Reno Sparks Homes and Real Estate Market Report July 2012

?

?

?

?

?

?

?

?

?

?

?

?

Homeowners who are thinking of selling their Reno/Sparks home, now is a good time with the shortage of inventory and rising prices!

Reno Sparks Homes Median Sales Price

• July 2012 median price was down 3% to $165,000 compared to $170,000 in June 2012 and up 10% from July 2011
• Median price is defined as the mid-point, where for the time period identified, the price for one-half of the sales are higher and one-half are lower.

Reno Sparks Homes Sold

• July ended the month with 501 sold transactions, down 2.5% from the prior month and down 2.7% from the same period last year.
• July 2012 sales are the fifth highest July in history.

Reno Sparks Homes New Listings

• 640 new listings were taken in July compared to 652 in June, a 1.8% decrease and a 8.4% decrease from July 2011.
• Properties listed at under $250,000 made up the 69% of new listings entering the market during the month of July.
• 49% of new July listings were distressed ? short sales 38% (240); REO 9% (58); No special conditions 53% (336) and Other less than 1% (6).
• In price ranges under $200,000, 70% of the listings are identified as distressed listings.

Reno Sparks Homes Current Months Supply of Inventory?? (Unsold Inventory divided by Sales per Month)

• As of July 31, there was 4.8 months of unsold inventory based on the July sales rate.

Homes and Absorption by Price

• Properties in the price ranges between $200,000 ? $250,000 and those in the $400,000 ? $500,000 price range are in a balanced market.
• All other properties in the price ranges under $400,000 have less than 5 month?s supply of inventory and would be considered seller?s market properties.
• Properties over the $500,000 price range have in excess of 10.5 month?s supply of inventory.
• 75% of the total sales for the month of July were in the under $250,000 price range.

Homes and Absorption by Area Group

• Suburban Southwest had the highest level of active inventory with 188 Active listings.
• The North Valleys, Northwest, Spanish Springs and Sparks show the highest level in activity in pending sales for the month.
• The North Valleys, Northwest and Spanish Springs show the highest volume of closed sales for the month.
• New Southeast and Old Southeast are in what is defined as a balanced market.
• Metro Southwest, North Valleys, Northwest, Spanish Springs and Sparks is defined as a seller?s market with less than 5 month?s supply of inventory.? The balance of the areas are considered a buyer?s market with more than seven month?s supply of inventory.

Conclusion

• New listings are down 8.4% from July 2011.? The market mix of new listings July 2011 compared to July 2012 has shifted.? For July 2012, short sales represents 39% of the market compared to 32% in July 2011.? Bank owned listings represents 10% of the market compared to 25% in July 2011.
• Sales are down 2.7% from July 2011.? The market mix of sales has been shifting as well.? July 2012 Short Sales represents 39% of the market compared to 32% in July 2011.? Bank owned sales represent 15% of the sales compared to 31% in July 2011.
• While sales for July remain at near record levels, the past four months, we have seen a decline in the number of sales month-over-month.? Demand and buyer confidence is strong, but inventory levels remain low.? This is a contributing factor in the declining sales.
• After five months of increasing median price, the July 2012 median price dropped 2.9% from June, but still remains up 10% from July 2011.? It is anticipated that with low inventory and buyer demand there will be upward pressure on median sales price.
• Current Month?s Supply of Inventory in the Reno market remained at 4.8 MSI for a second month keeping Reno/Sparks in a seller?s market for the fifth consecutive month.

To read the full Reno Sparks Market Report July 2012, complete with graphs, charts and 5 year history.

To read June 2012 Reno/Sparks Homes and Real Estate Market Report June 2012, and previous months and years.

Report courtesy of the Reno/Sparks Association of REALTORS? with data input from NNRMLS.

Source: http://www.soldonfernley.com/blog/featured-posts/reno-sparks-homes-and-real-estate-market-report-july-2012/

rpi dst friends with kids pacific standard time northern mariana islands summer time coolio