Summary
- February was the highest volume in single family homes sales for a month of February in the history of the MLS. Since December of last year, we have seen year-over-year increases in existing homes sold. This trend paired with the fact that median sales prices have stayed fairly level for 21 consecutive months is a good sign for the northern Nevada housing market. Although it is impossible to say if we have hit bottom and are now rebounding, we remain cautiously optimistic.
Reno-Sparks Homes Median Sales Price
- February 2011 median price was up less than 1% to $161,000 compared to $159,900 in January 2011.
- The median sales price has remained relatively stable for the past twenty-one months.
- Median price is defined as the mid-point, the price for half of the sales for the time frame are below and half are above.
Reno-Sparks Homes Sold
- This February's unit sales are the best February in the history of sales reported through the MLS.
- February ended the month with 383 sold transactions, up 6.1% from the prior month.
- Sales were up 13% over the same period last year.
- We have continued to see an increase in February year-over-year sales for the fourth consecutive February.
Reno-Sparks Homes Average Days on Market
- The average days on market are 142 days, down 6.9% from January 2011.
Sold-to-asking-price Ratio
- February reported sales received an average of 96.9% of the seller's final asking price.
Reno-Sparks Homes New Listings
- 614 new listings were taken in February compared to 705 in January, a 12.9% decrease.
- The percentage of "Distressed" new listings was down 6% from the prior month. 67% of new February listings were distressed; 230 Short Sales, 172 Bank Owned/Other.
- Properties reported as "Other" includes "Fannie Mae's, Freddie Mac's and HUD's" are included with Bank Owned REO properties.
Status of Pending
- Active Pending - Short Sales represent 61% of the total active pendings; Active Pending Loan equals 18%; Pending No-show represents 16%; Active Pending call 5%; and Active Pending House less than 1%.
Reno-Sparks Homes Months Supply of Inventory (Unsold Inventory divided by Sales per Month)
- As of February 28, there was 8.2 months of unsold inventory based on the February 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
- February sales were the highest number reported for the month of February in MLS history. Beginning in December 2010, this is the fourth consecutive month the market has seen record or near record numbers in year over year sales.
- Year-to-date 2011 sales are 72 sales ahead of 2010.
- Year over year February median sales price is down 5.3%. February typically begins the trend of improving prices after the winter cool down.
- "None" sales category as a percentage of closings rebounded in February from 23% to 32% of the closings.
- New Pendings are holding level with January numbers. February had 91 less new listings than January. If sales numbers hold strong, we should see a decline in future absorption rates.
- New Listings are down 12.9% from January with a slight decrease in the percentage of "distressed" listings.
- The size of the active inventory in February, net of any pending sales, remained virtually the same as January with 1,714 single family homes available for sale in the greater Reno-Sparks area.
To read the complete Reno Sparks Real Estate Report February 2011 complete with graphs, charts and 5 year history.
To read January 2011 report
Report courtesy of Reno-Sparks Association of Realtors with data from Northern Nevada Regional Multiple Listing Service.
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