Incline Village at Lake Tahoe, Nevada Real Estate and Community News

Dec. 24, 2018

NEVADA BECOMES FASTEST GROWING STATE IN THE NATION

Nevada is now the nation’s fasting growing state, after the U.S. Census Bureau released their most recent data Wednesday, Dec. 19.

The Silver State is home to more than 3 million people, with over 450,000 of them living in Washoe County, according to the bureau.

Between July 2017 and July 2018, Nevada’s population increased by nearly 61,000 people.

More than 330,000 people have moved to Nevada since 2010, per the U.S. Census Bureau’s decennial census.

In fact, Washoe County saw a growth rate of 1.8% in the last year.

According to the Northern Nevada Regional Growth Forecast, Washoe County has seen a 13.5% increase in jobs and an 8% increase in the number of occupied households.

Storey County alone saw a 218% population increase largely due to the Tesla Gigafactory, per the state demographer.

Douglas County had seen a population decline for several years before the arrival of the gigafactory.

The state demographer also notes that Washoe County is expected to see a population increase of over 16,000 people over the course of the next four years.

In the same time, Nevada is expected to grow by 200,000 over the next four years.

Experts who study these numbers say Nevada will be characterized by an increasingly diverse and more technologically advanced economy.

That will likely mean higher paying jobs, but it will create a need for a more highly trained workforce.

Posted in Community News
Dec. 24, 2018

INCLINE VILLAGE MARKET REPORT

Incline Village, NV 89451

Mon Dec 24 2018 

This week the median list price for Incline Village, NV 89451 is $1,650,000 with the market action index hovering around 23. This is less than last month's market action index of 26. Inventory has held steady at or around 31. Click here to stay informed with the Incline Village market!

 

Market Action Index

The Market Action Index answers the question "How's the Market?" by measuring the current rate of sale versus the amount of the inventory. Index above 30 implies Seller's Market conditions. Below 30, conditions favor the buyer.

Slight Buyer's Advantage

 

The Market Action Index has been trending lower for several weeks while prices have remained relatively stable. If inventory continues to grow relative to demand however, it is likely that we will see downward pressure on pricing.

Again this week we see prices in this zip code remain roughly at the level they’ve been for several weeks. Since we’re significantly below the top of the market, look for a persistent up-shift in the Market Action Index before we see prices move from these levels.

 

Market Segments

Each segment below represents approximately 25% of the market ordered by price.

Posted in Market Updates
Dec. 6, 2018

INCLINE VILLAGE MARKET REPORT

Incline Village, NV 89451

Thu Dec 06 2018 

This week the median list price for Incline Village, NV 89451 is $1,547,500 with the market action index hovering 

around 26. This is less than last month's market action index of 27. Inventory has held stead

y at or around 40. Click here to stay informed with the Incline Village market!

 

Market Action Index

The Market Action Index answers the question "How's the Market?" by measuring the current rate of sale versus the amount of the inventory. Index above 30 implies Seller's Market conditions. Below 30, conditions favor the buyer.

Slight Buyer's Advantage

While prices have been at a plateau for a number of weeks, this is a Buyer’s market and the supply of homes listed has started growing relative to demand. This indicates that prices could easily resume a downward trend in conjunction with the MAI. Prices are unlikely to move significantly higher until there is a persistent upward shift in the MAI.

Again this week we see prices in this zip code remain roughly at the level they’ve been for several weeks. Since we’re significantly below the top of the market, look for a persistent up-shift in the Market Action Index before we see prices move from these levels.

 

Market Segments

Each segment below represents approximately 25% of the market ordered by price.

Posted in Market Updates
Nov. 20, 2018

INCLINE VILLAGE MARKET REPORT

Incline Village, NV 89451

Tue Nov 20 2018


This week the median list price for Incline Village, NV 89451 is $1,550,000 with the market action index hovering around 26. This is less than last month's market action index of 28. Inventory has held steady at or around 41. Click here to stay informed with the Incline Village market! 



Market Action Index

The Market Action Index answers the question "How's the Market?" by measuring the current rate of sale versus the amount of the inventory. Index above 30 implies Seller's Market conditions. Below 30, conditions favor the buyer.

