:   3,548

• Jun '06:  3,415

• May '06:  3,121

• Apr '06:   2,658

• Mar '06:   2,533

• Feb '06:   2,259

• Jan '06:  2,480

• Dec '05:  2,444

• Nov '05:  2,700

P.S- If you have something to add about what's happening in your neighborhood or you disagree with me on something or just want to rant about the market; You're most welcome to add to the conversation by leaving a comment .  Thanks!

*  Reno Residential homes site/stick built

Number of updates: 9'th
Updated: Oct 8,2008
Source: Multiple listing Service
Next Release Time:  Oct 7,2008  (Every 7'th of the month)

Reno Somerset-Northwest Real Estate Market Report: updated Oct 7,2008

Somersett.com "The clubhouse pool at Somerset" 

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"Buyers can get a bird's-eye view on the overall Supply & Demand for the Reno Somerset-Northwest  areas"

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About: An in-depth look at the Reno-Northwest (MLS area: 120), Reno Northwest Suburban (MLS area: 121)  & Reno-Somerset (MLS area: 122) real estate market areas.

I used to follow the 'Days on the market' statistic to keep up with the trend in these areas but Craig King, our chief operation officer, advised me to use MSI instead.  He is right.  MSI has turned out to be more dependable.  Thanks Craig.

You can come up with the Months Supply of Inventory by dividing the number of listings by the number of sales.

Hope it helps.

Time period of December 2005 - September 2008.   

WIIFM (what's in it for me?): This is crucial information for home buyers and home sellers in the Northwest Reno area. 

Sellers can get a realistic estimate on how long it would take for their homes to sell.

Buyers can get a bird's-eye view on the overall Supply & Demand for the Reno-Northwest  areas- comparing the ratio of homes for sale,new homes on the market and homes sold. 

Highlight(s):        

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"Demand continues to go up while supply is relatively low"

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• (Sept 2008) Demand continue to go up.  Supply is still relatively low if you compare  it from the previous three to five years.  Median price continue to struggle but MSI (months supply of inventory) is low (a good sign).

 

• (Aug 2008) I haven't seen supply and demand this good in years!  Reno-Northwest and Somersett area seems to be heading for a market bottom in terms of demand.  Hope the price reaches a bottom as well.  We'll wait and see.

• (Aug 2008) Positive news continue.  Though median prices is still struggling.  Demand and supply are solid.  A good measurement of a healthy market is when both supply and demand are doing good.

Click Here To Read History of Comments

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Call Joe at 775-338-7653  for a Free-No Pressure - No Obligation Market Analysis of s specific zip code you are interested in!

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Graph(s):

Supply: Somersett-Northwest Real Estate
   Click image for full-page view

Demand: Somersett-Northwest Real Estate
 Click image for full-page view

MSI- Months Supply of Inventory
 Click image for full-page view

Months supply of inventory

• Sept '08:  7.0 mos.

• Aug '08:  8.0 mos.

• Jul '08:  9.3 mos.

• Jun '08:  8.8 mos.
  

• May '08:  8.3 mos.

• Apr '08:   7.8 mos.

• Mar '08:   8.3 mos.

• Feb '08:  9.7 mos.

• Jan '08:  12.9 mos.

• Dec '07:  24.2 mos.

• Nov '07: 13.4 mos.

• Oct '07:   14.1 mos.

• Sep '07:  15.4 mos.

• Aug '07:  12.4 mos.

• Jul '07:    8.4 mos.

• Jun '07:   8.0 mos.

• May '07:  8.0 mos.

• Apr '07:   6.5 mos.

• Mar '07:   10.6 mos.

• Feb '07:   6.7 mos.

• Jan '07:   7.4 mos.

• Dec '06:  13.1 mos.

• Nov '06:  11.1 mos.

• Oct '06:   12.0 mos.

• Sep '06:  15.2 mos.

• Aug '06:  10.3 mos.

• Jul '06:    11.7 mos.

• Jun '06:  12.0 mos.

• May '06:  9.1 mos.

• Apr '06:   9.8 mos.

• Mar '06:   7.8 mos.

• Feb '06:   10.6 mos.

• Jan '06:   12.4 mos.

Number Of Homes For Sale:

• Sep '08:  507 

• Aug '08:  538

• Jul '08:  568

• Jun '08:  562
  

• May '08: 549

• Apr '08:  526

• Mar '08:  499

• Feb '08:  474

• Jan '08:  468

• Dec '07:  457

• Nov '07:  451

• Oct '07:   528

• Sep '07:  498

• Aug '07:  555

• Jul '07:   571

• Jun '07:  598

• May '07:  572

• Apr '07:   544

• Mar '07:  499

• Feb '07:  477

• Jan '07:  536

• Dec '06:  526

• Nov '06:  613

• Oct '06:   690

• Sep '06:  739

• Aug '06:  804

• Jul '06:   763

• Jun '06:  763

• May '06:  680

• Apr '06:   577

• Mar '06:  548

• Feb '06:  482

• Jan '06:  478

• Dec '05:  481

Number of Homes SOLD:

• Sep '08:  52

• Aug '08:  46

• Jul '08:  57

• Jun '08:  50
  

• May '08:  48

• Apr '08:   50

• Mar '08:  36

• Feb '08:  27

• Jan '08:  17

• Dec '07:  27

• Nov '07:  27

• Oct '07:   34

• Sep '07:  31

• Aug '07:  53

• Jul '07:   52

• Jun '07:  62

• May '07:  52

• Apr '07:  51

• Mar '07:  47

• Feb '07:  51

• Jan '07:  33

• Dec '06:  40

• Nov '06:  42

• Oct '06:   42

• Sep '06:   49

• Aug '06:  55

• Jul '06:    52

• Jun '06:  58

• May '06:  48

• Apr '06:  48

• Mar '06:  41

• Feb '06:  37

• Jan '06:  29

• Dec '05:  50

Community Links:

• Somersett.com
• Northwest Reno Library
• Northwest Neighborhood Advisory Board
• Northwest Reno Classifieds
• The Most Honest Cafe in Reno  (personal favorite)

P.S-   If you have some comments or would like to correct anything in the article,kindly send your thoughts I'd love to hear them!  You can also call me on my cellphone for any questions you may have: Joe- 775-338-7653

*  Reno Northwest,Reno Northwest Suburban & Reno Somerset

* Residential homes site/stick built

Updated: Oct 9,2008 (6'th update)
Source: Multiple listing Service

Next Release Time: Nov 4 ,2008  (Every 4'th of the month)

Reno market update: What's happening in the last 6 months?

I did a quick update on what's happening in the Reno real estate market the past six months.

Summary:  Median prices of homes in Reno from April 4,2008- September 15,2008 has decreased by 6.2%.

Graph:

( Click image to enlarge)

What does this mean to you?

Think long term and look for the best deals.  There are good deals out there even in a down market .  The key is knowing what you are up against(flow with the market not against it), once you are planted in the truth you can begin to look for opportunities. 

Don't settle for anything less than the best.

Why seeing The Reno Market as Hyper-Local can help you get ahead of the pack

"All markets are local." 

The chorus real estate people love to sing.  And it's true.  All markets are local--as Altos research clearly show us. 

Though I also believe that the general real estate market (mother) have influence over her little ones as well.  This would make more sense to you if you look at it from a psychological stand point. 

The general population is influenced--perhaps too much so--by the news media.  And my stand with the media has always been the same:  I don't think they are wrong, they are just unflinchingly tardy in reporting substantial real estate news; Especially the ones that will directly help buyers and sellers.  And I can't blame them, they have to 'pay the rent', I guess. At the end of the day revenue is still the name of the game.

And what the media reports--end up being digested as the truth.  And people munch on this whether we are aware of it or not. Then we tell our families and friends what we've heard and they tell their friends and loved ones--and the circle of life (jumble) begins.  

But I am not writing about this topic.  Yesterday Joe and I stumbled upon a fascinating realization.  People say all markets are local, we decided to add that all markets are hyper local.  Meaning, the United State's real estate market can differ from Reno's, but to add to that, Reno's general market can also greatly differ from an area up North in the first time home buyer price range. 

As we can see in the blog post yesterday.  You'd be surprised how Reno's $150,000 market is vastly different from the $350,000.  It is vital that you know what is happening in the market you desire-- is it recovering or still with a bad cold?--for this will give you a major boost in negotiating.  Joe had to offer a few thousand dollars over asking price in many of the first time home buyer price range.

So if you're a buyer feel free to ask us for a special report on a specific area you desire.  Don't forget to customize it based on your price range and desired area(Ex: $270,000-$360,000, South Reno).

It will pay handsome dividends.

Announcing: The first market bottom in Reno real estate (hint: it's in the 100's)

 Spectacular photo by: Austie1

A bullish real estate market is lead by a strong demand and strong supply.

For months now Joe has experienced multiple offers in the first-time home buyer price range, specifically in the $150,000- $200,000 mark.  However intriguing, this was not a big surprise. 

Our train of thought was that all this 'sudden' increase in demand was just seasonal and due to the bank owned properties (priced significantly lower than normal sale homes).  Thus, buyers have been very aggressive in making offers.

Then I came across this:

(Click image for full view)
Price range: $150,000 - $190,000
City: Reno

Before I inadvertently confuse anyone, I want to be clear that this is not for the whole of Reno and Sparks.  Just Reno.  I hope this is clear for I wouldn't want to mislead anyone in saying that the Reno-Sparks real estate market has already reached a bottom.  I wish. Unfortunately-- like you my dear reader--I'm still waiting for that to happen. 

But with confidence I can say that if you're buying in the Reno area in the price range of $150,000 - $190,000 the market is stronger than ever-- as you can see in the above graph--the median home price has been steady in the last two years. 

Here's the supply and demand in the same area.  This will shed light to some of your other questions.

Supply

(Click image for full view)

Demand

(Click image for full view)

For Buyers: The Reno real estate market in the last 6 months

What's been happening in our market in the last six months?

I usually check 2-year graphs of recent real estate activities in the Reno area.  But I also found that 6-month graphs tell a clearer story on where the market will be headed. 

So hope this helps:

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"Do you have other questions about the Reno-Sparks real estate Market? Call Joe today! (775-338-7653) for a FREE-No Hassle-No Sales Pressure-30 Minute Phone Consultation"
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Homes under contract(Reno) Mar 3-Aug 4 2008
Click here for full page view

Number of homes sold (Reno) Mar 3-Aug 4 2008
Click here for full page view
 

As you can see demand has gone up since March and even before that. Yet home prices seem to continue to go down:

Click here for full page view

Why is that?

Homes in foreclosures being sold by banks are priced way below what normal sellers can sell their house for. And because of that more people can afford to buy a house now than ever before(explaining the rise in demand).

What will put a stop to these price declines? One is when foreclosed homes gets sold out and buyers flock to 'normal' sale homes that are priced right.  Thus, more buyers compete for these homes putting stability in the prices.  Home prices stabilize then goes up again.

For more information about how home prices will increase after we reach the bottom click here