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The Active Rain REALTOR Nationwide Survey About Nevada

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Real Estate Agent with Humphrey Home Connections Realty, Reno, Nevada

The Real Estate Market in Northern Nevada - Spring 2010

 Sales - April sales were up 15% year over year and about 4% over the previous month. No doubt the first-time buyer tax credit contributed to this increase. The ratio of sales price to asking price has been consistently in the high 90th percentile for the past year, reflecting both sellers' increasingly realistic outlook on asking prices, and the tendency of buyers to purchase homes that are well priced. Average days on the market dropped to 128 in April.

Homes sold in Northern Nevada 4-10

(Compliments of Reno/Sparks Association of REALTORS, used by permission)

Listings - New listings remained stable in April. About 58% of new listings were "distressed".  

Pricing- There is some encouraging news on the pricing front. After dropping more than 50% from the '05 high of about $360,000, the median price for homes sold has been stable within a narrow range for almost a year. The April '10 value of $177,250 is slightly higher than the May '09 value of $175,00, and has moved higher by a small percentage for the past three consecutive months. Ken Amundson, president of the Reno/Sparks Association of REALTORS is "cautiously optimistic" that this stabilizing trend will continue. 

The median sale price is the price at which 50% of the sales were higher and 50% were lower. The median price is generally quoted rather than the average sale price, because mathematically the median of a group of numbers is less influenced by extremes than the average. Nonetheless, the near shutdown of sales at the high end of the market has likely contributed to the drop in the median price along with the reduction in home sale prices. This trend can be seen in the graph below, where the ratio of sales to listings is much lower in pricier neighborhoods.

Homes sold in Northern Nevada by area

(Compliments of Reno/Sparks Association of REALTORS, used by permission)

 

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Linda S. Humphrey, M.D., CDPE, e-PRO, EcoBroker, GREEN

Broker/Owner - Humphrey Home Connections Realty, LLC

cell: 775-287-4665

office: 775-232-8515

www.HumphreyHomeConnections.com

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