 

 

Slight Buyer's Advantage

While prices have been at a plateau for a number of weeks, this is a Buyer’s market and the supply of homes listed has started growing relative to demand. This indicates that prices could easily resume a downward trend in conjunction with the MAI. Prices are unlikely to move significantly higher until there is a persistent upward shift in the MAI.

Again this week we see prices in this zip code remain roughly at the level they’ve been for several weeks. Since we’re significantly below the top of the market, look for a persistent up-shift in the Market Action Index before we see prices move from these levels.

Market Segments

Each segment below represents approximately 25% of the market ordered by price.

Posted in Market Updates
Nov. 14, 2018

SIERRA NEVADA INSIDER NOVEMBER 2018

WINTER IS IN THE AIR

With below freezing temps in the evenings, our Lake Tahoe resorts are blowing snow and gearing up for Thanksgiving weekend and a festive kick off to ski season in the Sierra.

FEATURED HAPPENINGS

November 16

Bud Fish Tree Lighting

Downtown Truckee

 

Join Sierra Sotheby's International Realty for cookie decorating and cocoa during this annual Truckee holiday tradition. 

 

READ MORE>>>

November 16 - December 16

Polar Express

V&T Railroad, Carson City

 

One hour long rides with characters, entertainment, Santa and a souvenir silver sleigh bell to

remember the journey. 

 

READ MORE>>>

November 16

42nd Annual Elegant Affair

Tahoe City

 

Support North Tahoe Boosters and Tahoe

athletics programs at this annual local's favorite, black-tie-optional food and wine affair. 

 

TICKETS>>>

November 17 | 4-7 pm

Tree Lighting at the Summit

Sierra Sotheby's @ The Summit Mall Reno

 

Join Sierra Sotheby's International Realty for a

Holiday Kick Off for our associates, family and friends featuring a Hot Cocoa Bar, light

appetizers, beverages and a warm place to watch the fireworks during the Summit Tree Lighting. 

 

RSVP>>>

November 17-18

Sacramento Ski Expo

Cal Expo

 

Huge Gear Sale, Beer & Wine Tasting,

Pro Athlete Exhibitions, Lift Tickets and so much more... 

 

GET TICKETS>>>

November 23

Heavenly Village Tree Lighting

Heavenly Village, South Lake Tahoe

 

Gather ‘round for the first annual lighting of the monstrous 45’ tall highly decorated cut fir tree and the kick off to Heavenly Holidays Festival. 

 

READ MORE>>> 

November 23 - 25

Finding Neverland

Pioneer Center for the Performing Arts, Reno

 

Directed by visionary Tony®-winner Diane Paulus and based on the critically-acclaimed Academy Award® winning film, Finding Neverland tells the incredible story behind one of the world’s most beloved characters: Peter Pan. 

 

TICKETS>>> 

November 23 

Warren Miller's Face of Winter

Squaw Valley

 

69th installment from Warren Miller Entertainment featuring the world’s best skiers and riders in some of the most legendary destinations to honor a face that launched a thousand quips.

 

READ MORE>>> 

 

Orbital Reflector Anticipated to Launch November 19

After three years in the making, Trevor Paglen: Orbital Reflector, co-produced and presented by the Nevada Museum of Art, will soon be visible from Earth with the naked eye — like a slowly moving artificial star as bright as a star in the Big Dipper. Download the App (Starwalk for iOS) (Starwalk for Android) and prepare to track the satellite once it launches.

 

READ MORE>>>

 

Google Debuts ARCore Exclusive with Curate App for

Sotheby's International Realty 

 

In collaboration with Google, Sotheby's International Realty® brand is the first real estate brand to launch a virtual staging AR app, transforming the homebuying and selling

experience by allowing consumers to visualize a home as their own before purchase.

Download the Curate App on Itunes or Google Play

 

READ MORE>>>

Posted in Community News
Oct. 30, 2018

REAL ESTATE AND MORTGAGE RATES - LAST WEEK IN REVIEW AND FORECAST FOR THIS WEEK

MARKET UPDATE

Pending Home Sales (an index of contracts signed on existing homes) went up 0.5% in September. This indicates a modest boost in existing home sales come October.

But September New Home Sales skidded down 5.5%, to a 553,000 annual rate. Yet the trend stays upward, as sales the first nine months of 2018 are still up 3.4% from the same period a year ago.

The Mortgage Bankers Association chief economist feels home sales will grow over the next five years, as mortgage rates peak and 47 million millennials enter their home buying years--"a tremendous support for housing demand."

