- We continue to see a mostly sideways trend in year-over-year median sales price. As we approach 2011, we are hopeful that these trends will continue in the new year and the median sales price movement becomes less volatile. This stabilization will assist buyers and seller alike.
Reno-Sparks Homes Median Sales Price
- November 2010 median price was down 3.4% to $169,000 compared to $174,950 in October 2010.
- The median sales price has remained relatively stable for the past eighteen months.
- Median price is defined as the mid-point, half of the sales for the time frame are below and half are above.
Reno-Sparks Homes Sold
- This November's unit sales are the second highest since 2003 and the fourth highest in history, accomplished without first time homebuyer tax credits.
- November ended the month with 389 sold transactions, down 5.5% from the prior month.
- Sales were down 15.6% over the same period last year.
Reno-Sparks Homes Average Days on Market
- The average days on market are 140 days,up slightly from October 2010.
Reno-Sparks Homes sold-to-asking-price Ratio
- November reported sales received an average of 97.1% of the seller's final asking price.
Reno-Sparks Homes New Listings
- 536 new listings wee taken in November compared to 587 in October, an 8.7% decrease.
- The percentage of "Distressed" new listings was up less than 1% over the prior month. 68% of new November listings were distressed, 198 Short Sales, 157 Bank Owned/Other.
- Note: "Other" which includes "Freddie Mac's" and "HUD's" are included with Bank Owned REO properties.
Reno-Sparks Homes Status of Pending
- Active Pending - Short Sales represents 62% of the total active pendings; Active Pending Loan equals 19%; Pending No-Show represents 13%; Active Pending call 6%; and Active Pending House less than 1%.
Absorption Months Supply of Inventory (Unsold Inventory divided by Sales per Month)
- As of November 30, there was 8.3 months of unsold inventory based on the November sales rate.
- The National Association of REALTORS® describes a balanced market as between 5 and 7 months supply.
- Unsold inventory includes Active Pendings. This method of reporting months supply of inventory follows the industry standard of including all pending sales in the active inventory.
- November's unit sales are the second highest since 2003 and the fourth highest in history, accomplished without first time homebuyer tax credits.
- November's percentage of distressed listings was up less then 1% percentage points to 68%, but still remains below the levels seen last winter
- With inventory levels at eight months, we remain in a mild buyer's market. A closer look at the available homes on the market show that properties over $500,000 had over 19 month's supply of inventory. This excess inventory in the high end price range impacts the overall month's supply of inventory. Even the lower end of the market has moved to just over 7 months supply of inventory. There is plenty of inventory for buyers to selecf from in the market.
- New pending sales are up 5% from Octoer and up 10% year over year.
- In the news: The interest rates on 30 year fixed loans increased from 4.46% to 4.61%. This was reported as a big threat to potential homebuyers by some, an incentive to make a purchase now by others.
- Reality check: That increase in the interest rate represents a $20 per month increase in monthly payments for a $200,000 loan, the potential loss of 5 or 6 Starbucks a month, harldy a roadblock to many buyers. On second thought, it might be enough to push some coffee lovers to make the move to buy that home today.
Data provided by Northern Nevada Regional Multiple Listing Service
To read the complete report with graphs, charts and five year history Reno Sparks November Market Report 2010
Reno-Sparks Homes and Real Estate Market Report October 2010