Reno-Sparks Homes and Real Estate Report May 2013

By Sandra Mathewson

Real Estate Agent with RE/MAX 4000 FA100032580

June 19, 2013 12:25 AM

Reno Sparks Homes and real estate

Reno and Sparks, Nevada Market Report May 2013. If you are looking to buy or sell a home, read the report for statistics on sales, new listings and median price.

The May median sales price is at 2003 levels. In May 2003, interest rates were 5.48% compared to today's average interest rate of 3.54%, which for the current median price saves home buyers $230 per month with 5 percent down on a 30 year fixed loan. With low inventory levels, we anticipate this trend to continue at least through the end of the year.

May 2013, median price was up 6.1% to $218,000 compared to $205,375 in April 2013 and up 32.3% compared to $164,750 in May 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.

May, 2013 homes sold was up 7.8% to 513 compared to 476 in April, 2013 and down -2.1% compared to 524 in May 2012.

May, 2013 new listings was up 13.3% to 750 compared to 662 in April, 2013 and up 22.0% compared to 615 in May 2012.
Properties listed at under $250,000 made up 50% of new listings entering the market during the month of May, 2013.
24% of new May, 2013 listings were distressed. Short sales 17%; REO 5%; No special conditions 76% and Other 2%.

At the end of May, 2013, there was 3.6 months of unsold inventory based on the monthly sales rate.

Properties in the $500,000 to $750,000 range are in a balanced market.
Properties over the $750,000 price range have 11.1 month's supply of inventory.
All other price ranges have less than 4.6 month's supply of inventory and would be considered a seller's market.
63% of the total sale for the month of May were in the under $250,000 price range.

Suburban Southwest had the highest level of active inventory with 159 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.
Only the Suburban Southwest are considered a balanced market within 5-7 month's supply of inventory (MSI).
All remaining areas, except West Suburban, are considered a seller's market with less than 4.3 MSI.

Sales in the category of no special conditions represented 65% of the sales in May 2013 compared to 37% of the market in May 2012. Equity sellers entering the market and investors who purchased at or near the bottom of the market continue to be the main source of inventory and sales.
Median price has been trending up for the past sixteen months. Even with the increasing median prices, medium is currently at 2003 levels and is still off 37% from the peak of the market in 2005.
May 2013, there were 87 active listings under the $200,000 price range compared to 139 active listings in May 2012, a decline of 37%.
After a historic inventory low in December 2012 at 305, new listing inventory has been trending up for the past five months and is up 22% over May 2012. Low interest rates and affordable pricing continue to put demand on inventory, which is resulting in increased median price.
For the fourth consecutive month, the sold to asking price ratio exceeded 100%. May sold to asking price ratio reached a new high at 101.1%.
Listings in the category of No special conditions were up 43% over May 2012; in the category of Short sales, listings were down 39% from May 2012 and in the category of bank owned, listings were down 36% from May 2012.ng

To read the complete report with charts, graphs and five year history Reno Market Report May 2013.

To read April 2013 report and previous months and years.

Report courtesy of Reno/Sparks Association of REALTORS® with data supplied by NNRMLS.