REVIEW OF LAST WEEK

TURN THE PAGE... Let us simply move on from this very bad week in the stock market, whose best performance was the 3.0% dive for the Dow. Investors worried about earnings growth, even though the data proved otherwise.

To wit, FactSet reported the blended third quarter corporate earnings growth rate was 22.5%, and the forward 12-month earnings-per-share estimate is up 0.8% over the same period.

Friday, we learned the economy grew 3.5% annually in Q3, after 4.2% growth in Q2, the best consecutive quarters of economic performance since 2005. So, what worries Wall Street? That the Fed will hike too fast and kill the party.

The week ended with the Dow down 3.0%, to 24688; the S&P 500 down 3.9%, to 2659; and the Nasdaq down 3.8%, to 7167.

The weakness in stocks sent traders over to bonds, pushing prices higher. The 30YR FNMA 4.0% bond ended UP .47, at $100.36. Freddie Mac's latest Primary Mortgage Market Survey had the national average 30-year fixed mortgage rate up just one basis point (0.01%). Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.

DID YOU KNOW?... A recent report on insights from 3,000 consumers revealed that more video is now consumed on computers, tablets and smartphones than on TV.

THIS WEEK'S FORECAST

INFLATION MILD; EMPLOYMENT COSTS UP; JOBS, FACTORIES STRONG... The Fed likes the Core PCE Prices take on inflation, so it's good that a mild read is forecast. But more inflation could come with a climbing Employment Cost Index. In line with that, we should see growth in wages (Average Hourly Earnings) and Nonfarm Payrolls in Friday's jobs report. Finally, the ISM Index is expected to reveal factories are still humming nicely.

NOTE: Weaker than expected economic data tends to send bond prices up and interest rates down, while positive data points to lower bond prices and higher loan rates.

FEDERAL RESERVE WATCH

Forecasting Federal Reserve policy changes in coming months... The market expects the Fed Funds Rate to hold come November, then bump up a quarter percent in December, but stay there through the beginning of next year. Note: In the lower chart, a 5% probability of change is a 95% probability the rate will stay the same.

Posted in Real Estate News
Oct. 24, 2018

AMID HOUSING CRISIS, RENO'S MOTOR LODGES BECOME LAST RESORT

RENO, Nev. — They were the toast of Reno in the 1950s, when the growing casino industry sparked a boom that for a time turned northern Nevada into the West's top gambling destination.

Dozens of downtown motor lodges provided spare but comfortable retreats for motorists who took to the nation's new highways to see the bright lights of the self-proclaimed "Biggest Little City in the World" and try their luck at the slot machines and blackjack tables.

Today, the lodges still standing are in disrepair and rent rooms by the week. But there is one similarity to their heyday: Reno is booming again and so are the lodges — just not with vacationers or fortune-seekers.

They have become the housing of last resort for Reno's down-and-out, a population that has soared in recent years as a red hot housing and rental market have priced out more and more people.

California is partly to blame.

Silicon Valley firms from Apple to Tesla have set up operations in the Reno area, bringing waves of well-paid tech and manufacturing workers. At the same time, California's soaring home prices and rents have sent thousands of people across the state line looking for more affordable housing.

Four of every 10 people who will move to Nevada this year will be from California, and most of those arriving in Reno and its suburbs are from the San Francisco Bay Area.

Along with that human stampede have come rising home prices and rents — as well as rising anxiety for those living on the margins.

"We're not worried with keeping up with the Joneses," said Dave Frazier, who lives in one of the old motor lodges. "We just want to keep a roof over our head."

He and his partner pay $850 a month for a small studio in the Fireside Inn, cooking food they get at a pantry on a small portable skillet they place next to the bathroom sink. Both are thankful they are no longer on the streets but say many of their neighbors are senior citizens or the disabled who are on fixed incomes and just one rent increase away from homelessness.

"It takes every cent they have to keep a roof over their head," said Frazier, 74. "When they get to that and the rent goes up high enough, they buy a tent and go live on the river."

An estimated 4,000 people — mostly working-class families, seniors and the disabled — live in the pay-by-the-week motels. For many, the lodges are the last stop before being forced onto the streets or to live in their cars.

The growing number of homeless in and around Reno is among the most visible effects of the area's recent population surge, bringing to Nevada a crisis that has been plaguing California and other West Coast states for years.

