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Latest Realty News from NAR

Commercial Real Estate Prices Still Trending Up in 2019 Q1

Amid sustained economic expansion and the lowest unemployment rate since 1953, commercial property prices are still broadly trending upwards although at a modest pace compared to past years, according to NAR’s 2019 Q1 Commercial Real Estate Trends and Outlook Report.

Sales Activity

In the small market (less than $2.5 million deals), commercial property prices rose modestly by one percent from a year ago (seven percent in 2018 Q1). REALTORS® typically transact in the small market, with the average sales at $1.2 million in 2019 Q1.[1]  In the large market ($2.5 million and above deals), Real Capital Analytics reported that commercial sales price rose six percent nationally (nine percent in 2018 Q1). The National Council of Real Estate Investment Fiduciaries (NCREIF) Index and the Green Street Advisors Price Index also show a modest annual increase of two percent in 2019 Q2.

In both the large and small markets, the cap rates were slightly above six percent. Multi-family was the top-performing asset class in both the small and large market, with the lowest cap rates (which means high prices). Industrial properties were the second-best performing asset class in the large market, mainly for flex properties (essentially a combination of warehouse, office, showroom buildings). In the small market, hotels (likely Class B/C) were the next best performing asset.

According to REALTORS® who participate in the small market survey, cap rates in the small market continue to tend downward.  One reason may be that demand is moving towards suburban areas where commercial properties are less expensive. According to Real Capital Analytics, commercial prices in non-metro areas rose at a faster pace in 2019 Q1 than prices in the six major metro areas of New York, Boston, Washington DC, Chicago, Los Angeles, and San Francisco: in March 2019, commercial prices were broadly up by six percent in non-major markets compared to 4.5 percent in the six major metro areas.

Leasing Activity

REALTORS® and commercial affiliate members reported a slight increase in vacancy rates in 2019 Q1 across all property types compared to the prior quarter. With vacancy rates slightly trending up, REALTORS® reported a slight decrease in leasing volume (-0.10%) and a modest increase in leasing rates (2.3%) in 2019 Q1 from the prior quarter.

Among property classes, vacancy rates were lowest in the multi-family market, at seven percent, followed by the industrial market, at eight percent. Retail and hotel properties had on average double-digit vacancy rates.

In 2019 Q1, the average tenant improvement allowances (per square foot) in the small market were $2 for multi-family units, $5 for industrial property, $17 for office, and $21 for retail.


Multi-family and industrial will continue to be strong commercial asset classes. The multi-family market is expected to remain bright in metros with low vacancy rates and affordable rents. E-commerce will continue to sustain demand for industrial properties, particularly flex properties. Retail brick and mortar will continue to do well in growing metros and in retail niches that require face-to-face customer service. The office market will be sustained by the growth in technology-driven jobs. The Opportunity Zone tax break on capital gains is expected to bolster commercial and residential real estate sales in 2019-2020.

[1] The small market makes up a smaller fraction of deal volume but accounts for a larger share of buildings: according to Energy Information Administration 2012 Commercial Buildings Energy Consumption Survey, buildings 10,000 square feet or less in size account were 72 percent of all commercial buildings; https://www.eia.gov/consumption/commercial/data/2012/bc/cfm/b23.php


REALTORSĀ® Confidence Index Survey: April 2019 Highlights

The REALTORS® Confidence Index (RCI)[1]  survey gathers monthly information from REALTORS® about local real estate market conditions, characteristics of buyers and sellers, and issues affecting homeownership and real estate transactions.[2] This report presents key results about market transactions from April 2019. View and download the full report here.

Market Conditions and Expectations

  • The REALTORS® Buyer Traffic Index registered at 63 (74 in April 2018).[3]
  • The REALTORS® Seller Traffic Index registered at 47 (45 in April 2018).
  • The REALTORS® Confidence Index—Six-Month Outlook Current Conditions registered at 67 for detached single-family, 56 for townhome, and 53 for condominium properties. An index above 50 indicates market conditions are expected to improve.
  • Properties were typically on the market for 24 days (26 days in April 2018).
  • Eighty-two percent of respondents reported that home prices remained constant or rose in April 2019 compared to levels one year ago (88 percent in April 2018).

