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Sparks Nevada Real Estate Market Update September 2018 | Nevada Homes for Sale - YouTube
Channel: Nevada Homes For Sale
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Hi everybody I'm Phillip Goodman from the Druesedow Real Estate Group at Keller
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Williams Group One Inc in Reno Nevada and today I am at the Lighthouse Coffee Shop
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on the Sparks Marina
with fellow real estate agent Larry
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Dibble. Hi Larry. Hi how are you? I'm doing well. Good. Thanks for coming out today.
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Larry you've lived here in Sparks for
the better part of a decade now. What
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makes Sparks so interesting, so
different, and so up-and-coming?
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The first thing about Sparks
that I like to talk about is the fact
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that it's it's literally next door
neighbor to Reno. Reno is a massive town
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a great, great town and but Sparks is
like a bedroom community for me and
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that's what actually drew me to Sparks. It basically as it's an up-and-coming
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community. There's
a ton of things to do in Sparks but the
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best thing about it is you've got Reno
right next to it and you've got a
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bedroom communities which is Sparks and
it's just a nice really really nice
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family place to live. And speaking of
places to live there's not a lot to go
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around in the Reno Sparks area. We see
new apartment construction right behind
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us and there's several new housing
developments coming around Sparks and
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north of it. Correct, correct. Yeah we've
got just the marina itself has seen a
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massive growth in the last three or four
years just behind the marina over here
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we've got a really big apartment complex
coming in and beyond that another two or
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three coming in so that's going to help
fill in the housing crisis that we're in
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per se and then in the area itself is
just in Sparks there's about five or six
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really big new home construction
developments coming in. Well Larry let's
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take a look inside market insights and
see exactly what has been happening in
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the Sparks market at least for the last
three months. Sounds good.
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Here we are in Market Insights from the
Reno sparks Association of Realtors and
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we have filtered the data to show
single-family homes and condos because
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there's a pretty big chunk of condos out
here in the Sparks area and we are
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looking specifically at July August and
September. So Larry how are things
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trending in Sparks for single-family
homes and condos? Well as a natural
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progression as we go into the fourth
quarter and the fall we we tend to start
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dropping down in sales.
That's indicative of what you see
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on the screen there ironically though
condominiums have have taken a peak up
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so I think that's something to do with
the market as well. And as is typical
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the roller coaster that is the units sold
in the Reno-Sparks area everything peaks
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in July and starts to dip down in
September as we head into the winter.
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Correct, correct. It's indicative of the
market that we're going into the fall
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so we're gonna be dropping down in units
sold, by no means is it an indication of a
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correction earning that debt is just a
natural progression. Condos are
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slowing down a little bit and your home
prices are still getting just about
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close to asking right now. Larry let's
talk about average days on market for
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properties around Sparks. Yeah so
naturally during the summer things stay
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on the market less because it's a hot
market and people are buying more homes
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at that time. Once we get into the fourth
quarter and we start going into the fall
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season things tend to stay on the
market a little bit longer as naturally
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those sales slow down a
little bit. And you see right here we're
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looking at about 78 days on market
average for condominiums and just shy of
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that for single-family homes. And
typically we'll start seeing even more
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price reductions as sellers become even
more motivated to sell. Correct correct.
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Throughout the rest of the year we'll
see that. Not a significant indication of
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any sort of market stall but we are
seeing a slow down a little bit. Larry
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now we're looking at the Market Insights
summary for September 2018 and how do
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these numbers and median home price,
units sold, and days on market compare to
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September of last year and the previous
month? So the previous month were just
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down about a half a percent and then for
the prior year where year-over-year were
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up eight and a half percent almost 9%
sitting at about three hundred
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thirty-eight thousand for median sold
price for homes in the area and then and
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then for units sold we're at a
hundred fifty seven so it's about it's
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down about 21% which is indicative of a
slower market throughout the fall and
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we're down about sixteen and a half
percent year-over-year from last year
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And in 2017 we saw some a crazy high number of sales
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and that's that's naturally gonna
plateau. Correct, it was one of the
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record years for sales for sure. Is there
a correlation between inventory and days
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on market? You can and the answer to that is simply yeah is a slight it has a
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slight factor to it but not enough to
make it a huge difference right now and
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as you can see the 37 days to contract
and 77 days on market doesn't have it's
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not that much different than it was last
year as a matter of fact we're up in all
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four segments. Months supply of inventory right now we're at two point three .
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Typically we see a shift in the market
from sellers to buyers when it gets
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around four. Correct so we still have to
increase by another four hundred percent
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before our inventory our month supply of
inventory starts
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affecting the market shifting to a
buyers market. We have a long ways to go
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is what that means. So there you have it.
That is your market watch update for the
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third quarter for to the town of Sparks
Coming up here in October my favorite
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holiday Halloween. Larry what are you
doing for Halloween? So Halloween in
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Sparks, one of the main events
is in downtown Victorian Square they put
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on a nice nice family event for all the
kids and all the families that come in
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and then of course since Sparks is a
bedroom community there's a really safe
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place to go trick-or-treating in most
of every single community out here so
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it's a great place. Are you dressing up
this year? I absolutely will dress up as
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a real estate agent that's exactly what I'm dressing up as. Nice well
make sure you go to Larry's open house
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for the best candy on the block. That's
right. Right on. Well if you want more
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information about anything that you've
seen here today or if you're ready to go
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look at homes here in Sparks with Larry
Dibble you can contact Larry at the
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information you see on your screen now
hopefully you found this information
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helpful and you'll share it on your
social media as well. For the Druesedow
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Real Estate Group at Keller Williams
group One, Inc. in Reno Nevada for Larry
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Dibble I'm Philip Goodman, we'll see you
next time.
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