Reno's homeless shelters are over-flowing and local police periodically clear makeshift homeless camps from the banks of the Truckee River, which flows through downtown. They're places Wendy Wiglesworth doesn't want to return to.

Last year, she finally was able to save enough money for an apartment after years of being homeless. A few months later, she got bad news: The building was being sold to developers who wanted to tear it down to make way for student housing near the University of Nevada.

She ended up at one of the old motor lodges, which typically rent for about $800 a month — $500 less than rent for the average two-bedroom apartment.

Its owners have so far refused similar purchase offers, but Wiglesworth said she lives in constant fear that could change.

"It's horrible," she said. "There's no place to go."

Last year, 27 indigent people, identified by service groups as homeless, died in Washoe County. That's a statistic that is personal for Aria Overli, an organizer with the community group ACTIONN.

A few years ago, her sister moved into her apartment after being evicted from her own place. Rising medical bills left her unable to afford rent.

Last March, she took her own life.

"For me, that's a housing issue," Overli said, her voice cracking as she stood in front of one of the dilapidated weekly motels. "People are literally dying because there's not adequate housing."

Civic groups such as ACTIONN, local elected representatives and interfaith clergy toured several of the motor lodges over the summer, hoping to create a strategy to address Reno's housing problem.

City Councilwoman Jenny Brekhus said the economic boom, fueled in large part by government tax credits, has "put the city in a difficult position."

"We were not ready for such robust growth rates and are in many ways still not recovered from the downturn," she said, identifying housing and homelessness as the most pressing issues facing the city.

The National Low Income Housing Coalition ranks Nevada last among all states for providing affordable housing for its poorest families.

Over the past year, the Reno City Council expanded homeless shelter capacity, beefed up inspections of the weekly motels and budgeted $1 million to identify the most promising housing ideas.

The city and county have used federal block grants to build 342 affordable housing units over the past year and have another 1,200 under review or being built.

Creating a special fund dedicated to making affordable housing more widespread is another potential strategy, but one that will require approval by the state Legislature. A main supporter of that approach is Eric Novak, president of Reno-based Praxis Consulting Group, which helps various groups finance affordable housing projects.

"Unfortunately," he said, "the problem is the money, as it always is."

Posted in Community News
Oct. 24, 2018

REAL ESTATE AND MORTGAGE RATES - LAST WEEK IN REVIEW AND FORECAST FOR THIS WEEK

MARKET UPDATE

Hurricane Florence blew September Housing Starts down 13.7% in the South, though they were up 3.8% in the rest of the country. So, starts overall slipped 5.3%, to a 1.201 million annual rate.

The National Association of Home Builders chairman noted their confidence index rose on "solid housing demand fueled by a growing economy." In addition,"lumber prices have declined for three straight months."

September Existing Home Sales were down 3.4%, with Florence contributing to a 5.4% dip in the South. Lack of supply is the prob, but inventories are improving, now up two months in a row after 18 months flat or down.

REVIEW OF LAST WEEK

MIXED... The Dow was up, the S&P 500 flat and the Nasdaq down, but this was better than the three prior weeks of declines. As corporate earnings season starts, investors are skittish over interest rates and some of the economic data.

Rate worries were somewhat allayed when FOMC Minutes confirmed the Fed's penchant for gradual hikes, though the hurricane-battered housing data looked bad, same as the lower-than-expected September Retail Sales read.

But manufacturing stays strong, in Philadelphia Fed, Empire State and Industrial Production data. And initial jobless claims fell (210,000) while continuing claims sank (1.64 million), indicating good job strength for the housing market.

The week ended with the Dow UP 0.4%, to 25444; the S&P 500 virtually flat, at 2768; and the Nasdaq down 0.6%, to 7449.

Bonds headed south, led by Treasuries, which finished the week lower. The 30YR FNMA 4.0% bond ended down .24, to $99.89. The national average 30-year fixed mortgage rate dropped back in Freddie Mac's latest Primary Mortgage Market Survey. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.

DID YOU KNOW?... Attom Data Solutions reports homes remain more affordable than at the height of the housing boom in 2006, when buying a home required 52% of average wages, versus 37% today.