Characteristics of Buyers and Sellers

  • First-time buyers accounted for 32 percent of sales (33 percent in April 2018).
  • Vacation and investment buyers comprised 16 percent of sales (14 percent in April 2018).
  • Sales of distressed properties (foreclosed or sold as a short sale) accounted for 3 percent of sales (4 percent in April 2018).
  • Cash sales made up 20 percent of sales (21 percent in April 2018).
  • Twenty-one percent of sellers offered incentives such as paying for closing costs (10 percent), providing warranty (8 percent), and undertaking remodeling (4 percent).[4]

Issues Affecting Buyers and Sellers

  • From February 2019–April 2019, 76 percent of contracts settled on time (78 percent in February 2018–April 2018).
  • Among sales that closed in April 2019, 74 percent had contract contingencies. The most common contingencies pertained to home inspection (54 percent), obtaining financing (43 percent), and getting an acceptable appraisal (41 percent).
  • REALTORS® report “low inventory” and “construction” as the major issues affecting transactions in April 2019.

About the RCI Survey

  • The RCI Survey gathers information from REALTORS® about local market conditions based on their client interactions and the characteristics of their most recent sales for the month.
  • The April 2019 survey was sent to 50,000 REALTORS® who were selected from NAR’s more than 1.3 million members through simple random sampling and to 10,000 respondents in the previous three surveys who provided their email addresses.
  • There were 4,611 respondents to the online survey which ran from May 1-10, 2019. The survey’s overall margin of error at the 95 percent confidence level is one percent. The margins of error for subgroups and sample proportions of below or above 50 percent are larger.
  • NAR weighs the responses by a factor that aligns the sample distribution of responses to the distribution of NAR membership.

The REALTORS® Confidence Index is provided by NAR solely for use as a reference. Resale of any part of this data is prohibited without NAR’s prior written consent. For questions on this report or to purchase the RCI series, please email: Data@realtors.org

[1] Thanks to Gay Cororaton, Research Economist for their data analysis and comments to the RCI Report.

[2] Respondents report on the most recent characteristics of their most recent sale for the month.

[3] An index greater than 50 means more respondents reported conditions as “strong” compared to one year ago than “weak.” An index of 50 indicates a balance of respondents

who viewed conditions as “strong” or “weak.”

[4] The difference in the sum of percentages to the total percentage of sellers who offered incentives is due to rounding.

  • NAR released a summary of existing-home sales data showing that housing market activity this April, modestly fell 0.4 percent from March 2019. April’s sales of existing homes dropped 4.4 percent from April 2018. April’s existing-home sales reached a 5.19 million seasonally adjusted annual rate.

  • The national median existing-home price for all housing types was $267,300 in April, up 3.6 percent from a year ago. This marks the 86th consecutive month of year-over-year gains.

  • Regionally, all four regions showed growth in prices from a year ago. The Midwest had largest gain of 5.5 percent followed by the South with a gain of 4.4 percent. The West had an increase of 1.3 percent followed by the Northeast with a modest incline of 0.9 from April 2018.
  • April’s inventory figures are up from last month 9.6 percent to 1.83 million homes for sale. Compared with April of 2018, there was a 1.7 percent increase in inventory levels. It will take 4.2 months to move the current level of inventory at the current sales pace. It takes approximately 24 days for a home to go from listing to a contract in the current housing market, up from 26 days a year ago. This would be the fastest pace since 2011 when the days on the market index began.

  • From March 2019, two of the four regions showed declines in sales while the Midwest was flat. The West was the only region to have an incline in sales at 1.8 percent. The South fell 0.4 percent followed by the Northeast with the biggest decline of 4.5 percent.
  • All four regions showed declines in sales from a year ago. The Midwest had the biggest drop in sales of 7.9 percent followed by the West with a decline of 5.9 percent. The Northeast fell 4.5 percent followed by the South with a dip of 1.7 percent. The South led all regions in percentage of national sales, accounting for 43.7 percent of the total, while the Northeast had the smallest share at 12.3 percent.

  • In April, single-family sales were down 1.1 percent and condominiums sales were down 5.6 to last month. Single-family home sales fell 4.0 percent and condominium sales were down 8.1 compared to a year ago. Single-family homes had an increase in price up 3.7 percent at $269,300 and condominiums rose 3.4 percent at $251,000 from April 2018.


