Reno/Sparks home and real estate monthly report provides information on Reno/Sparks homes sold, homes for sale, bank owned and short sale statistics.
Summary
- "As anticipated, we saw an increase in the volume of closed sales during the month of June, mostly by buyers who were attempting to get in under the June 30 deadline to close deals in order to qualify for the tax credit. It wasn't until the midnight hour that Congress extended the deadline to those buyers who, through no fault of their own, were unable to meet the deadline. As a result of that extension, buyers who qualified for the tax credit and were under contract by April 30th, now have until September 30, 2010 to close the transaction," said Ken Amundson, 2010 president of Reno/Sparks Association of Realtors . "Although we are remaining cautiously optimistic about the number of transactions in the pipeline and some price stabilization, we need to continue to closely watch the year-over-year numbers and see continuing trends in leveling median sales prices before we can truly say we have reached the bottom."
Reno/Sparks Homes Median Sales Price
- June 2010 median price was down 3% to $170,000 compared to $175,308 in May 2010.
- The median sales price continues to "trade in a narrow range" to borrow a term from the stock market.
- Median price is defined as the mid-point, half of the sales for the time frame are below and half are above.
Reno/Sparks Homes
- June ended the month with 581 sold transactions up 21.7% from the prior month.
- This is a new high since the market peaked in the summer of 2005.
- Sales were up 8.4% over the same period last year.
- This can be primarily attributed to the volume of buyers who came into the market to take advantage of the tax credit and met the initial deadline of June 30 set by congress. That deadline was subsequently extended to September 30, 2010.
Reno/Sparks Homes Average Days on Market
- The average days on market increased by 6.3% from the prior month to 146 days.
Sold-to-asking-price Ratio
June reported sales received an average of 98.1% of the seller's asking price.
Reno/Sparks Homes New Listings
- 802 new listings were taken in June compared to 735 in May, a 9.1% increase.
- New single family listings for the month of June were at a two year high.
- The percentage of "Distressed" new listings was down slightly from May. 58% of new June listings were distress, 261 short sale, 182 bank owned/other.
- Note: Beginining with the January 2010 report, properties reported as "other" which includes "Freddie Mac's and HUD's" are included with Bank Owned REP properties.
Reno/Sparks Homes Status of Pending
- Active Pending - Short Sales represents 66% of the total active pendings: Active Pending Loan equals 15%; Pending No-show represents 8%; Active Pending call 4%; and Active Pending House less than 1%.
Absorption Months Supply of Reno/Sparks Homes Inventory (Unsold Inventory divided by Sales per Month)
- As of June 30, there were 5.8 months of inventory based on the June sales rate.
- The National Association of REALTORS® describes a balanced market as between 5 and 7 months supply.
- Unsold inventory includes Active Pendings. This method of reporting months supply of inventory follows the industry standard of including all pending sales in the active inventory.
Conclusion
- June median is holding year-over-year. The median price has remained stable for the past thirteen months.
- Unit sales level remains strong with some softening in the numbers expected as buyers adjust to a non-incentive home buying world.
- The fact that Congress granted an extension for those transactions that were in contract by April 30, but that were unable to close by June 30th, should help sustain the number of closed transactions through the new deadline for September 30.
- Seasonal inventory of homes available to purchae are rising to levels that give buyers more choices.
To read the Reno/Sparks Home Report June 2010 complete with graphs, charts and history, courtesy of Reno/Sparks Association of Realtors.
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