THIS WEEK'S FORECAST

HOME SALES SLIP, GDP GROWS... September numbers for both New Home Sales and Pending Home Sales are forecast a tad down, thanks again to Hurricane Florence. Yet the GDP-Advanced read for Q3 should show economic growth still north of 3%, good for jobs, wages and real estate.

NOTE: Weaker than expected economic data tends to send bond prices up and interest rates down, while positive data points to lower bond prices and higher loan rates.

FEDERAL RESERVE WATCH

Forecasting Federal Reserve policy changes in coming months... The Fed futures market is still betting on no rate hike next month, then a quarter percent uptick in December, but no move in January. Note: In the lower chart, a 6% probability of change is a 94% probability the rate will stay the same.

Posted in Real Estate News
Oct. 15, 2018

REAL ESTATE AND MORTGAGE RATES - LAST WEEK IN REVIEW AND FORECAST FOR THIS WEEK

MARKET UPDATE

Fannie Mae's Home Purchase Sentiment Index (HPSI) slipped a tick overall in September, though the share of respondents who say now is a good time to buy rose by 5%.

The ADP and Moody's Analytics National Employment Report revealed 34,000 construction jobs were added to the economy in September. That should boost home building activity.

Recent data reveals home prices are easing some--17.4% of Trulia's listings in August had price cuts, up from 16.7% a year ago, and now at the highest level in four years.

REVIEW OF LAST WEEK

OUCH!... Stocks dipped badly, then recovered, though not enough to avoid the S&P 500's worst week since March. Rate concerns caused the pain, as bond prices dropped, sending yields (and possibly interest rates) up.

But the Fed hikes rates to tame inflation, and last week, CPI inflation came in lower than expected. Anyway, as one analyst put it, "higher interest rates are warranted when the economy is strong."

Hey, S&P 500 companies should report Q3 earnings up almost 20% the past year, according to FactSet. Plus, preliminary University of Michigan Consumer Sentiment for October came in higher than the average read for 2018.

The week ended with the Dow down 4.2%, to 25340; the S&P 500 down 4.1%, to 2767; and the Nasdaq down 3.7%, to 7497.

Bond prices in general went lower, although the 30YR FNMA 4.0% bond ended UP .16, to $100.13. In Freddie Mac's latest Primary Mortgage Market Survey, the national average 30-year fixed mortgage rate headed back up. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.

DID YOU KNOW?... The latest Zillow Group study on consumer housing trends reports down payments averaged 15 percent for first-time buyers.

THIS WEEK'S FORECAST

EXISTING HOME SALES, HOUSING STARTS SLIP; PERMITS, RETAIL SOAR; WE CHECK ON THE FED... The forecast is for a slower pace of Existing Home Sales and Housing Starts in September, but Building Permits and Retail Salesshould climb, good signs going forward. And FOMC Minutes will tell us what the Fed said at the last meeting.

NOTE: Weaker than expected economic data tends to send bond prices up and interest rates down, while positive data points to lower bond prices and higher loan rates.

FEDERAL RESERVE WATCH

Forecasting Federal Reserve policy changes in coming months... Despite last week's talk about rising rates, the Fed futures market expects no changes until a quarter percent bump at the final FOMC meeting of the year. Note: In the lower chart, a 2% probability of change is a 98% probability the rate will stay the same.

Posted in Real Estate News
Oct. 11, 2018

Q3 RENO-TAHOE REAL ESTATE DATA RELEASED

Third Quarter Real Estate Market Data

 

The Reno-Tahoe real estate market continued its upward trend during the third quarter of 2018 with sales volume and average sales prices capping the all time peaks of 2006 in some markets and hitting near all-time highs in others. As demand continues to outpace sensibly priced inventory and interest rates remain at healthy lows, we anticipate robust year-end market activity with buyers shifting their interest to ski homes for the coming winter.

CLICK ON THE LINKS BELOW TO REVIEW DATA BY NEIGHBORHOOD 

 

EAST SHORE 

INCLINE VILLAGE 

NORTH & WEST SHORE  

RENO / SPARKS 

SOUTH LAKE 

TRUCKEE 

SIERRA / PLUMAS COUNTY

CARSON VALLEY 

SIERRA FOOTHILLS

 

If your community of interest is not listed or you’re unsure what the data means for your situation, please don't hesitate to contact me.  Data is current as of October 8, 2018. Information is deemed reliable but not guaranteed. 

Posted in Market Updates