Reno/Sparks Homes and Real Estate Report, Your Guide to Buying or Selling a Home!
Reno/Sparks Median Sales Price
- June 2012 median price was up 3% to $170,000 compared to $165,000 in May 2012 and up 10.4% from June 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 Number of Homes Sold
- June ended the month with 492 sold homes, down 5.2% from the prior month and down 8.6% from the same period last year.
Reno/Sparks Average Days on Market
- The average days on market are 145 days.
Reno/Sparks New Listings
- 641 new listings were taken in June compared to 606 in May, a 5.8% increase and a 16.9% decrease from June 2011.
- Properties listed at under $250,000 made up the 68% of new listings entering the market.
- 49% of new June listings were distressed; Short Sales 34% (221); REO 15% (94); No special conditions 50% (318.
Current Months Supply of Inventory (Unsold Inventory divided by Sales per Month)
- As of June 30, there was 4.8 months of unsold inventory based on the June sales rate.
Homes and Absorption by Price
- Properties in the price ranges between $250,000-$400,000 are in a balanced market.
- Properties in the price ranges under $250,000 have less than 5 month's supply of inventory and would be considered seller's market properties.
- Properties over the $400,000 price range have in excess of 8.6 month's supply of inventory.
- 78% of the total sales for the month of June were in the under $250,000 price range.
- While sales for June remain at near record levels, the past three month, we have seen a steady 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.
- Active homes for sale inventory is down 31% from a year ago. For the fourth consecutive month, the Reno market has remained a seller's market. We believe this trend will continue, as banks continue to adjust to state legislation and the National Mortgage Settlement.
- Sold to asking price ratio has been on the rise since January 2011. In June, the sold to asking price ratio was at 98.6%. REALTORS® and appraisers struggle to justify today's agreed upon price based on closed transactions that were originated several months ago.
To read the full report, complete with graphs, charts and five year history RSAR Market Report June 2012
To read Reno/Sparks Homes and Real Estate Report May 2012 and previous months and years.
Report courtesy of Reno/Sparks Association of REALTORS® with data supplied by Northern Nevada Regional MLS