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.
- 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.