Reno Sparks Homes and Real Estate Report February 2013

By Sandra Mathewson

Real Estate Agent with RE/MAX 4000 FA100032580

March 17, 2013 08:29 AM

reno sparks homes and real estate

Are you looking to buy or sell a home in Reno or Sparks? Call Sandra for professional consultation (775) 287-8222).

As inventory continues to be scarce, we are experiencing month-over-month increases in median home sales prices. This scarcity is also creating a high demand for homes causing the number of existing home sales to also increase. As northern Nevada's weather continues to get warmer, we are cautiously optimistic that sales numbers will continue to rise in the next few months.

February 2013 median home price was up 5.6% to $190,000 compared to $180,000 in January 2013 and up 30.7% compared to $145,000 in February 2012.
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.

February 2013 homes sold was up 14.3% to 408 compared to 357 in January 2013 and down -12.3% compared to 465 in February 2012.

February 2013 new listings were up 14.9% to 462 compared to 402 in January 2013 and down 11.0% compared to 519 in February 2012.
Properties listed at under $250,000 made up 65% of new listings entering the market during the month of February 2013.
36% of new February 2013 listings were distressed. Short sales 28%; REO 6%; No special conditions 64%; and Other 2%.

At the end of February 2013, there was 3.9 months of unsold inventory based on the monthly sales rate.

Suburban Southwest had the highest level of active inventory with 106 Active listings.
The North Valleys, Northwest, Spanish Springs and Sparks show the highest level of activity in pending sales for the month.
The North Valleys, Northwest, and Spanish Springs show the highest volume of closed sales for the month.
Suburban Southwest and Old Southeast are considered a balanced market with 5-7 month's supply of inventory (MSI). Washoe Valley is considered a buyer's market with more than 7 months of inventory. All remaining areas are considered a seller's market with less than 4.2 MSI.

February 2013 sales are the second highest in history, only exceeded by February 2012.
Sales in the category of no special conditions represented 49% of the sales in February 2013 compared to 29% of the market in February 2012. This is attributable to equity sellers entering the market and investors who purchased at or near the bottom of the market and are now returning that inventory back to the market.
Median home price has been trending up for the past thirteen months. Although listing inventory was up 15% over January, the demand of inventory is driving the median price up.
For the second time in the past five years, the February 2013 sold to asking price ratio exceeded 100%, reported at 100.1%. The sold to asking price ratio has been trending up since January 2012. Pending sales continue to pace with new listings, keeping inventory levels low.
According to a report recently released by Fiserv Case-Shiller, it anticipates home prices will rise 3.3% annually through 2017. They caution that the disposition of foreclosed properties can be highly uncertain, and consumers should expect some choppy price movements as the market stabilizes.
With unemployment rates in Washoe Counmty declining from an annual unemployment rate in 2011 of 13.1% down to 11.3% in 2012, and now 9.7%, interest rates at below 4% and median price at an affordable level, it is still a good time to buy a home.