Reno/Sparks Real Estate Market Stats - February, 2012
MEDIAN HOME PRICES:
Southwest Reno, $229k; New Southeast, $205k; North Valleys, $105k; Northwest & Downtown Reno, $132k; Old Southeast, $110k; Sparks Suburban, $162k;
Downtown Sparks, Lockwood & Fernley, $107k
DISTRESSED HOMES:
51% of the homes in the $200k & under range are distressed sales
64% of all new listings are being identified as distressed homes
NEWLY LISTED HOMES:
Homes that were listed at $250k & under range made up 80% of the new listings on the market
CONDITIONS:
The compiled stats of the conditions of the listings on the market for Feb 2012 were as follows:
22% REO, 42% Short Sales, & 34% had no special conditions 1% were relocation or subject to court approval.
Sellers verse’s buyers market
THE NATIONAL ASSOCIATION OF REALTORS describes a balanced market as having a range of 5-7 month supply of homes on the market.
Spanish Springs has the largest amount of inventory on the market with 169 lisitings.
New Southeast, Northwest, Sparks & the North Valleys, are now being defined as being in a seller’s market with only a 5 month supply of homes listed. Those same areas have the highest level of activity of homes that are pending, as well as the closed sales for the month.
Washoe Valley, Southwest Suburban, & Virginia City Highlands, are still in a buyer’s market with a 10 month supply currently listed.
With the low interest rates & low home prices, 70% of Americans surveyed stated that now is the best time to purchase a home.
Overall Americans surveyed were more optimistic about their financial situations, with only 12% stating that they felt their financial situation would worsen over the next year.
Market update by Denise Bissett
