Reno/Sparks Homes and Real Estate Market Report February 2012

For the Second Consecutive year, February had the highest volume of Home Sales for a Month of February in the History of the MLS!

Reno/Sparks Median Home Sales Price

• February 2012 median price was up 7.4% to $145,000 compared to $135,000 in January 2012 and down 9.9% from February 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 Price Per Square Foot Solds

• Price per square foot is at $85.93

Reno/Sparks Number of Homes Sold

• February ended the month wtith 453 sold transactions, up 1.6% from the prior month.
• Sales are up 17.1% from the same period last year.

Reno/Sparks Average Days on Market (DOM)

• The average days on market are 132 days, down 9% from January 2012.

Days on Market (DOM) by Special Conditions

• Short Sales continue to influence the average days on market at 207 DOM.
• Properties with no special conditions 118 DOM and Other had 72 DOM.
• REO properties average days on market remain stable at 93.

Reno/Sparks New Listings

• 512 new listings were taken in February compared to 577 in January, an 11.3% decrease and an 18.2% decrease from February 2011.

Distress New Listings by Special Conditions

• 64% of new February listings were distressed 42% (216) Short Sales; 22% (112) REO; No special conditions 34% (176) and Other less than 2% (8).

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

• As of February 29, there was 5.4 months of unsold inventory based on the February sales rate.

Historical Months Supply of Inventory

• Historical Months Supply of Inventory shows that February MSI is down to 5.4 months compared to January 2012 at 6.0, and down 63% from February 2011.
• The National Association of REALTORS® describes a balanced market as between 5 and 7 months supply.

Conclusion

• February 2012 reported homes sales are the highest February in history. February 2012 sales are up 17.1% from February 2011 home sales which was the second highest reported home sales in history.
• The median price rebounded from a low in December to $145,000, up 7.4% from the prior month. With this rebound we move back into the stabilization of the median price range we had seen starting in May of 2011.
• Washoe County's unemployment rate trended down in 2011 and is down from 14.2% in January 2011 to 13% in January 2012. This is a positive sign for Washoe County.
• With interest rates at historic low levels and affordable housing prices, the Reno/Sparks record high home sales support the conclusion that now is a good time to purchase a home.
• According to Fannie Mae's National Housing Survey from February, Americans' concerns over housing and the economy are subsiding.

To read the complete Reno Sparks Homes and Real Estate Market Report February 2012 complete with graphs, charts and 5 year history.

To read January 2012 report and previous months and years.

Report courtesy of Reno/Sparks Association of REALTORS® with data sourced from NNRMLS.

 

Northern Nevada Lifestyle

Sandra Mathewson
CRS ABR GRI SFR CDPE
RE/MAX Premier Realtor Northern NV
call or text (775) 287-8222

I am Sandra Mathewson, a full-time Realtor working both as a listing agent and a buyer's agent. I love using the internet to meet people and keep in touch with friends and clients. I write this blog to show you why Reno, Sparks and Fernley real estate is truly something to be desired.

Whether you are considering buying or selling, you can visit me at my Reno, Sparks, Fernley homes for sale website. You will find my website as your best online source of information. How is the market doing? I'll keep you posted with the most current MLS reports. You can also search for homes for sale in Reno NV (including Sparks, Fernley and surrounding areas). Read about the communities, events and things to do around Reno NV in this great Northern Nevada Lifestyle.