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Cardin Realty 

795 E Main St.
Fernley, NV 89408
Phone: 775-575-9999
Fax: 775-575-9998
Email: kelcardin@aol.com


When I bought my home in Fernley, I had never been there before. Not only did Michelle find the perfect neighborhood and home, she made the purchase simple for me to do from out of town. Her knowledge of the market helped me get a fair price as well! When it came time to leave, Michelle took over as my property manager and kept the home without a single lapse in renters for six years! Not only was the home priced appropriately, but the tenants were all perfectly screened to ensure that my investment was well cared for. Finally, Michelle was the obvious choice when it came time to sell. She expertly coordinate a Lease to Own that ensured I made a solid profit without having to have the home sit empty. I have since bought and sold multiple other properties and not a single agent comes close to the personal care and knowledge as Michelle. I cannot recommend her enough. Brandon Hunter
My husband and I recently moved to Fernley. Initially, we met Michelle through a mutual friend and we honestly feel that if not for Michelle, her knowledge of the area, her patience and her willingness to go out of her way to answer our questions, we may not own and live in the dream home we do today. It was obvious that Michelle wanted to help us find the exact home "we wanted" and did not just want to "make a sale." Her assistance made the entire process of purchasing our home simple. We recommend Michelle to everyone who may be looking to buy a home in the area. You will not be disappointed with the services Michelle provides. Tess
Michelle Barney has been our Property Manager and also sales agent for many years. She is the most trustworthy realtor we know. Michelle goes the extra mile for us even if it costs her money or time. Thank you for your service Sincerely Richard and Sandra Bode
Kellie was fantastic! We initially approached her to discuss how we could prepare to own a home in the future. Kellie not only helped us get pre-approved far earlier than we anticipated, she persevered in our home searching efforts and found us our dream home. We are beyond ourselves with excitement! I attribute our dream home to Kellie's faith in us as home buyers, the professionals she associates with in the home buying process; and her experience in the field. We HIGHLY recommend her danieladrian
Kellie - Amazing love her!!!! She was not just my landlord at one point, but she was also my Realtor. Everything that we were going through with the USDA she was right there with me, explaining to me, helping me understand every step of the way. Her staff was also amazing and very helpful throughout the entire process I highly recommend them!!! angelbb4u2
Kellie has taken us through 3 real estate transactions in the last 5 years - and provided a ton of help in between when we needed referrals, etc. After she sold our home 5 years ago we never thought about calling anyone else, Kellie went above and beyond what we expected. After the sale she gave us names of people to help us move, names of plumbers for work needed on our new place, people to dig holes for trees, and on and on. She has a wealth of local knowledge. Kellie is helpful to a fault. You can't help but become a friend when you do business with her. lgnevada
Love Kellie! She was straight to the point and made the process of selling our house stress free. If We ever go back to the area I would seek her business and I highly recommend her to others looking for an amazing Realtor! zuser
My sister and I owned land in Nevada but she lives in SoCal and I live in NoCal. Thanks to Kellie we were able to discuss sales issues in conference calls. She was willing to go the extra mile to help us understand what we needed to do in this situation. She is knowledgeable, pleasant to work with and gets back to her clients quickly. We would happily work with her again. loverdog
My wife and I met Michelle Barney a few months ago, right after we bought a rental property, (and someday a retirement property), in Fernley. She came highly recommended from a Realtor friend of ours.We were a little concerned about renting out our home at the end of summer, after the "peak rental" season, but Michelle said she would find a good family for us. Michelle did everything she promised she would do... and then some! She found the right tenants, a nice couple with 2 young children. She guided us every step of the way, showing us what we could do to get our property rented at the right price without a lot of cash investment. She knew exactly what we needed, taking our limited cash reserves into consideration. Basically, she made the whole process easy! Knowledgeable, energetic, and honest! We strongly recommend Michelle Barney for all of your property rental needs. She will take excellent care of you and your home! Thank you so much, Michelle! Dan and Lily Malley
In 2011 a friend of ours had suggested to us that when we were ready to buy our first home, to give her realtor Michelle Barney a call and we're glad we did. We are immensely thankful to have had Michelle Barney as our realtor. Her professionalism and support made the process of finding and buying our home easy and painless for our little family. To this day, we still love our home as much as the first day we moved in. Thank you Michelle Barney. Christian, Ruth, Sahara and Anthony Carver (2018)
Michelle is resourceful and patient agent but that's the just the beginning. Michelle "listened" to what we were looking for and she works out of Fallon but came to Sparks anytime we needed her assistance. Always smiling on the outside but a go getter on the inside. We had been looking for a house for quite some time and every time we would see a house 11 other people had already been there. This was during the markets "Foreclosures, owners selling " a particularly hard time to buy without getting into a bidding war. Michelle didn't waver she would send us homes that just got on the market and we would go through them and decide which one we would like to view. Michelle saw my expressions of frustration and irritation. Michelle said it is normal and we kept looking. We finally found the house we wanted and we weren't sure we could afford it, but then Michelle told us about a grant we may qualify for we were excited about that! Michelle was able to get the grant and we were able to get the house of our dreams. Michelle is not just a real estate agent she makes dreams happen. Michelle Barney is the person to see if you want to get into a home. Sincerely, The Satz Family
