Sparks Nevada Market Report For May 2011
Prepared by Terrie Leighton, REALTOR® in Northern Nevada
The City of Sparks saw 171 single family homes close in May 2011
There are now 171 happy new home owners living in Sparks, Nevada today. Those lucky home buyers were able to take advantage of low homes prices, the average sales price of a Sparks home sold was just under $170,000, and low interest rates during, rates were sitting right around 5% for FHA loans, for the month of May, 2011.
The City of Sparks is constantly changing to keep up with the times while maintaining that "Hometown Hospitality" feeling residents experience while living and visiting Sparks. The cities Parks and Recreation department is continually offering fun and exciting events for area residents to enjoy.
Sparks, Nevada Single Family Homes Sold May 2011, by the numbers:
Total Homes Sold May 2011 = 171
Total Homes Sold May 2010 = 154
Medium List Price May 2011 = $151,700
Medium List Price May 2010 = $165,000
Medium Sold Price May 2011 = $151,000
Medium Sold Price May 2010 = $164,990
Days On The Market May 2011 = 100
Days On The Market May 2010 = 108
From the above numbers we see May 2011 was a very productive month when comparing the number of homes sold from the previous year. Twenty more homes were sold this year and the amount of time each single family home spend on the market was slightly lower. Prices decreased by 10% over last year but are showing signs of stabilizing. Has the housing bubble burst? Not from the numbers we are seeing here in Northern Nevada.
The number of homes with special conditions, i.e. Bank Owned and Short Sales, accounted for 54% of the single family homes sold during the month of May 2011. (see above chart). Until the number of homes sold with "NO" special conditions start to out number the homes "WITH" special conditions, we will still see a housing market that fluctuate from month to month. Home prices will most likely continue to drop until stabilization occurs.
Interested in purchasing a single family home in Sparks, NV? Currently there are 482 Actively Listed Homes for sale in the NNRMLS with an average list price of $166,800. There are some fantastic opportunities for investors and first time home buyers right now. If you would like to take advantage of some of these great home values, contact me or start your Sparks Home Search to find the home that is perfect for you and your family.
What about those bank owned and short sale properties in Sparks? If you are looking for a foreclosure or short sale home, there are many of these types of properties available in Sparks, Nevada. Currently there are 46 bank owned Active Listings. The medium list price of a Sparks Bank Owned Property is $138,400. See what I mean about great home values that are available in this small town?
If you are an investor or just a home buyer who has time, not in a hurry, or doesn't need to rush, then a short sale could be a good choice for you. Currently Sparks, NV has 204 short sale properties active for sale. The medium listed price for a Sparks Short Sale Property is $149,900.
Many home buyers are willing to wait a little extra once they find the home they love. Although the short sale process takes longer than regular sales and REO sales, buyers are considering short sales when they are located in desirable neighborhoods, or in particular school areas or are close to work, shopping, etc. Short sale properties are great investments so why not consider them when shopping for a Sparks Home?
*The above statistics are for single family homes only and do not include condos or Multi-family homes in Sparks, Nevada.
Listed below are previous Sparks, Nevada market reports:
Sparks Nevada Market Report April 2011
Sparks Nevada Market Report March 2011
Sparks Nevada Market Report February 2011
Sparks Nevada Market Report January 2011
Sparks Nevada Market Report ~ Single Family Homes Sold May 2011
*Disclaimer: Data based on information from NNRMLS. The NNRMLS does not guarantee nor is any way responsible for its accuracy. All real estate activity is not reflected in this post. Content is deemed reliable but not guaranteed. Reported sales were not necessarily listed or sold by Terrie Leighton or Ferrari-Lund Real Estate.
Comments(3)