Kellie was absolutely awesome ! The sale of my house has gone so smooth. I would definitely recommend her to anyone I knew! Amber Pagni
Never ever in my life have I dealt with such hassle free, wonderful agents! We were interested in a house, we viewed the house and in less than a few days we got approved. They were such a pleasure and I am very happy to have my next year be under them!! Thank you so much Cardin! Rose T
Hydraea McVey is world class. She works enthusiastically to help you find your dream home. She always has her clients in mind whatever she is doing . She even called me while on vacation to give me information on a posting. This kind of quality help is unheard of today. Kudos to you Hydraea our little Realty Angel Frank Byrne
Cardin Realty managed my rental houses in Fernley for more than 8 years, and when I decided to sell, she sold all of them very quickly at top-of-the-market prices. Kellie Cardin Flodman's family has been in the local real estate business for many years, so if you are in the market for real estate services in the Fernley area, you just aren't going to do better than Kellie and her gang of professional real estate agents. Dennis Morelli
Hydraea was great to work with. She was quick to answer any questions we had. She is very knowledgeable. She went the extra mile for us from our initial contact. I highly recommend Hydraea. We are looking forward to working with her in the future. zuser20160511210602684
In an era of 'Smart Devices' and automation, I can always count on Hydraea to answer my calls in a timely manner. For Every question I've had for Hydraea with respect to the real estate process, she has either had an immediate, intelligent response, or quickly researched one and gotten back to me with it. I get a genuine sense that Hydraea really prides herself on providing her clients with good, old-fashioned personal customer service. I HIGHLY recommend Hydraea to anyone endeavoring into any real estate transaction. from ca2nv
Hydraea was patient and remained positive in our search for a rental home. We viewed several over a two year time frame and finally found one that fit our requirements. She was responsive in our inquiries and found answers to our questions regarding the short sale process. acgallio
Hydraea was super helpful throughout the process. She kept everything moving along to get the house closed as soon as possible. I would recommend her to anyone because she is nice, friendly, professional, and a good realtor. Robert Stolting
Hydraea is amazing! She truly loves being a realtor and makes buying a house 10x easier. Not only has she answered all of my calls but knows the answer to all of my questions. She's extremely knowledgeable when it comes to any type of loan and she has a knack for finding the perfect "forever" home. If you are looking for a realtor, look no further. hkonecne44
We recently moved to Fernley and wanted someone with local expertise. Kellie had an amazing knowledge of the area, and an immediate sense of what we were looking for in a home. She showed us only homes/properties in our scope and interest and we found the right home after only looking at 2 or 3. She knew the history of the house, and what we were likely to leverage on the offer and where the limits would be. She knows the business and the process extremely well, never missed a beat on getting the right documents in at the right time, and even helped push our lender when they were falling behind. Thanks to Kellie we found the right home in the right neighborhood and we are extremely happy. I would definitely go with Kellie again, and have recommended her to others. Ken Nussear
I am an out-of-town investor who wanted to purchase a place for my son and his family to live, but one that would also be a good rental at the point in time when my son and his family move on. Christin was very knowledgeable of the local Fallon market, very responsive in returning phone calls and emails, and very flexible in working with me remotely and my son locally. Christin made the whole purchase process easy and seamless. Closing was a breeze! user125896
I recently used the services of Kellie to purchase investment properties in a 1031 exchange. As you might know the time restraints of a 1031 can be difficult if exchanging in the same general area. I am from the Bay Area and was purchasing properties in Fernley Nv. Kellie's confidence and knowledge of the area took a lot of weight off of my shoulders. The market in Fernley is hot and she was able to get me in to contract and closed on four properties in 45 days. I look forward to having her and her husband manage my properties now as I have arranged for her to be my property manager. Ken Fenell
Kellie helped me through a byzantine short-sale purchase. She was very responsive to all of my questions and kept on top of notifying me of the bank's actions. She first showed me the home using a flashlight! Stagecoach Pat
Kellie was fantastic! We initially approached her to discuss how we could prepare to own a home in the future. Kellie not only helped us get pre-approved far earlier than we anticipated, she persevered in our home searching efforts and found us our dream home. We are beyond ourselves with excitement! I attribute our dream home to Kellie's faith in us as home buyers, the professionals she associates with in the home buying process; and her experience in the field. We HIGHLY recommend her. Daniel Adrian
Very knowlegable in the area for she has lived there awhile, papers were signe immedi ate with no hassle explaining in detail each one.very responsive with phone questions. crexford
She is very knowledgeable about the real estate market, and very helpful in understanding short sales and foreclosures. Morgan Savage
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